Private equity firm Astira Capital Partners announced the final closing of its debut fund with $675 million of institutional capital commitments, exceeding its original target of $500 million.
(Bloomberg) — Private equity firm Astira Capital Partners announced the final closing of its debut fund with $675 million of institutional capital commitments, exceeding its original target of $500 million.
The Boston-based firm focuses on buyouts of North American software businesses and technology enabled services companies, Astira said in a statement viewed by Bloomberg News. The firm seeks to invest $50 million to $200 million in total equity per investment in companies generating $10 million to $30 million of earnings before interest, taxes, depreciation and amortization, it said.
The fund, Astira Capital Partners Fund I LP, comes just five months after the firm’s launch in May.
As private equity firms navigate the most difficult fundraising market seen in more than a decade, Astira cites its team’s combined total of more than 80 years of private equity and operating experience as the key to securing funding above the original target.
“We have built a diverse team of experienced investors and operators with a shared vision and values, and we look forward to partnering with like-minded companies and management teams,” founding partner Azra Kanji said.
Kanji has more than 20 years of private equity experience and was previously at Abry Partners.
The fund will be used to invest in services and software businesses targeting government technology, financial services and marketing services, as well as governance, risk and compliance.
Kanji said she is thrilled that the firm’s nine-member team includes four other women, with her and seven others also offering diverse backgrounds.
“It was important to me that candidates received a fair shot, that this isn’t a place where they would get lost, and instead, where they can feel ownership,” she said in an interview. “We interviewed everyone fairly and picked the best candidates and we’re thrilled about the diversity.”
She added that there’s a new wave of firms in private equity being invested around building a great culture and doing things differently.
“There are a lot more firms than when I started in this business, a lot more variety,” Kanji said.
Private equity firms have been facing mounting pressures, including a drought of deals and dwindling cash.
“Uncertainty in the market environment will definitely help to shape this next wave for sure,” she said.
Lazard Ltd. acted as the exclusive placement adviser and Kirkland & Ellis LLP served as legal counsel.
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