New York-based Sycamore Partners has raised about $1.97 billion for its second private equity fund, according to documents filed with the US Securities and Exchange Commission.
Sycamore Partners declined to comment, but a source close to the situation said the amount listed in the filing represents a first close. Sycamore is reportedly targeting $2.5 billion for Fund II, though the firm is expected to raise more than its target, the source said. Limited partners in Fund II include German life insurance company Bayerische Beamten Versicherung, according to Private Equity International’s Research and Analytics division.
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.
Last December, Sycamore acquired The Jones Group, a marketer and wholesaler of more than 35 brands ranging from apparel to footwear and handbags, for $2.2 billion.
Established in 2011, Sycamore Partners is led by by Stefan Kaluzy and Peter Morrow, two former executives of San Francisco-based private equity firm Golden Gate Capital.