PPM America Targets $200M For Fund Of Funds

The Chicago investment manager PPM America Capital Partners LLC is launching its fourth private equity fund of funds with a target of $200 million, according to a regulatory filing. The firm has not yet raised any money, the filing suggested.

PPM America, an indirect subsidiary of the British insurer Prudential plc, said it expects to wrap up fundraising this year for the new pool, PPM America Private Equity Fund IV LP, the filing said. At that size, Fund IV would have less than half the capital of its $416 million predecessor, according to the firm’s Web site.

The firm has raised $891 million for its three earlier private equity funds, its site said. PPM America, with a private equity team of 10 investing professionals, has made some 175 primary fund commitments and, in the past five years, about 50 equity co-investments. The firm said it has relationships with more than 95 GPs.

Its top co-investors include the Frontenac Company, Chicago Growth Partners and Baird Capital Partners, according to the Thomson One database.

PPM America also invests in fixed income, public stocks and real estate. The firm said it manages approximately $85.6 billion of assets in the United States.

Executives did not respond by deadline to a request for comment.