New York-based Siris Capital Group has closed its third fund on $1.81 billion. The fund beat its initial target of $1 billion.
The fund has been in market since late September 2014. Known investors with Siris include the Teachers' Retirement System of Illinois, which commited $100 million in November as part of its emerging manger program as PEI reported in November. Siris already manages $12.5 million in TRS assets through the program.
Other investors include pension funds, endowments, foundations, and insurance companies.
Siris was founded in 2011 by Frank Baker, Peter Berger and Jeffrey Hendren, who previously worked together at Ripplewood Holdings.
Just yesterday the firm acquired Digital River, a NASDAQ listed global provider of Commerce-as-a-Service (CaaS) solutions, for $840 million in a take-private. Shareholders in the company received $26/per share in the deal.
Park Hill Group served as placement agent for the fund.