Buffalo, N.Y.-based Summer Street has raised about $228.3 million from 34 investors, according to a regulatory filing dated Aug. 16. Summer Street must still collect roughly $72 million to reach its target, the filing indicated.
Champlain Advisors is the placement agent for Fund III, the filing says. Marketing for Summer Street’s third pool apparently began last year. In August 2011, the firm had collected $153.4 million for fund III, an SEC filing says.
The $300 million target for Summer Street Capital III LP is a notable increase from the firm’s second fund. That pool collected $197 million in 2007. Champlain was also the placement agent for that fund.
Founded in 1999, Summer Street is lower middle market buyout shop. Summer Street focuses on industries such as niche manufacturing, waste, environmental, healthcare and education. The PE firm typically invests from $15 million to $35 million equity per deal.
In March, Summer Street invested in Curtis Bay Energy, a regulated medical waste disposal company that serves hospitals and healthcare provides across the East Coast. The investment came from Summer Street’s third fund.
Officials for Summer Street declined comment.
(Luisa Beltran is a reporter for sister Web site peHUB.)