Kansas commits $50m to Freeman Spogli

Los Angeles-based Freeman is targeting $1bn for its seventh buyout fund.

The Kansas Public Employees Retirement System has committed $50 million to Freeman Spogli’s FS Equity Partners Fund VII, a Kansas spokesperson confirmed to Private Equity International.

Fund VII launched in 2013 with a $1 billion target, according to PEI’s Research and Analytics division. Freeman Spogli’s prior fund, FS Equity Partners VI, raised $735 million on a $1 billion target in 2011. Fund VI launched in 2009 and received commitments from limited partners such as the Florida State Board of Administration, the YMCA Retirement Fund and the New York State Common Retirement Fund, according to PEI data.

Freeman Spogli invests in the consumer and distribution industries in North America, including mid-market retail and marketing companies, restaurants and wholesale distributors, according to its website. Portfolio companies include specialty pet food and supplies retailer PETCO and kitchenware and tabletop accessories retailer Sur La Table.

It is unclear how much capital Freeman Spogli has raised for its Fund VII. The firm was unavailable for comment at press time. FS Equity Partners Fund V and Fund IV raised $1 billion and $915 million, respectively, according to PEI data.

Freeman Spogli was founded in 1983 by chairman Bradford Freeman and chief executive officer Ronald Spogli, who worked together as managing directors at stock brokerage firm Dean Witter Reynolds. Since the launch of Freeman Spogli’s debut fund in 1986, the firm has raised roughly $2.7 billion in capital and invested in more than 49 companies. Freeman Spogli is headquartered in Los Angeles and has an office in New York.

Kansas has a 3 percent interim target allocation to alternative investments and an 8 percent long-term allocation. The fund’s actual allocation is about 2.6 percent as of 31 December, according to pension documents. Kansas has $15.6 billion of assets under management as of December.