Searchlight closes second flagship fund on $1.9bn

The firm launched Searchlight Capital II in February with a $1.5bn target and a hard-cap of $1.8bn. It will invest about $120m per transaction in the communications, media, education and consumer sectors.

Searchlight Capital Partners has held a final close of Searchlight Capital II with more than $1.9 billion of total commitments, the firm said.

Searchlight launched the fund in February with a $1.5 billion target and a hard-cap of $1.8 billion, according to PEI’s Research & Analytics division. It held a first close in July, at which point the fund had raised $851.65 million, according to PEI Research.

The new fund is more than double the size of its debut vehicle, Searchlight Capital I, which closed on $864 million in March 2012, surpassing its $750 million target.

It will target in 12 to 14 companies in the communications, media, education and consumer sectors and investing about $120 million each, PEI Research said.

Investors in Searchlight Capital II include the Los Angeles County Employees’ Retirement Association, which committed $25 million, the Pennsylvania Public School Employees’ Retirement System, which committed $100 million, the San Francisco Employees’ Retirement System, which committed $50 million, and the Texas Municipal Retirement System, which committed another $50 million, according to PEI Research.

Park Hill served as the placement agent for the fund and Latham & Watkins was the legal counsel.