New York-based Sycamore Partners has closed its second fund on $2.5bn, after a quick fundraising period. The company held its first close for the fund on $2 billion as in April, as Private Equity International reported at that time.
Sycamore specialises in buyout investments in the consumer and retail sectors in North America. The firm’s debut fund raised slightly more than $1 billion in 2012. With the closing of its second fund, Sycamore Partners now has in excess of $3.5 billion in assets under management.
The company also announced today that it will acquire the intellectual property of retail chain Coldwater Creek. Sycamore will re-launch the brand as an independent portfolio company.
Coldwater Creek recently filed chapter 11, and the acquisition comes as a result of those proceedings.
Limited partners in Fund II include German life insurance company Bayerische Beamten Versicherung, according to Private Equity International’s Research and Analytics division.
Established in 2011, Sycamore Partners is led by Stefan Kaluzy and Peter Morrow, two former executives of San Francisco-based private equity firm Golden Gate Capital.