TowerBrook Tops Target For $3.5B Fund

Firm: TowerBrook Capital Partners

Fund: TowerBrook Investors IV

Target: $3 billion

Amount Raised: $3.5 billion

TowerBrook Capital Partners has closed its fourth fund at $3.5 billion, the firm announced. Sister Web site peHUB reported in 2012 the firm would raise its next fund for about $3 billion.

TowerBrook’s 2001 fund generated a 3.00x multiple, the firm’s 2005 Fund II had a 1.4x investment multiple and its third fund, the 2008 $2.8 billion vehicle, generated a 1.3x multiple, according to figures from the California Public Employees’ Retirement System. CalPERS has invested in TowerBrook with more than $500 million; it is unclear whether the LP bought back in for a fourth time.

TowerBrook did not publicize any of its LPs. According to Thomson Reuters data, past LPs include Arizona Public Safety Personnel Retirement System; Conversus Capital; Massachusetts Pension Reserves Investment Management Board and the Ontario Municipal Employees Retirement System, among others.

The firm invested in Jimmy Choo, selling it in a successful deal with Labelux in 2011. In 2012, TowerBrook made investments in Vistage International, a peer-advisory membership group of CEOs; Volution Group, a maker and distributor of ventilation products in the UK, and Shale-Inland Holdings. Prior investments include Sports Capital Holdings, the holding company for partnership interests in the NHL’s St. Louis Blues.

Jonathan Marino is editor/columnist for peHUB.