US Hispanic market-focused Palladium picks up $1.56bn to close fifth fund

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US Hispanic market-focused Palladium Equity Partners has beaten its target for its fifth flagship buyout fund by holding a $1.56bn final close for the vehicle.

AltAssets revealed in December last year that the firm has passed the $1.5bn mark for the raise, and had hiked its potential maximum for the vehicle to $1.75bn.

The raise sees Palladium outdo the $1.14bn it collected for its fourth fund in 2014.

Triago Americas worked as a placement agents for the fund in the US and abroad, the firm’s most recent US SEC filing detailing the fundraise showed.

PEP V will pursue the same strategy as its predecessor fund, primarily investing in mid-market companies working within the fast-growing US Hispanic market, which it estimates is currently worth about $1.2tn.

Palladium has already tapped the fund to back Spice World, a supplier of garlic and other spices under the Spice World brand, Kymera International, a global specialty materials company, and Quirch Foods, a distributor and exporter of protein and Hispanic food products.

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