Mid-market firm Gamut Capital Management has raced past the $750 million target for its debut fund to close on $1 billion, the firm said Wednesday.
A source familiar with the matter told Private Equity International New York-based Gamut established itself in May 2015 and hit the fundraising trail shortly thereafter.
PEI data indicates that Gamut Investment Fund I launched in September 2015, and held a first close on $485 million in February. A regulatory filing with the US Securities and Exchange Commission from December 2015 showed that the fund accepted a minimum $100,000 commitment per investor.
The statement said Gamut pursues leveraged buyouts, corporate carve-outs, strategic partnerships and distressed-for-control strategies within the agriculture, chemicals, telecom, industrials, mining, power, distribution, technology, energy and transportation sectors.
Fund I seeks to invest $50 million to $150 million per transaction, but could go up to $300 million with co-investing capital from limited partners, the source said, adding that the fund hasn't made an investment yet.
According to PEI data, Louisiana State Employees Retirement System committed $50 million and Indiana Public Retirement System $75 million to the fund.
Gamut was launched by former Apollo Global Management senior partners Stan Parker and Jordan Zaken. They spun out to form Gamut to replicate Apollo's strategy in the lower mid-market.
Parker, who was at Apollo for 14 years, focused on transportation, agriculture, and cable, telecom and technology, while Zaken was at Apollo for 15 years and focused on chemicals, power, coal and agriculture, according to their profiles on Gamut's website .
Aside from the founding partners, Gamut has two investment partners, one marketing and investor relations partner, and a partner who also serves as chief financial officer.
UBS served as the exclusive placement agent, and Paul, Weiss Rifkind, Wharton & Garrison and Katten Muchin Rosenman were the legal counsels for the fund.
Gamut declined to comment.