American Securities closes seventh fund on $5 billion

The fund closed above its $4 billion target after three months in market

New York-based American Securities has closed its seventh fund on $5 billion, beating its $4 billion target after first launching in September 2014.

The fund will maintain the same strategy as predecessor funds, investing in large corporate finance and buyout transactions in North America. Investment size typically ranges from $200 million to $500 million.

American Securities declined to comment on fundraising.

Known investors in the fund include the Teachers’ Retirement System of Louisiana, which committed $100 million, PEI reported in November.

American Securities was in the news last year for several investments including Emerald Performance Materials, and SeaStar Solutions. The firm also exited its interest in General Chemical for $860 million, in a sale to Chemtrade Logistics Income Fund.

In December, the firm also exited Presidio Holdings to funds affiliated with Apollo Global.