Firm: Platinum Equity LLC
Fund: Platinum Equity Partners III LP
Target: $3.75 billion
Amount Raised: $2 billion
Several pensions have lined up to invest in the fund. They include the Florida State Board of Administration, which committed $200 million; the Kansas Public Employees’ Retirement System, which committed $20 million; the Pennsylvania Public School Employees’ Retirement System, which committed $200 million; the Louisiana Teachers’ Retirement System, which committed $50 million; and the New Mexico State Investment Council, which committed $50 million.
Firm founder Tom Gores and three principals have committed to invest up to $200 million, according to a previous report in Fortune.
The firm’s previous, 2007-vintage fund, which raised $2.75 billion in commitments, was generating an 8.87 percent internal rate of return by the end of last year for the Florida SBA, which had committed $75 million and valued its remaining investment at that time at $56.3 million. That number has likely changed, as Platinum has exited at least three investments this year, according to Capital IQ. Its first fund, a 2004-vintage vehicle that raised $700 million, had generated a spectacular 58.63 IRR for the Florida SBA by the same time.