GI Partners targets $1.5bn for Fund IV

The mid-market firm has set a target below the size of its Fund III, which collected $1.9bn in 2009.

GI Partners has launched its Fund IV with a $1.5 billion target, according to documents filed with the US Securities and Exchange Commission. 

The firm focuses on making control investments in mid-market companies in the US and Western Europe. GI Partners’ private equity funds also invest in real estate, as well as sectors including retail, logistics and transportation, media and entertainment, financial services, and technology and telecom. The firm closed its third fund on $1.9 billion in 2009. 

GI Partners was unavailable for comment at press time.

Firms that will receive sales compensation for Fund III listed in the fund documents include UBS and Merrill Lynch. Limited partners in Fund III include the Florida State Board of Administration and the Teachers’ Retirement System of Illinois, according to Private Equity International’s Research and Analytics division. 

Fund III has existing investments in seven North American companies, including Texas-based energy company Archon Resources, and six European companies, including UK-based healthcare company Advanced Childcare. 

Last month, GI Partners completed the sale of Texas-based software business Softlayer Technologies to IBM.
Menlo Park-headquartered GI has around $8.5 billion of capital under management in North America and Western Europe. The firm has invested $2.1 billion from its three existing private equity funds in 24 platform investments.