Thayer Street Partners, which describes itself as a private investment firm that provides flexible growth capital to technology-enabled financial, real estate, and business services companies, announced it has closed more than $275 million for its Thayer Street Partners Opportunity Fund II, LP.

The company said it received strong support from existing investors in their debut fund, managed accounts, and various co-investment vehicles, as well as from a broad base of new limited partners.

The new fund will focus on investment in "resilient, recurring revenue businesses in the lower middle-market." That is an area often overlooked by investment funds. Middle-market have varying definitions, depending on the source. A typical annual revenue size can run from $10 million to $1 billion. Lower middle-market would be $10 million to maybe $100 million or so. These are companies typically with fewer choices in financing but that often have significant based of business and the potential for eventually growing into a more substantial company, giving an upside to investment.