Triton Partners has closed its Fund IV on about €3.3 billion recently, well above its original target of €2.4 billion, according to a person with knowledge of the fundraising, as well as media reports.
Triton, whose managing partner is Peder Prahl and deputy managing partner is Lars Frankfelt, is injecting a 3 percent GP commitment to the fund, according to documents from the Pennsylvania Public School Employees’ Retirement System (PSERS), which committed $100 million.
The firm, which is focused on mid-market buyout and special situation investments in the German and Nordic-speaking countries, declined to comment about the fundraise, first reported by Dow Jones.
Its prior fund, Triton Fund III, “was established” in 2009 on €2.4 billion, according to the firm’s website; that fund had been generating a 1.1x multiple and a 7 percent net internal rate of return as of 30 September, 2012, according to PSERS documents. Triton II, a €1.1 billion 2006 vintage, was producing a 2.1x multiple and a 20 percent net IRR as of the same date, according to the pension system documents.