Savory Fund announced the final close of its third fund at $201.5 million on October 13, 2026, surpassing the firm's $200 million target. The oversubscribed fund, which includes support from returning limited partners and major financial institutions, has already deployed 35 percent of its capital across four restaurant brands.
The fund aims to partner with profitable, founder-led restaurant concepts, pairing capital with an operating platform led by CEO Clay Dover. Savory Fund III is expected to ultimately include eight to nine portfolio companies within the quick-service, fast-casual, and casual dining segments.
Four investments are already in place through the new fund: South Block, an acai and smoothie brand expanding from the Washington, D.C. area; Bonrue Bakery, a European-style patisserie; Hawkers Asian Street Food, a Michelin Guide-recommended concept; and Zao Asian Grill, a fast-casual leader reporting nearly 20 percent same-store sales growth.
Andrew K. Smith, co-founder and Managing Director of Savory Fund, stated that the fund's success represents a vote of confidence from investors. He noted that the majority of the third fund's LPs had previously invested in Fund I or II. Smith said the firm intends to continue scaling brands, noting that the presence of major banks joining previous investors is a significant milestone.
Shauna K. Smith, co-founder and Managing Director of Savory Fund, said that the firm's differentiator is the team behind the capital, consisting of operators who understand how to scale brands without losing their unique qualities.
Founded in 2018, Savory Fund has grown to a portfolio of 13 restaurant brands representing more than 400 restaurants across 27 states. The firm's track record includes scaling Swig from 17 to 46 locations and Mo’ Bettahs from six to 56 locations. Savory remains a minority owner of both brands. The firm currently manages over $750 million in assets and includes brands such as R&R BBQ, Pincho, Via 313 Pizzeria, Saigon Hustle, Hash Kitchen, The Sicilian Butcher, and Houston TX Hot Chicken.
With four to five investments still ahead, Savory Fund is actively evaluating new partnerships with founder-led brands prepared for scaling.
