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Frontier Capital exceeds target, closes Fund III at USD250m

Frontier Capital has held the final closing of its third private equity fund, Frontier Fund III, with USD250 million in capital commitments.

The fund exceeded its initial target of USD200 million thanks to strong support from existing investors along with new commitments from other leading institutional investors including public and private pensions, fund of funds and family offices.

“We are thrilled by the continued support we’ve received from our existing partners and very pleased to welcome several strong additions to our investor base,” says Richard Maclean, Managing Partner. “Our success in raising Fund III is a testament to our focused approach and the strength and quality of our team.”

Frontier has completed three initial Fund III investments, deploying USD50 million of capital in the last 15 months, including Celergo, a provider of consolidated global payroll services; Healthx, a provider of online healthcare portals to health insurers, medical providers and employees; and eVerifile, a provider of background risk assessment, administrative support and workforce solutions.

Established in 1999, Frontier is a Charlotte-based growth equity firm focused exclusively on technology enabled business services. Frontier typically invests in companies with revenues of USD5 million to USD30 million and seeks to provide USD5 million to USD25 million of equity capital in a transaction.

Andrew Lindner, Managing Partner, says: “As we invest Fund III, we will continue our proven approach of investing in technology enabled business services which has resulted in a successful track record for both our investors and management partners. We look forward to partnering with strong entrepreneurs and management teams in high growth opportunities.”

Lazard acted as placement agent for the fund. DLA Piper acted as legal counsel.

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