Midwest Mezzanine has raised at least $54.85 million for its fifth fund, according to a US Securities and Exchange Commission document filed Friday.
The Chicago-based firm is targeting a combined $200 million between Fund V and an SBIC (Small Business Investment Company) vehicle which has raised approximately $22.5 million to date, according to senior managing director David Gezon. The $200 million target would include debenture loans provided by the Small Business Association to the SBIC vehicle.
Fund V held an initial close on $47 million in December. This latest filing represents a commitment from a new investor. The firm is targeting a final close in May 2014.
Midwest, which is headquartered in Chicago, provides $5 million to $15 million in mezzanine financing for buyouts, acquisitions, recapitalisations and growth capital transactions, typically in companies with annual EBITDA of at least $3 million. The firm is active in the manufacturing, distribution and service provider industries, among others.
Gezon founded Midwest Mezzanine in 1992. He had previously originated mezzanine investments for Kleinwort Benson, now known as Dresdner Kleinwort, and leveraged transactions for GE Capital for Harris Bank. The firm’s two other managing directors are J Allan Kayler and C Michael Foster.