Chantilly, Virginia-based BIA Digital Partners has held the final close of its second fund on $65 million in committed capital, with leverage bringing the total fund size to $195 million.
BIA provides mezzanine capital for small- to medium-sized firms in media, telecommunications and information industries.
Its newest fund exceeded its initial target of $150 million. According to a statement, the fund’s limited partners include both US and European “top tier groups”. BIA expects that the fund will have about 20 portfolio companies, and cited broadcasting, publishing, cable television, new media, local exchange carriers, towers, direct marketing, education, outdoor advertising, security alarm and business services as its target sectors.
Lloyd Sams, a managing principal at BIA, said that the new fund will consider investments of up to $12 million. The fund has already made five investments to date, including a $10 million investment in Trio Video, a provider of mobile production services, and a $6.7 million investment in United Metro Media, a multi-media employment services group. The fund has also invested undisclosed amounts in Willamette Broadband, a cable system operator, Hoffman Media, a publisher of lifestyle and craft magazines, and EyeWonder, a provider of rich media and online video advertising products and services.
BIA’s first fund closed on $88 million in 2001, and has 16 companies in its portfolio.