Leonard Green closes $5.3bn fund

The Los Angeles buyout firm has tripled the size of its previous fund with the close of Green Equity Investors V.

Los Angeles-based private investment firm Leonard Green & Partners has closed its fifth private equity fund, Green Equity Investors V, at $5.3 billion (€4 billion).

The firm plans to use the fund to continue its long-standing investment strategy of investing in North American middle market companies in the retail, consumer products, distribution, media, business services and healthcare sectors. Limited partners include US and international public and corporate pension funds, funds of funds, endowments, private foundations, banks, insurance companies and family offices, the firm said in a statement.

Leonard Green’s previous fund, Green Equity Investors IV, closed on $1.85 billion in January of 2003.

Founded in 1989, Leonard Green is led by managing partners John Danhakl, Peter Nolan and Jonathan Sokoloff. The firm has about $9 billion in capital under management and has invested in more than 40 companies with an aggregate value of more than $31 billion, the statement said.

Leonard Green’s portfolio includes a number of well known companies, including bridal retailer David’s Bridal, sporting goods retailer The Sports Authority and watch and timepiece retailer Tourneau. In conjunction with Texas Pacific Group, the firm bought San Diego-based pet supplies retailer Petco Animal Supplies for about $1.8 billion last July.

The firm’s founder and namesake, Leonard Green, died in October of 2002.