Firm: Siris Capital Group
Fund: Siris Partners II LP
Target: $400 million
Amount raised: $150 million
Placement Agent: Greenhill & Co.
Commitments are expected from several limited partners with programs dedicated to finding promising new private equity firms. Potential investors include the
Siris Capital executives are hoping to raise a total of $400 million in commitments for the fund,
The firm was founded by Frank Baker, Peter Berger and Jeffrey Hendren, who left SAC Capital, a hedge fund managed by controversial investor Steve Cohen. Cohen was expected to be an investor in the fund, but has since distanced himself from Siris Capital for fear of tainting its fundraising due to allegations of insider trading at SAC, as Buyouts reported in August.
Prior to joining SAC in 2007, the trio worked closely for 10 years at a buyout firm,
The firm targets complex deals, including turnarounds, in the technology, telecommunications and health care services sectors. The firm has yet to strike a deal; however, once a firm holds a first close on fundraising it can use commitments from its investors to execute transactions.