Friedman Fleischer Holds First Close

Friedman Fleischer & Lowe of San Francisco has held a $980 million first close for its third fund, according to a regulatory filing. The San Francisco-based firm is targeting $1.5 billion, and is using Lazard Freres as placement agent. It makes middle-market investments in the U.S. and Canada, for companies with enterprise values of between $30 million and $500 million. Its second fund closed on $750 million in 2004.