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Palladium looks to pass halfway point for $800m fourth fund

23 May 2013

dollar large_sqUS Hispanic market-focused private equity firm Palladium Equity Partners is reportedly nearing the halfway point for its $800m-targeting fourth fund.

The firm has gathered $332m of commitments according to PEI, which cited sources familiar with the fundraise.

The vehicle held a first close of almost $200m shortly after launching last summer and has up to $100m more in pending commitments according to PEI, with one of the sources saying the fund must be closed by the end of the year.

Last month the New York State Common Retirement Fund committed $100m to Palladium Equity Partners IV,  its second commitment following an earlier $70m injection.

Another $60m has been committed by US pension fund giant CalSTRS according to its website, which shows Palladium’s previous vehicle from 2006 had an IRR of 18.14 per cent at the end of September last year.

Palladium has more than $1.4bnn of assets under management and has invested across 50 portfolio companies.

The firm invests between $15m and $75m in businesses with an EBITDA Of $5m to $25m.

Its recent deals included the acquisition of household product and consumer finance company Hy Cite through a recapitalisation in January.

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