VC investment fund tallies $40 million

TAMPA — Stonehenge Growth Equity Partners of Tampa held its first close for its new venture capital fund.

Called Stonehenge Growth Equity Fund LP, the fund, which received $40 million, primarily focuses on providing capital to high growth technology and business service companies in Florida and the Southeast. The funds stem predominantly from institutional investors and high net worth individuals, a release states.

The firm typically looks to invest in profitable companies generating more than $3 million in revenue. The target investment, according to the statement, would be between $1 and $5 million.

Stonehenge Growth Equity Partners, led by Steve Lux and Brian Model, has announced plans to do the final close of the fund in the next six to eight months. It says it is one of only three firms headquartered in Florida that manages a Small Business Investment Company-licensed fund.