Everstone Capital Partners III hits $730m hard-cap

Everstone Capital Partners III has held a final close at its hard cap of $730 million.

Commitments included $700 million from institutional investors, the majority of which were limited partners in its previous vehicles, the Everstone Group said.

Overall, 50 percent of the fund’s capital came from North America and 37 percent from Europe, and included commitments from pension funds, endowments, insurance companies and asset managers, the statement said.

Everstone Group and its affiliates committed the remaining $30 million to the fund, which targets investments in India and other selected geographies.

New LPs were largely from North America and Europe, a spokeswoman said. 

Campbell Lutyens was the exclusive placement agent for the fund.

Investors in Fund III include the University of Texas Investment Management Company and the International Finance Corporation, according to PEI’s Research & Analytics division.

Fund II, a 2011-vintage, $580 million vehicle drew commitments from LPs including the Maryland State Retirement system, Allstate Investments, and Industriens Pension.

Fund III is acquiring Hindustan Unilever Ltd’s bakery business that trades under the ‘Modern’ brand, according to a statement. The transaction is expected to close in the next few months subject to regulatory approvals.

The fund’s investment pipeline is very strong comprised mostly of buyouts, carve outs and control deals, the spokeswoman said.

In May, Everstone Group appointed Bhavnar Thakar as head of capital markets and exits across its private equity and real estate businesses, as reported by Private Equity International.