Keystone nears halfway mark for Fund VI

The San Francisco Bay Area firm, which is co-led by John Earl, has raised $57m towards a $150m target.

California-based manager Keystone National Group has raised at least $57 million for their latest investment fund, which is targeting $150 million, according to a Form D filed with the US Securities and Exchange Commission on Friday.

Managing partners John Earl and Brandon Nielson are listed as executive officers and promoters on the Form D. Sunbelt Securities, Mount Yale Securities, Cambridge Investment Research and Orchard Securities are associated brokers/dealers on the vehicle.

Keystone’s previous fund, which closed on $100 million last year, invests in including mid-market senior secured loans, secondary loan pool purchases, consumer and industrial loans, distressed debt and other private debt related strategies. That fund had generated a 10 percent IRR since inception as of 31 December 2012, according to an earnings report released by the firm last year.

The firm’s office, which is located in the San Francisco Bay Area, had not opened at press time. Keystone manages approximately $5 billion in capital commitments.