AltAssets revealed in June that the firm was within touching distance of the target, and is now moving towards Trilantic Capital Partners V’s hard cap of $3bn.
More than 260 LPs have committed to the fund to date according to an updated filing with the US Securities and Exchange Commission.
Breaching its target makes the vehicle the largest ever raised by the firm, outstripping the $2bn it gathered for Fund II in 1997.
The firm was bought by its management team and Richemont spin-out Reinet amid Lehman Brothers’ collapse in 2008.
Trilantic 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.
Evercore Group, Barclays, Magenta Capital and Greenhill & Co have been acting as placement agents for the fundraise according to the filing, which shows the firm estimates it will pay out about $20m in sales commission.
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