On Monday we reported that Snow Phipps was in the market raising its second buyout fund, with a $700 million target. Yesterday the firm filed its Form D on the fund, disclosing that Credit Suisse is the firm’s placement agent. No target or amount raised was listed. The firm entered the market in recent weeks.
The New York-based buyout firm has come to market with a $700 million target for its second fund — only a slight jump from its $620 million debut vehicle. “Everyone expected they would raise $900 million or more,” said a source familiar with the situation. Snow Phipps declined to comment.
The firm was founded in 2005 and invests in middle-market companies in the specialty franchising, basic and process industries, apparel and luxury retail, media technology, specialty finance, IT services and telecommunications equipment and industrial components sectors.