Performance watch: Leonard Green’s mega-buyouts

The firm is raising almost $12bn in capital across two funds focusing on mega-buyout and mid-market buyouts strategies.

Leonard Green & Partners is raising almost $12 billion in capital across its mega-buyout and mid-market buyouts strategies.

Teachers’ Retirement System of Louisiana documents for its 3 October board meeting, seen by Private Equity International, reveal that the pension system committed $50 million to the firm’s flagship Green Equity Investors VIII fund, which is targeting $10 billion.

Fund VIII’s target is slightly higher than its $9.6 billion predecessor.

The pension system also committed $25 million to the firm’s first mid-market fund, Jade Equity Investors, which is seeking $2 billion, according to the documents.

Green Equity Investors VIII will invest between $400 million and $1 billion in consumer/retail, business services and healthcare and wellness companies with enterprise values between $600 million and $2.5 billion.

Jade Equity Investors will invest between $150 million and $600 million in businesses with enterprise values between $50 million and $250 million and will follow Green Equity funds’ strategies.

Leonard Green will use a line of credit in both funds, the documents noted.

While Green Equity Funds III and IV were heavily concentrated on consumer products and retail, recent funds have been more diversified across various strategies, according to the documents.

Leonard Green did not return requests for comment.