California Firm Misses Target For Troubled-Bank Fund

Castle Creek Capital LLC has wrapped fundraising on its fourth fund, a $331.1 million pool that the firm has earmarked to make non-control investments in troubled community banks.

After more than 22 months of fundraising—its first sale was in March 2009—the firm was well short of the $500 target that it reported in a regulatory filing, according to our sister site, Buyouts.

Castle Creek, of Rancho Santa Fe, Calif., specializes in recapitalization, growth equity, and buyout investments in U.S.-based community banks with assets of less than $10 billion. It has seven properties in the Fund IV portfolio so far—three publicly traded bank holding companies, three private ones, and a shelf charter for future acquisitions.

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