Trilantic tops $2bn target

The first independent fund raised by the former Lehman Brothers Merchant Banking division's US arm is edging closer to its $2.25bn hard-cap.

Trilantic Capital Partners V has collected about $2.1 billion and is seeking a maximum of $168 million more, according to documents filed with the US Securities and Exchange Commission. The funds raised include equity from the general partner.

By early July, Trilantic had collected about $1.9 billion, according to SEC documents. At the time it wasn’t clear if the firm expected to exceed its target. While market sources and SEC documents say the hard-cap is $2.25 billion, documents from the Pennsylvania State Employees’ Retirement System list the hard-cap as $3 billion.

Trilantic, which is using Evercore as its placement agent, did not return a request for comment by press time. 

The fund has received a commitment from PSERS, as well as the New York City Fire Department Pension Fund and Luxembourg-based investment firm Reinet Investments, according to Private Equity International’s Research and Analytics division. 

Trilantic is the former private equity division of Lehman Brothers Merchant Banking. The firm, led by five partners from Lehman Brothers, kept Fund V’s name as an extension of the bank’s fund family. The firm also has a separate European division, which invests from its European-focused Fund IV.  

When Trilantic started in 2009 it had about $1.7 billion of dry powder from its global Fund IV. The 2007 vintage fund was generating a 1.7x gross multiple and a 16.6 percent net internal rate of return as of 2012, according to PSERS documents.

Fund V will invest between $50 million and $200 million per deal in control or significant minority investments throughout North America’s mid-market. The firm’s portfolio includes North American-focused Houston International Insurance Group and offshore oil and gas services provider Cross Holdings.