Montagu Private Equity has closed its fifth fund at its €2.75 billion hard cap, the firm said.
Montagu V saw increased commitments from pension funds, insurance companies and sovereign wealth funds from the US, Europe, Middle East and Asia. More than 80 percent of commitments were from existing investors, it is understood.
The fundraising began in January, it is understood, and the fund held its first close on 30 June at €2.2 billion, the firm said. It was targeting €2.5 billion, according to PEI’s Research & Analytics division.
Quest Fund Placement was the global placing adviser and Proskauer acted as legal adviser.
Investors in Montagu IV, a €2.5 billion, 2011-vintage vehicle now fully invested, included the Florida State Board of Administration, the West Midland’s Pension Fund and Pantheon Ventures, according to PEI data.
It has more than €5 billion of assets under management and targets European firms in stable markets valued at €100 million-€1 billion, focusing on management buyouts.
At the end of July, the firm announced the sale of US plastic vial manufacturer Centor to German drug packaging company Gerresheimer for $725 million in cash.