Private credit firm Avante Capital Partners has announced the final close of its fourth small business investment company (SBIC) fund at $400m (£298.6m).
SBIC Fund IV, which was oversubscribed, attracted commitments from both new and existing investors, including pension funds, banks, endowments, foundations, family offices, and high-net-worth individuals.
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The vehicle’s investment strategy focuses on providing capital to high quality, lower middle market businesses.
According to Avante, the close of Fund IV reflects the continued expansion of its platform, including the growth of its investment, financial operations, and investor relations teams, expanded risk oversight and portfolio management capabilities, development of its sourcing platform, and increased capital deployment across the lower middle market.
“Closing Fund IV at $400m, oversubscribed, is a meaningful vote of confidence from our limited partners (LPs),” said Ivelisse Rodriguez Simon, managing partner at Avante Capital Partners. “Since 2009 we’ve stayed focused on one thing: being a reliable capital partner to lower middle market businesses.”
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“What stays with me from this close is the conviction our LPs brought to it, including institutional investors who have now backed us across multiple funds and new partners joining us for the first time,” added Chaz Cocuzza, managing director at Avante Capital Partners.
Avante invests $10m to $75m of unitranche, junior debt, and minority equity capital per investment per investment, and has raised approximately $1.5bn in assets under management across its funds.
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