Savory Fund (Draper, UT) has closed its third restaurant investment fund at $201.5 million, surpassing its target. The Utah firm has deployed 35 percent across four brands, including Zao Asian Grill and Bonrue Bakery.
Draper, Utah — October 13, 2026
Savory Fund announced the final close of its third fund at $201.5 million on October 13, surpassing its $200 million target. The Utah-based private equity firm says it has deployed 35 percent of the fund’s capital across four restaurant brands and expects to invest in eight to nine companies in total.
The close is roughly double the $100 million Savory raised for Fund II in 2021, which TechBuzz covered at the time. Savory said the new fund attracted both returning investors and major financial institutions, although it did not identify the institutions or disclose their commitments.
“Raising a fund is a vote of confidence, and our investors voted loudly,” said Andrew K. Smith, co-founder and managing director of Savory Fund. “The majority of our third fund’s LPs invested with us in Fund I or II.”
Fund III continues Savory’s approach of investing in profitable, emerging, founder-led restaurant companies and pairing capital with operating support. Its investments span quick-service, fast-casual and casual dining concepts.
Fund III’s investments include:
Savory began building the portfolio before the fund’s final close, announcing its South Block investment in January 2024, followed by Bonrue Bakery and Hawkers in June 2025.
The most recent addition is Zao Asian Grill. When Savory announced the partnership in August 2026, Zao had 23 restaurants in the Mountain West and plans to add more than 10 locations through 2027. Financial terms of Savory’s investment were not disclosed.
Bonrue adds another Utah connection to the fund. In its June 2025 acquisition announcement, Savory described a bakery business with southern Utah operations and plans for expansion along the Wasatch Front.
With four investments completed, Savory says it is evaluating another four to five partnerships with founder-led restaurant companies.
Savory also changed its leadership structure this year, appointing Clay Dover as platform CEO in January. Shauna K. Smith moved from CEO into a managing director role alongside co-founder Andrew K. Smith.
Dover previously served as CEO of Velvet Taco. According to Savory’s appointment announcement, the chain expanded from four restaurants to approximately 55 during his tenure. His earlier experience includes leadership roles at Pei Wei and Raising Cane’s.
“Capital is the part of our business that’s easiest to explain, but it isn’t what sets Savory apart,” said Shauna K. Smith. “What our investors are really backing is the team behind the checks: operators who have opened restaurants, built playbooks, and know what it takes to scale without losing what made a brand special.”
That operating platform is central to Savory’s investment approach, which combines financing with support for restaurant development, operations and expansion while keeping founders involved.
Founded in 2018, Savory reports a portfolio of 13 restaurant brands spanning more than 400 locations across 27 states, with more than $750 million in assets under management.
Two of its best-known investments are Swig and Mo’ Bettahs. According to Savory, Swig expanded from 17 to 46 locations during its partnership before the firm sold a majority stake to the Larry H. Miller Company in 2022. Mo’ Bettahs grew from six to 56 locations before Savory sold a majority stake to Blue Marlin Partners and Trive Capital in 2024.
Savory retains minority ownership in both companies, and Andrew K. Smith continues to serve on both boards. The new fund announcement does not disclose financial returns from those investments.
Fund III gives Savory additional capital to pursue a similar approach with its next group of restaurant founders.
“Fund III gives us the runway to bring that expertise to more founders who are ready for their next chapter,” said Shauna K. Smith.
For more information, visit Savory Fund.