GI hits US$1.9bn

California and London-based GI Partners has held the third closing of its GI Partners Fund III on US$1.9bn, having launched the fund less than a year ago.

With support from a number of new institutional investors, the latest fund is more than 35% larger than the previous fund which closed on US$1.45bn. GI Partners III will invest in distressed businesses in Western Europe and North America.

New investors included Florida Retirement System Trust Fund, Teachers’ Retirement System of the State of Illinois in the US, and Capital Dynamic and Partners Group in Europe.

Executive managing director, Mark Tagliaferri said: “Given the difficult economic environment, we are extremely pleased to have grown our base of new investor relationships by more than 50% and to have secured larger capital commitments from almost all of our existing limited partners.”

GI’s third fund has already backed three companies, namely, Care Aspirations, a care provider for severe learning disabilities, financial company, Ladder Capital Finance and FlatIron Crossing, a joint venture with US mall operator Macerich Company.