GI Partners raises $2.7bn

The San Francisco-based firm closes its fifth fund at hard cap.

GI Partners closed its fifth flagship fund, GI Partners V, at $2.7 billion.

The fund, which was oversubscribed and reached its hard cap after a 10-month raise, will continue the firm’s strategy of making control investments in North American middle-market businesses.

According to the firm’s press release, the fund will target companies with enterprise values between $250 million and $1 billion in a variety of sectors, including IT infrastructure, healthcare and software.

Investors in GI Partners V include Oregon State Treasury, which committed $250 million, and PKA AIP at $150 million.

The San Francisco-based firm’s predecessor vehicle, GI Partners IV, raised $2.04 billion in 2013.