Charlotte-based firm Frontier Capital has held the final closing of its third private equity fund at $250m.
Frontier Fund III, L.P., which exceeded its initial target of $200m, has been backed by existing investors and new commitments from public and private pensions, fund of funds and family offices.
Led by managing partners Andrew Lindner and Richard Maclean, the vehiche focuses on investing in technology enabled business services and has already completed three investments, including:
– Celergo, a provider of consolidated global payroll services;
– Healthx, a provider of online healthcare portals to health insurers, medical providers and employees; and
– eVerifile, a provider of background risk assessment, administrative support and workforce solutions.
Established in 1999, Frontier typically invests in companies with revenues of $5m to $30m seeking to provide $5m to $25m of equity capital in a transaction.