Hancock Capital Management is out fundraising for its latest mezzanine fund, according to an SEC filing.
Hancock Capital has collected $107.5 million from ten investors, the regulatory filing dated Aug. 31 said. Hancock did not disclose how much it was looking to collect in total.
With offices in Boston and New York, Hancock Capital is the investment arm of John Hancock Life Insurance Co. The firm’s prior fund raised $449 million in September 2007. That pool had a $500 million target, according to a November 2007 story from Buyouts.
Bloomberg News is reporting that Hancock, with its fifth fund, is looking to raise $550 million. Half, or $275 million, will come from outside investors, the story said. John Hancock has committed to provide the rest, the story said.
Hancock is charging a 1.5% management fee on committed capital during the investment period and 1.25% afterward, Bloomberg said. The GP will take 20% carried interest after the fund hits an 8% preferred return, Bloomberg said.
Hancock typically invests from $10 million to $50 million per deal. Prior investors include CMS Fund Advisors, John Hancock Mutual Life Insurance Co. and St. Paul Travelers Companies, Buyouts said.
Hancock Capital did not return calls for comment.
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