Middle-market buyout shop Avista Capital Partners has held a final close of its eponymous first private equity fund. The offering was oversubscribed by $500 million, accroding to the firm, raising some $2 billion.
Approximately 60 institutional investors invested in the fund, including public and corporate pension funds, financial institutions, endowments and foundations, as well as individuals and family offices. The general partners of Avista are collectively the largest investors in the fund with a commitment of $161 million.
Avista is focused on three industry sectors, energy, healthcare and media, in which its professionals have expertise. Within these, the firm makes controlling or “influential” minority investments, primarily in U.S.-based companies. Since its initial closing in the spring of 2006, the firm has already invested or committed approximately $1.1 billion to 14 companies.
Avista Capital Partners was formed in 2005 by seven partners who worked together at DLJ Merchant Banking Partners.