Petra Capital Partners has completed fundraising on Petra Growth Fund III with USD230m of capital available to invest.
The fund is structured as a small business investment company (SBIC) licensed by the US 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 programme,” says Mike Blackburn (pictured), partner at Petra.
On 3 May Petra closed on an investment in Denver-based Highstreet IT Solutions, representing the first investment for Fund III. Highstreet was recently formed by a team of IT services executives led by chief executive Mac Slingerlend to create a leading provider of Enterprise Software (ERP) and Cloud-based solutions.
“We are excited to partner with Mac and the rest of the outstanding executive team at Highstreet,” says 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.”
Slingerlend says: “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 has also appointed Matt Sotelo and Charles Webb as associates. Sotelo is joining Petra from Marwit Capital in Los Angeles where he was an associate. Webb is joining Petra from Commerce Street Holdings in Dallas where he was a senior analyst.
