Palladium, Levine Leichtman pick up Chicago Laborers’ Annuity & Benefit Fund commitments

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The Chicago Laborers’ Annuity & Benefit Fund has backed new fundraises from Palladium Equity Partners and Levine Leichtman Capital Partners as part of its private equity strategy.

Palladium has picked up a $15m commitment from the LP towards its fifth flagship fundraise targeting deals in the fast-growing US Hispanic market.

AltAssets revealed last summer the fund was out targeting up to $1.5bn, almost twice the $800m it initially hoped to gather for its predecessor fund – which it eventually closed on $1.14bn in 2014.

Other backers of that fund have included the Los Angeles Fire and Police Pension Commissioners, although there has been no word from the firm about a first or final close.

CLAB also agreed to commit up to $10m to Levine Leichtman Capital Partners VI according to documents from the LP’s latest board meeting posted to its website.

Levine Leichtman hit the fundraising trail with its sixth fund last year, eyeing up to $2.2bn for the vehicle.

Last month the Montana Board of Investments reportedly agreed to commit up to $40m to the vehicle, P&I reported at the time.

If Fund VI reaches the goal, it will be significantly larger than its predecessor, which closed on $1.65bn in March 2014.

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