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GI Partners expects to close latest fund on $2bn hard cap

6 Jan 2014

dollar_macro_170sqPrivate equity firm GI Partners has beaten the target for its latest fund, which is reportedly expected to close on its hard cap.

GI Partners Fund IV has secured commitments of $1.66bn from 12 LPs, the firm revealed in a document filed with US securities regulators.

The fund, which was launched with a $1.5bn target in 2012, is expected to close on its $2bn hard cap before the end of the first quarter, according to Dow Jones, which cited a person with knowledge of the situation.

UBS Securities, BofA Merrill Lynch and HSBC are acting as placement agents for the vehicle.

GI’s previous fund was closed on $1.9bn in 2009, missing its $2.5bn target. It was generating an IRR of 15.1 per cent and a cash multiple of 1.41 as at the end of June last year, according to the Oregon Public Employees’ Retirement Fund.

Despite the lower than hoped for size, GI Partners Fund III was 35 per cent bigger than the $1.45bn vehicle the firm raised four years earlier.

New investors included the Florida Retirement System Trust Fund and Teachers’ Retirement System of the State of Illinois in the US, and Capital Dynamics and Partners Group in Europe.

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