Utah Savory Fund Closed Third Investment Fund

The Utah-based firm surpassed its initial $200 million fundraising target to reach $201.5 million in capital.

Updated on Oct. 13, 2026 in Dining Out

Isometric editorial illustration of an abstract architectural structure in teal and oxblood, symbolizing corporate growth and investment. — The Utah-based Savory Fund has closed its third investment fund at $201.5 million to accelerate growth for fast-casual restaurant brands. AI Illustration. Upload story photo >

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Savory Fund has officially closed its third investment fund with $201.5 million in commitments, exceeding its original $200 million goal. The firm is now set to expand its portfolio of fast-casual and dining concepts.

Why it matters

The firm aims to support high-growth restaurant brands by providing necessary financial growth capital and operational execution. This capital injection helps concepts scale through improved supply chain, real estate, and technology management.

Savory Fund manages over $750 million in total assets across 13 restaurant brands and 400 locations in 27 states. The firm has already deployed 35% of its new fund to support brands including Zao Asian Grill, which saw nearly 20% same-store sales growth.

The players

Savory Fund

This Utah-based investment firm manages a portfolio of over 400 restaurant locations and oversees $750 million in total assets.

Zao Asian Grill

This restaurant brand is part of the Savory Fund portfolio and recently reported same-store sales growth of nearly 20%.

The details

The firm, founded in 2018, specializes in backing fast-casual and dining concepts through its specialized operating platform. It currently provides resources to brands such as South Block, Bonrue Bakery, Hawkers Asian Street Food, and Zao Asian Grill.

Savory Fund was founded in 2018.
Swig sold a majority stake in 2022.
Mo' Bettahs sold a majority stake in 2024.
Savory Fund announced the closing of Fund III on October 13, 2026.

Culture Shift

The firm's growth follows the broader market trend of private equity firms utilizing operational platforms to aggressively scale niche fast-casual brands. This strategy reflects a shift toward professionalized management within once-independent regional restaurant concepts.

Consumers may notice expanded locations and updated technology or menu offerings at restaurant brands backed by the firm. These improvements are designed to increase brand presence and efficiency across the 27 states where the portfolio currently operates.

The takeaway

The successful closing of this fund highlights the continued investor appetite for scalable fast-casual restaurant concepts. Investors and diners alike should watch for increased national expansion of the specific brands receiving this new influx of capital.