Altas Partners has closed its second fund, Altas Partners Holdings II, oversubscribed at $3 billion. The fund exceeded a $2.5 billion target to close at its hard cap. The fund launched in January of this year and reached its target by June, according to SEC filings.
Altas’ prior fund, Altas Partners I, also closed above target. The fund gathered commitments of more than $1 billion after targeting $600 million and closed in April of 2016.
The Toronto-based firm will continue to focus on long-life investing, holding portfolio assets for longer than the typical three-to-five year private equity ownership life cycle. Altus has made eight investments in North American companies since being founded in 2012.
Over 50 LPs are backing the fund. Commitments include $100 million from the Louisiana State Employees’ Retirement System, $50 million from the School Employees’ Retirement System of Ohio, $33 million from the Alameda County Employees’ Retirement Association and $10 million from the San Mateo County Employees’ Retirement Association, according to PEI data.
Park Hill Group served as the placement agent.