Chelsea Stevenson
The firm is seeking $500m for Fund III, which originally had a $1.3bn target.
California’s public workers’ and state teachers’ retirement systems revealed high preliminary private equity return rates for the fiscal year, though both institutions missed their benchmark targets for the asset class.
The deal is expected to close in the third quarter and Summit Partners and Polaris Venture Partners will retain their stakes, despite previously selling portions.
The Chicago-based firm launched its fund earlier this year for investments in North American mid-market companies.
The $75.6bn pension system expects to pledge €100m to CVC Fund VI and up to $100m to Vista Foundation Fund II.
The State Board of Administration committed to two buyout funds and one growth fund during the second quarter of 2013.
The firm’s oversubscribed Dover Street VIII fund surpassed its $3bn target and managing director Brett Gordon sees more secondaries opportunities ahead.
New York Life Investments’ father-and-son led Private Advisors raised $279m for its small buyout fund of funds and an additional $61m for a parallel regulatory fund.
New Mexico’s PERA, which has $170m allocated for private equity this year, has made its first commitment to Lime Rock Resources, a division of Lime Rock Partners.
After just four months of fundraising, Marlin’s fourth vehicle surpassed its $1bn target and was three times oversubscribed.