Great Hill closes Fund V on $1.1bn


moneyGreat Hill Partners has surpassed its $1bn target for its fifth fund, closing the oversubscribed vehicle on $1.1bn.

Great Hill Equity Partners Fund V received strong support from the firm’s core investors, with a significant majority of the commitments coming from existing limited partners according to firm.

Back in December, AltAssets reported that the fund was nearing the $1bn target after collecting commitments from 90 LPs.

Texas Teachers’ Retirement System agreed to commit $150m to the fund in September.

The fund matches the size of its previous vehicle, Great Hill Equity Partners Fund IV, which closed on $1.1bn in 2009.

Previous LP investors have included JP Morgan Investment Management, Commonwealth of Pennsylvania State Employees Retirement System, Virginia Retirement System, UniSuper of Australia, Liberty Mutual and the Government of Singapore, although it is unclear whether they have re-upped.

Like its predecessor, Fund V will seek opportunities to finance the acquisition, recapitalisation, or expansion of rapidly growing middle market companies ranging in size from $25m to $500m.

Managing partner Christopher Gaffney said, “We appreciate the ongoing support from our returning limited partners, and are particularly thankful for those investors who have been with us since Fund I. We are also grateful for our new investors and thank them for the opportunity to manage their capital.”

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