The capital management arm of a local investment banking firm is on its way to raising a $100 million fund.
Grand Rapids-based Charter Capital Partners closed $21 million in commitments toward its target raise of $100 million for its Charter Growth Capital Fund, according to the firm today.
Anchor investors in the fund include Mercantile Bank of Michigan and a strategic institutional investor, as well as several family offices and individual investors, according to Charter.
“Our ability to secure this initial close demonstrates confidence that investors support our vision and investment thesis,” said Hector Bultynck, managing director, Charter Capital Partners.
The Charter Growth Capital Fund is designed to invest up to $5 million of mezzanine debt and/or equity capital in lower middle-market companies in the Great Lakes region to support growth, succession or recapitalizations.
The fund’s flexible capital solution is meant to fill an underserved market, providing capital in the “difficult-to-access” $1 million-$5 million range, Charter said. more