Littlejohn & Company has closed its fourth private equity fund on $1.34 billion, surpassing the firm’s target of $1.25 billion.
Fund IV is the firm’s largest ever fund, and will aim to invest approximately 80 percent of its capital in control investments, with the remainder in distressed opportunities with the “intent to gain control”, the firm said.
Park Hill Group acted as placement agent for the fund, which will look to invest in companies with revenues between $150 million and $850 million.
Limited partners in the fund include public and corporate pensions, endowments, insurance companies and fund of funds. In May, the Washington State Investment Board committed $150 million to Fund IV.
“We are very pleased that a large majority of our existing investors continued their support in Fund IV,” president of Littlejohn Michael Klein said in a statement.
Littlejohn closed its third fund on $650 million in 2005, but completed an additional round of fundraising in 2007, bringing the total for Fund III to $850 million.
The firm invests in underperforming companies across a number of sectors, including healthcare, consumer products and auto parts.
Littlejohn was founded in 1996 by Angus Littlejohn, formerly a co-founder of New York-based private equity fund Joseph Littlejohn & Levy. The firm has $1.7 billion under management as of 30 June, 2010.