Libra Finds Balance With Final Closing –

Libra Capital Partners last month held a final close on $50 million for its first buyout fund, said James Upchurch, president of the Los Angeles-based private equity arm of investment bank Libra Investments.

Libra Investors II, L.L.C.-so named because of an earlier $44 million mezzanine fund-likely will grow a by few million more, Mr. Upchurch said, because of post-closing interest from potential limited partners.

Fund raising began last summer with a target of $50 million (BUYOUTS Sept. 28, 1998, p. 6).

FINOVA Group is a lead investor in the fund, as well as a co-general partner. Other limited partners include BankBoston, U.S. Bancorp and a number of wealthy individuals whom Mr. Upchurch declined to name.

Mr. Upchurch said his firm plans to invest in a wide spectrum of industries, both as control and minority shareholders, and mostly will stick to “low-tech” areas. The fund will probably make its first investment in the first quarter, he said.

Parent company Libra Investments recently agreed to be acquired by U.S. Bancorp, but partners at Libra Capital have said their firm will continue to operate autonomously.