Charlotte private equity firm Frontier Capital said Wednesday that it has completed fundraising for its fifth fund, giving it $700 million more to invest in software and other technology-related companies.
Frontier said it initially had a target of $500 million when it began fundraising in May, but strong demand from new and existing investors pushed the final total higher. Since its launch in 1999, the firm has now landed total capital commitments of $1.5 billion.
“Frontier is extremely pleased at the response to Fund V, and we appreciate the trust and confidence that our limited partners have placed in Frontier and its ability to drive growth and create enterprise value for the companies we partner with,” Richard Maclean, managing partner at Frontier Capital, said in a statement. “We have added a number of prominent institutional investors to our already strong institutional investor base, many of whom have been with us since our start.”
With the new fund, Frontier will look to invest $15 million to $75 million per deal. The firm targets high-growth companies that can become leaders in their markets. Frontier will continue to focus on taking minority and majority stakes in companies, but it can now make larger larger investments, said Andrew Lindner, managing partner at Frontier Capital.
Lazard served as placement agent for the fund, while Choate Hall & Stewart served as legal counsel.