Savory raises more than $200m for third restuarant investment fund

Savory Fund, a Salt Lake City private equity firm focused on restaurant brands, has held the final close of Fund III at $201.5 million, above the $200 million target. Private Equity Professional and AltAssets give that figure; Food & Beverage Magazine's headline rounds it to $200M. Returning and new limited partners, including banks, committed. Co-founder Andrew K. Smith said most had backed Fund I or II.

The fund is 35 percent deployed across South Block, Bonrue Bakery, Hawkers Asian Street Food and Zao Asian Grill. It plans eight to nine platform investments in quick-service, fast-casual and casual dining.