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Trilantic confirms $2.2bn final close for first fund since Lehman Brothers spinout

10 Dec 2013

dollar3_170sqTrilantic Capital Partners has held a $2.2bn final close for its first fund since its launch by dealmakers from Lehman Brothers’ merchant banking arm four years ago.

AltAssets revealed in September that the firm had pushed past the $2bn target for Trilantic North America Fund V, which had a $3bn hard cap.

Trilantic was bought by its management team and Richemont spin-out Reinet amid Lehman Brothers’ collapse in 2008.

The firm was known as Lehman Brothers Merchant Bank before the financial services giant filed for bankruptcy, and had almost $4bn under management at the time of the buyout.

Breaching its target for Fund V makes the vehicle the largest ever raised by the firm, outstripping the $2bn it gathered for Fund II in 1997.

Trilantic said that about half of Fund V’s 289 LP commitments were from new investors and more than a quarter from foreign LPs.

Evercore Group, Barclays, Magenta Capital and Greenhill & Co acted as placement agents for the fundraise according to a US securities filing, which shows the firm estimates it will pay out about $22m in sales commission.

AltAssets revealed the firm had hit the 75 per cent mark for the fund in April by gathering more than $1.4bn

The latest fund will be used to target buyouts, recaps, corporate divestitures and growth equity deals of between $75m and $200m.

Its primary North America focus is on business services, consumer, energy and financial services.

In October Trilantic Capital Partners Europe acquired a minority stake in Italian fashion and accessories company Betty Blue.

The Bologna-based company supplies luxury premium womenswear under Elisabetta Franchi and Betty Blue brands.

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