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GenNx360 falls just short of Fund II target in $535m final close

25 Jul 2014

closed locked shut box safe securityIndustrial turnaround-focused private equity firm GenNx360 Capital Partners has reportedly held a $535m final close for its second fund, falling short of its $600m target.

Investor relations manager Carmen Rojas told peHub the fund had already invested more than $100m in three portfolio companies, including backing tool maker Tooling Technology earlier this month.

GenNx360 spent about two years fundraising for Capital Partners II, which had a hard cap of $750m.

AltAssets revealed in January that the firm had gathered at least $437m towards the fund.

The final total included a $25m commitment from the $27bn Connecticut Retirement Plans & Trust Funds.

Mercury Capital Advisors acted as a placement agent for the fund, which registered its first commitment in February 2012 according to filings made with the US securities regulator.

GenNx360’s first vehicle took two years to raise $500m and was closed in 2008.

The firm targets underperforming industrial business-to-business companies with $250m to $1bn of revenues.

It was founded by ex-GE vice chairman Lloyd Trotter, former GE Equipment Services CEO Arthur Harper and investment bank founder Ronald Blaylock.

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