Sarasota firm plans $500M offering

SARASOTA — Grain Management LLC, a Sarasota-based private equity firm that also owns and operates wireless towers and related infrastructure across North America, seeks to raise $500 million.

The firm is raising the money for Grain Communications Opportunity Fund L.P., according to an SEC filing. Specific plans were not released in the filing.

This marks Grain's third round of funding in the past five years. The company raised $108 million in 2011 and $240 million in 2012, according to SEC data.

In February of 2015, Grain acquired 85 wireless towers from Ntelos Holdings Corp. That acquisition provided nearly $2.2 million in cash flow.

Founded in 2007 by David Grain, Grain Management has offices in Sarasota and Washington D.C. and focuses on investments in the media and communications sectors. The firm manages funds for a number of the country's leading academic institutions, endowments and public pension funds.