Hastings Equity Partners collected $52 million for a November first close of its third fund, according to a source.
The firm, which has offices in Needham, Mass. and Houston, is seeking $200 million for Fund III, the person said.
News of the fundraising was disclosed in a regulatory filing last month. Hastings, which began marketing for Fund III in the fall, expects a second close sometime during the first half of 2014, the source said.
At $200 million, Fund III is more than triple the $60 million raised by Hastings’ second fund in 2008. The firm’s debut pool collected $25 million in 2005.
Hastings is not looking to go “upmarket” with Fund III, the source said. Instead, the firm wants to do more deals and build larger platforms.
The PE firm targets lower middle-market companies in energy services and equipment. It typically invests between $5 million to $20 million equity per deal, according to the firm’s website.
Last week, Hastings made its first investment from Fund III in Extreme Plastics Plus. Fairmont, W. Va.-based EPP is an oilfield environmental services company that seeks to protect well sites from liquids leaking into the soil and surrounding area.
Officials for Hastings declined comment.
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