Connecticut mid-market specialist Littlejohn & Co has beaten fundraising targets for its latest fund to close on $1.34bn.
Exceeding its $1.25bn goal, the Littlejohn Fund IV is to invest around 80 per cent of its capital in control investments in mid-market companies, with the remainder in distressed opportunities with an eye to gaining control.
The firm’s previous fund, raised in 2005, closed on $850m, with investors agreeing two years later to allow the firm to broaden its operational investment mandate to include non-controlling stakes in companies.
Chairman and CEO Angus C Littlejohn said, “With the ongoing dislocation in the marketplace, our firm is well positioned to continue to leverage the experience of our team to restructure businesses and to identify attractive distressed investments that could lead to control.”
The firm recently sold Montreal coffee company Van Houtte to Green Mountain Roasters for $890m.
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