Renovo Capital Fund II raises $132 mln

Renovo Capital, a Dallas-based special situations private equity firm, said Wednesday it closed its second fund at $132 million.

Investors for Renovo Capital Fund II LP include foundations, corporate pensions, family offices.

In addition to the fundraising, the firm said it named Michael Manos as a managing partner.

The firm’s previous fund, Renwood Opportunities Fund I, in partnership with The Rosewood Corp., collected $50 million in 2010.

Launched in 2009, Renovo focuses on lower middle market firms experiencing financial distress and underperformance. Renovo said it typically invests between $5 million to $25 million equity per deal.

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