GI Partners has hit a $2bn hard cap final close for its latest buyout fund, tripling the total it has raised since inception in a single blow.
The firm was initially targeting $1.5bn for Fund IV, but AltAssets revealed in January it had already bested that mark as thoughts turned to its hard cap.
GI said the vehicle would be used to continue its strategy of making control-oriented, deep-value investments in companies in the North American mid-market.
Rick Magnuson, GI founder and executive managing director, said, “We are grateful for the strong support from our existing investors and are very pleased to welcome a highly regarded set of new investors to GI.
“We believe the interest expressed by our limited partners demonstrates their appreciation of GI’s experienced team, deep sector knowledge, and unique position in the middle market landscape.”
The firm did not reveal LPs in the latest vehicle, although previous backers have included the Florida Retirement System Trust Fund, Teachers’ Retirement System of the State of Illinois and Europe’s Capital Dynamics and Partners Group.
GI’s previous fund was closed on $1.9bn in 2009, missing its $2.5bn target. It was generating an IRR of 15.1 per cent and a cash multiple of 1.41 as at the end of June last year, according to the Oregon Public Employees’ Retirement Fund.
Despite the lower than hoped for size, GI Partners Fund III was 35 per cent bigger than the $1.45bn vehicle the firm raised four years earlier.
GI has managed $6bn across four private equity funds and invested in 38 platform investments.
UBS Securities served as placement agent for the latest vehicle.
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