Newport Beach-based private equity firm Solis Capital Partners LLC has secured $42.5 million in commitments as part of its second fund, Solis II.
The new fund is capped at $100 million, and the rest of the money is expected by the end of this year.
“We appreciate the support and validation from our prior and new investors, especially in this challenging fundraising environment,” Managing Director Dan Lubeck said.
It is Solis’s first committed fund; Solis I was started as a pledge fund.
“Going to a committed fund concentrates fundraising upfront,” Lubeck told the Business Journal in an earlier interview, when the firm was starting to seek capital for Solis II.
The first investment under Solis II is expected to close in a few weeks with an investment in San Clemente, according to Lubeck, who did not identify the company.
Solis manages about $50 million in assets and invests in companies with revenues ranging from $15 million to $150 million.