Petra Capital Partners has raised $230 million for its most recent pool. Petra Growth Fund III is structured as a small business investment company (SBIC) licensed by the U.S. Small Business Administration. Fund III also closed an investment in Highstreet IT Solutions, of Denver. And, Matt Sotelo and Charles Webb both join Petra as associates.
NASHVILLE, Tenn.–(BUSINESS WIRE)–Petra Capital Partners, based in Nashville, is pleased to announce it has completed fundraising on Petra Growth Fund III with $230 million of capital available to invest. The fund is structured as a small business investment company (SBIC) licensed by the U.S. Small Business Administration. “We are very pleased with the response from our existing investors and several important new investors for Fund III and the strong support we received from the SBIC program,” said Mike Blackburn, Partner at Petra.
Matt HoganBruen, Managing Director at BAML Capital Access Funds in Washington, DC, commented that, “Petra has distinguished itself for its ability to pick compelling companies and structure the resulting investments so as to maximize the fund’s chances for a strong risk adjusted return.”
Petra is also pleased to announce that on May 3 it closed on an investment in Denver-based Highstreet IT Solutions, LLC (“Highstreet”), representing the first investment for Fund III. Highstreet was recently formed by an experienced team of IT Services executives led by CEO Mac Slingerlend to create the leading provider of Enterprise Software (ERP) and Cloud-based solutions, a combination of world class professionals and enterprise level managed services. “We are excited to partner with Mac and the rest of the outstanding executive team at Highstreet,” said Rob Smith, Partner at Petra. “Highstreet fits squarely into our investment strategy of backing exceptional management teams of high growth service businesses in the areas of information technology, business services and healthcare services in need of growth capital.”
Highstreet Founder and CEO Mac Slingerlend added, “We are pleased to be partnering with Petra Capital, an experienced IT services investor, and appreciate their support alongside our other investor, Transition Capital Partners, in providing the capital to scale both organically and through acquisition.”
Petra is also proud to introduce its two newest team members. Matt Sotelo and Charles Webb both join the firm as associates. “We are glad to have Matt and Charles join our team to support our efforts to invest our newest fund,” said David Fitzgerald, Partner at Petra. Matt is joining Petra from Marwit Capital in Los Angeles where he was an Associate. Matt is a graduate of University of Southern California – Marshall School of Business. Charles is joining Petra from Commerce Street Holdings in Dallas where he was a Senior Analyst. Charles is a graduate of Southern Methodist University – Cox School of Business.
About Petra Capital Partners
Petra Capital Partners, LLC is a private equity firm based in Nashville, Tennessee. The firm is currently investing its third SBIC fund, Petra Growth Fund III, which has $230 million of available capital to invest. Petra’s prior funds under management total $300 million. Petra provides subordinated debt and preferred stock to high growth companies for expansion, acquisition, buyout, refinancing or recapitalization in partnership with the founding management team. Petra seeks to invest up to $20 million in growth companies that possess a minimum of $10 million in revenue and positive EBITDA at the time of investment. The fund targets business, healthcare and information technology services companies. For more information, please visit Petra’s website at www.petracapital.com or call (615) 313-5999.
About Highstreet IT Solutions, LLC
Highstreet IT Solutions, LLC is a 21st century style IT services company, founded to provide Cloud-based services and Enterprise Software in-the-Cloud and Enterprise Software to-the-Cloud to middle-market and larger clients. Cloud-based services are in the RIM, hosting, application support and web services arena, on multi-year engagements and will include the SME marketplace. Highstreet’s services are offered on a project and managed services contract basis, in both Cloud and enterprise software solution package environments, and across all technology platforms, operating systems and infrastructures. Founded by an experienced group of industry experts, Highstreet serves clients that have domestic and global business operations. Headquartered in the Denver area, with resources nationally and an emerging offshore solution center in Bangalore, Highstreet is private equity backed. For more information, visit www.highstreetit.com.