US-headquartered private equity group Searchlight Capital Partners has held a first and final close for its maiden fund, significantly exceeding its target of $750 million by garnering more than $860 million in commitments.
The firm launched the fundraising soon after it was established in 2010 by a trio of senior private equity professionals: Oliver Haarmann, a London-based partner at Kohlberg Kravis Roberts; Erol Uzumeri, the former head of Ontario Teachers' Pension Plan's direct investment arm, Teachers' Private Capital; and Eric Zinterhofer, formerly co-head of the media and telecommunications group at Apollo Management.
Investors in Searchlight's fund included the New York State Common Retirement Fund, as well as a number of other “blue chip institutional investors”, according to a source with knowledge of the process. LPs were mainly concentrated in North American and Europe, the source said.
The fund is understood to feature “industry-standard” terms. Latham & Watkins provided legal advice to Searchlight for the fundraising.
Searchlight targets investments in a range of industry sectors in North America and Europe. The firm has already made its first investment, acquiring UK-based boot manufacturer Hunter Boots for an undisclosed sum in December.