Private equity firm BIA Digital Partners, which provides junior capital to middle-market communications companies, closed its second fund; BIA Digital Partners II LP.
The fund closed with $65 million of capital commitments from limited partners, which combined with leverage equates a total fund size of $195 million. That exceeds the $150 million target the firm set for the fund.
The fund is expected to have around twenty portfolio companies with enterprise values ranging from $20m to $100m, recurring revenues in the $15m to $75m range and at least $2m in EBITDA.
According to the firm, BIA DP II will target a variety of sectors, including; broadcasting, cable television and new media. Some of the investments the fund already made include cable system operator Willamette Broadband, magazine publisher Hoffman media, employment services group United Metro Media, online video advertising provider EyeWonder and Trio Video, an event mobile production services.
BIA DP II investments will be as much as $12 million out of its own account or $25m with co-investments.
BIA Digital Partners’ first fund, launched in 2001, is fully invested at $88 million.