AAVIN Equity Advisors, a Cedar Rapids-based private equity firm, has closed the AAVIN Capital III, L.P. with total capital commitments of $63 million and a license to operate as a small business investment company (SBIC). AAVIN III will invest in U.S.-based lower middle-market companies with less than $50 million of revenues, according to a news release. As a licensed SBIC able to leverage the SBIC program, AAVIN III’s total investable capital is $189 million. The firm’s website says it specializes in late-stage and expansion-stage financing and focuses on small, regionally based and lower middle-market investment opportunities, meaning companies are usually seeking between $5 million and $10 million.