New York City-based growth equity firm Stripes Group has closed its third institutional fund at $500m.
SG Growth Partners III received commitments from institutional investors including primarily university endowments, foundations and financial institutions.
It will make $10m to $100m investments in fast-growing Internet, SaaS and Branded Consumer Products businesses primarily based in the United States and Europe.
Stripes invests in both minority and buy-out transactions and typically looks to partner with companies that have greater than $10m in trailing revenue and are growing north of 20% and have raised limited prior institutional capital.
With the close of Fund III, total assets under management are approximately $1.2 billion.
The firm has invested in Internet companies including GrubHub Seamless, Elance-oDesk, Blue Apron and Refinery29, as well as Branded Consumer Products companies like SmartWool, Turtle Beach and Stella & Chewys, among many others.