A secondaries firm founded by a former Paul Capital managing partner has held an interim close on its third fund.
San Francisco-based Headlands Capital Management has raised $197.8 million for Headlands Capital Secondary Fund III through an onshore and offshore vehicle, according to two filings with the US Securities and Exchange Commission.
Fund III made a first sale in July last year. TPG Securities is listed as a placement agent.
The fund is targeting $350 million, according to Secondaries Investor data.
The 2015-vintage Headlands Capital Secondary Fund II raised $232 million by final close in 2016 from investors such as Kenyon College, Community Foundation of Greater Chattanooga and Benwood Foundation.
Headlands Capital Management was founded in 2006 by former Paul Capital managing partner David Park and Hoover Investment Management executive David Cost, according to its website.
The firm typically invests between $1 million and $100 million in acquiring single lines and small- and mid-sized portfolios of fund interests in growth equity, leveraged buyout, venture capital, energy, infrastructure, distressed debt and hedge fund strategies.
Paul Capital began winding down in 2014 after a six-month search for a buyer. It struggled to raise its 10th fund and had to return commitments to investors.
Headlands did not respond to a request for comment.