Firm: Sycamore Partners LP
Fund: Sycamore Partners II LP
Amount Raised: $2.5 billion
Legal Counsel: Simpson Thacher & Bartlett
Sycamore Partners II LP is more than twice the size of the firm’s inaugural fund, which closed on $1 billion in 2011.
Sycamore was founded by Stefan Kaluzny, a former executive at San Francisco-based Golden Gate Capital, and Peter Morrow, a fellow veteran of Golden Gate. Both are managing directors of the firm. Before entering the buyout business, Kaluzny co-founded Delray Farms, a Hispanic specialty food company.
A specialist in consumer and retail-related investments, Sycamore Partners often partners with established management teams to improve the operating performance of their companies, the company says on its website.
In April, Sycamore completed its largest transaction, a $2.2 billion take-private deal for New York retailer the Jones Group. Buyouts previously reported that, as part of the acquisition, Sycamore planned to transfer ownership of the Jones Apparel, Kurt Geiger and Stuart Weitzman brands to separate controlled affiliates of Sycamore, according to an 8-K filing. It plans to retain footwear brand Nine West Co and Jeanswear Co, a denim maker.
Among the firm’s other holdings are Hot Topic Inc, Talbots Inc, MGF Sourcing and Pathlight Capital.
Last September, Sycamore Partners took an eight percent stake in Aeropostale Inc, a teen fashion retailer that has been struggling. Sister news service Reuters reported in February that Aeropostale was considering options to sell itself or seek additional capital. Sycamore declined comment on its plans for the company.
Known investors include the Regents of the University of California and the University of Missouri Retirement Plan. Fund I was returning 1.32x to its investors as of Sept. 30, 2013, according to data provider Bison.
Simpson Thacher & Bartlett acted as fund counsel on Fund II, the firm said.