Searchlight Capital more than doubles AUM with dazzling $3.4bn Fund III raise

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Searchlight Capital has more than doubled its capital under management through the $3.4bn final close of its hefty new fund.

The 10-year-old private equity house has scored a huge increase on the $1.9bn it gathered for its second fundraise in 2016 through the Fund III final close, as it looks to ramp up its investment in communications, media and financial and business services companies.

Searchlight hauled in $860m for its debut fundraise in 2012.

The firm was founded by former KKR partner Oliver Haarmann, ex-Apollo senior partner Eric Zinterhofer and Erol Uzumeri, previously head of private equity for the Ontario Teachers’ Pension Plan.

A statement from the firm’s founding partners said the fund is already 30% invested, and is targeting deals in North America and Europe.

 

Latham & Watkins served as legal counsel to the fund.

Earlier this year Searchlight brought in Centerbridge Capital veteran Elliott Weinstein as one of two new managing directors.

The firm also hired David Groban, previously a senior analyst at Warlander Asset Management.

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