The Los Angeles-based mid-market firm printed the PPM for its fifth fund in October and had its fund raised by January, though it put off closing till March to complete paper work, said one person familiar with the fund. Founded in 1989, the firm closed its previous fund in 2003 with $1.85 billion in commitments.
A source familiar with the fundraising said it was the first time the firm had been actually courted by LPs, well in advance of its fundraising. “The LPs were marketing to [the firm]. That was a new phenomenon,” he said.—M.C.