The Alameda County Employees’ Retirement Association has backed Sycamore Partners’ recently closed second fund with a $42.5m commitment, AltAssets has learned.
The board voted unanimously to commit to Sycamore Partners IIl at a meeting of its investment committee in May, documents form the pension system showed.
Sycamore closed its second fund on $2.5bn last month. Back in April AltAssets reported that the fund was nearing a final close for Fund II after gathering almost $2bn from 40 investors.
Fund II is more than double the size of Sycamore’s first vehicle, which held a final close on $1bn in 2012.
Earlier this year Sycamore bought a five per cent stake in clothing retailer Aeropostale, increasing its total ownership to 12.3 per cent.
The firm beat away competition from buyout major KKR in December to agree a $1.2bn deal for footwear and clothing maker Jones Group.
Similar-sized funds currently in the market include Quantum’s six fund, which has raised more than $1bn.
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