CapStreet closes Fund IV on $325 mln


The CapStreet Group has held a final close on $325 million, the hard cap, for its fourth fund, George Kelly, the firm’s chairman and chief executive officer, confirmed.

The firm held a first close in January on $249.4 million for CapStreet IV LP, according to a filing with the U.S. Securities and Exchange Commission. CapStreet filed another SEC filing last week showing it had collected $325 million from a total of 63 investors. The firm did not use a placement agent, according to the most recent filing.

The fundraising process took three to four months from start to finish, Kelly said.

CapStreet targets lower mid-market companies with enterprise values of less than $150 million, according to the firm’s website. The firm, based in Houston, was founded in 1990 and has led or co-led investments in 35 portfolio companies.

CapStreet closed its third fund on $178 million in 2010. Performance information about the prior fund was not immediately available as of press time.

In September, CapStreet completed the recapitalization of Industrial Plant Services, a provider of corrosion resistant and non-metallic products for the petrochemical and industrial sectors.

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