Palladium Equity Partners raises $1.56bn

Palladium Equity Partners closed its fifth fund, Palladium Equity Partners V, at $1.56 billion. The diversified middle market fund exceeded its target of $1.50 billion and surpassed its predecessor, Palladium Equity Partners IV, which held a final closing in June 2014 at $1.14 billion.

The vehicle received several capital commitments from major institutional investors including Los Angeles Fire & Police Pension System, Los Angeles City Employees’ Retirement System, New York City Employees’ Retirement System and California Public Employees’ Retirement System.

To date, Palladium has used committed capital to invest in several consumer goods companies including Spice World, a supplier of spices; Kymera International, a supplier of specialty materials; and Quirch Foods, a supplier of protein and Hispanic foods. The firm currently manages $3.20 billion in assets.