Golden Gate hits $3.5bn in 60 days

The San Francisco-based firm has emerged from a tough fundraising environment, raising $3.5bn after only 60 days on the market.

Golden Gate Capital has closed on its $3.5 billion opportunities fund after only 60 days of fundraising, according to a source with knowledge of the firm.

The San Francisco-based firm closed on the fund earlier this month, the source confirmed. The fund close, which was first reported by The New York Times, is all the more remarkable given the length of the firm’s marketing period.

The Golden Gate Capital Opportunity Fund has an open-ended structure, which allows the firm to replenish its pool of committed capital through different rounds of marketing, according to reports. The fund raised its first $5.5 billion pool in 2008.  

Golden Gate did not respond to a request for comment.

The fund, which was oversubscribed, reportedly received most or all of its commitments from existing limited partners. Investors in the firm’s previous funds include AlpInvest Partners, the Harvard Management Company, New York Life Insurance Company and the University of Virginia Investment Management Company, according to Private Equity Connect.

The firm made several high profile acquisitions this summer, completing its buyout of popular restaurant chain California Pizza Kitchen for $470 million in July. The firm also closed a deal to acquire enterprise resource planning software products Lawson Software for an undisclosed amount.

Golden Gate typically focuses on leveraged buyouts, grow equity and buildup/consolidation investments in the software and IT services, semiconductor, electronics, financial and business service, industrial, security and restaurant, retail and consumer products industries, according to its website.  

The firm was founded in 2000 by David Dominik and Jesse Rogers, formerly of Bain & Company. Golden Gate controls around $12 billion in committed capital under management, according to its website.