Parthenon raises $2bn

The American manager closes its sixth fund above target.

Parthenon Capital held a final close of Parthenon Investors VI on $2 billion, above the fund’s $1.5 billion target. The firm’s prior fund, Parthenon Investors V, targeted $850 million and closed on $1.03 billion in May 2016.

The firm specializes in investing in financial services, business services and healthcare companies, but additionally seeks to make deals with service, technology or delivery businesses outside these sectors, the firm said in a statement.

The Rhode Island State Treasury and the Texas Municipal Retirement System each committed $50 million to the fund, PEI data shows.

Ropes & Grey LLP was counsel to the fund while Kirkland & Ellis represented the firm for all management company documentation.