PRIVATE equity firm Vantage Capital has raised R3.7bn for its third mezzanine fund, about R1bn more than targeted.

Vantage Capital’s third mezzanine fund will have $150m for investments outside SA and more than R1bn will be invested in South African companies.

"We have a closing of R3.7bn. It is subject to small things that need to be signed off," said Johnny Jones, an associate partner at Vantage Capital said.

The firm was already looking to close its first deal for its third find, he said.

Vantage Capital recently exited its investment in packaging firm TrenStar after five years.

"We exited this deal in December. It was a great deal for us and for the management," Mr Jones said.

"If you go back to 2010, TrenStar was a small logistics business" he said, adding that it had doubled its profits.

In 2010, Vantage Capital put in expansion funding to TrenStar and also funded black economic empowerment partner African Woman Chartered Accountants to acquire a 26% stake in TrenStar.

Vantage Capital has R8bn of mezzanine and other assets under management.

The group’s first fund, Vantage Mezzanine Fund, which closed in 2007, raised R1bn and invested in five companies.

The second fund, Vantage Mezzanine Fund II, closed in 2012 and raised R1.9bn.