Leeds Novamark closes debut fund above target

Leeds Equity launched the Washington, DC-based lower mid-market debt group in 2011.

Leeds Novamark Capital has closed its debut fund on $235 million, which includes US Small Business Administration (SBA) leverage, according to a statement released by the firm on Monday. The close came in above the firm’s $225 million target.

Private equity firm Leeds Equity launched Novamark in 2011 alongside former Allied Capital executives Matt Kelty, Robert Monk and Mark Raterman. The firm provides debt and equity financing to companies operating in the lower US mid-market, typically investing between $5 million and $20 million per transaction.

“We sincerely appreciate the commitments we received from all of our limited partners, including both individual and institutional investors, regional and national banks, endowments and family offices,” said Monk in a statement. Monk had not responded to a request for comment at press time.

The firm’s debt investments generally come in the form of unitranche or hybrid facilities, as well as subordinated debt. Novamark specialises in providing capital in support of buyouts, refinancings, strategic acquisition, growth capital investments and dividend recapitalisations, typically to companies with at least $10 million of annual revenue.

Novamark received a Small Business Investment Company license from the SBA last year, and later announced that it had raised $130 million for its debut fund in October.

Leeds Novamark Capital is based in the Washington, DC area.