Siris Capital returns to market with Fund III

  • Fund II reportedly has 81 pct IRR
  • Arkansas Teacher Retirement System commits up to $25 mln
  • Siris closed on $250 mln telecom deal in early October

The Arkansas Teacher Retirement System committed up to $25 million to Siris Partners III at its Oct. 6 meeting, ATRS Executive Director George Hopkins told Buyouts in an email.

ATRS documents do not disclose how much capital Siris plans to raise for Siris Partners III

Siris Partners II had generated a 44.4 percent net IRR and 2.98x multiple as of March 31, according toTeachers’ Retirement System of the State of Illinois data cited by Bison. An ATRS staff report said fund II had actually produced an IRR of 81 percent, but Buyouts was unable to confirm the report by press time.

Siris Chief Operating Officer/Chief Compliance Officer Ciara Roche had not responded to a request for comment as of press time.

Siris Partners III will invest in established mid-market technology and telecom companies with revenue between $100 million and $1 billion, according to ATRS documents made available to Buyouts.

Siris was founded in 2011 by former Ripplewood Holdings and S.A.C. Private Capital Group executives Frank Baker, Peter Berger and Jeffrey Hendren. The firm specializes in distressed or complex situations and employs several executive who provide operational support to portfolio companies.

The firm has been active in the past year, having announced three deals since February. On Oct. 1, Siris announced that it had acquired the Junos Pulse mobile security business from Juniper Networks for approximately $250 million.