ZMC raises $775m

The American manager closes its third fund above target.

Zelnick Media Capital held a final close of ZMC III on Thursday at a hard cap of $775 million. The firm was targeting $650 million for the fund. The fund was raised through two vehicles, ZMC III LP and ZMC III Parallel LP, which will invest collectively in media and communications companies as ZMC III.

The firm’s prior fund, ZMC II, closed in September of 2015 with $415 million.

The Texas County and District Retirement System committed $75 million to the fund, the Texas County and District Retirement System committed $50 million, the Teachers’ Retirement System of the State of Illinois committed $45 million, and the San Antonio Fire and Police Pension Fund committed $20 million, according to PEI data.

Kirkland & Ellis LLP served as legal counsel.