CEBU, Philippines -- Navegar, a Philippines-focused private equity firm, has made an initial close of its new fund at $87.1 million, with 20 investors committing to the vehicle, according to the fund's latest regulatory filing. The new fund - Navegar II LP - will invest in middle-market, growth-oriented companies in the country, with a target investment size of up to $18 million. Navegar first filed with the US Securities and Exchange Commission (SEC) to raise $150 million for the new vehicle but the target amount has been increased to $200 million.