Trilantic Capital Partners has closed its fifth North American fund on $2.2 billion, just north of its $2 billion target, according to a statement.
Fund V, Trilantic’s first standalone fund since the firm emerged from Lehman Brothers Merchant Banking in 2009, had a $2.25 billion hard-cap, according to market sources and documents filed with the US Securities and Exchange Commission. The firm had collected about $2.1 billion as of September and $1.9 billion as of early July, Private Equity International previously reported. About half of the fund’s commitments are from new limited partners, including public and private pensions, with more than a quarter of the investments coming from international LPs.
About 20 percent of Fund V is invested, according to a Trilantic spokesperson. Investments include professional staffing firm Addison Group and smoker, grill and barbeque product maker Traeger Pellet Grills.
Limited partners in the fund include the Pennsylvania Public School Employees’ Retirement System, which committed $100 million to Fund V. The amount of Trilantic’s general partner commitment to the fund could not be determined at press time.
Trilantic raised its prior vehicle from its separate team, chaired by Vittorio Pignatti-Morano. Fund IV Global is a $1.9 billion fund which also counts Pennsylvania PSERS as an investor. Fund IV was generating a 1.7x gross multiple and a 16.6 percent net internal rate of return as of 2012, accordingto PSERS documents.
Trilantic invests in control and significant minority stakes in the consumer, energy and business and financial services sectors, according to the firm’s website. Investments are typically between $75 million and $200 million in companies with enterprise values of $100 million to $1 billion.
Trilantic was founded in 2009 by five partners including chairman and partner Charles Ayres. The group previously worked together at Lehman Brothers. Since 1995, Trilantic and Lehman Brothers have invested more than $5.8 billion in about 65 companies. The firm’s funds are raised as an extension of the bank’s fund family.