Firm: Trilantic Capital Partners
Fund: Trilantic Capital Partners V LP
Target: $2 billion
Amount Raised: $1.4 billion
Placement Agents: Evercore, Greenhill & Co.
As of April 16, Trilantic Capital Partners V LP had raised more than $1.4 billion and had $568 million left to sell, according to a filing with the Securities and Exchange Commission. Greenhill was added to the list of sales compensation recipients in the regulatory filing for the fund; Evercore Group LLC remains the lead agent on the fund, while Barclays is marketing the fund to retail and wealthy clients through its network.
Trilantic Capital is attempting to reach the $2 billion mark by July after launching its fundraising effort about a year ago, two sources told Buyouts. Charles Ayres, partner and chairman of Trilantic, declined to comment. Among backers, the New York City Fire Department Pension Fund committed $10 million to Trilantic Capital Partners V on Sept. 20, 2012, according to the latest update from the New York City Comptroller’s Office. That is nearly $3 million more than the limited partner committed in 2007, when Trilantic Capital Partners IV drew a $7.2 million commitment from the pension fund.
Fund IV has generated a multiple of 1.47x for New York Fire and an IRR of 17.6 percent as of Sept. 30. The pension fund had also earned a 15.3 percent IRR on its $5 million commitment to Trilantic Capital Partners III LP in 2004 as of the same time.
Trilantic Capital’s latest fund would be a successor to 2007’s Trilantic Capital Partners IV LP, which raised $3.3 billion, according to data from Thomson Reuters. LPs in the earlier fund include AXA Financial, Public Employees Retirement Association of Colorado, Illinois Municipal Retirement Fund, Marsh & McLennan and the New York City Comptroller’s Office.
New York-based Trilantic Capital was formed in 2009 by five partners who worked together at Lehman Brothers Merchant Banking. All told, funds managed by both Trilantic Capital and Lehman Brothers Merchant Banking have invested $5.6 billion of equity since 1989 in more than 60 companies, according to the firm’s Web site. Trilantic Capital invests mainly in the consumer, energy, industrial, health care, financial and business service sectors.
In 2010, Trilantic Capital and Evercore formed a strategic alliance to pursue investments. As part of the deal, Evercore issued 500,000 restricted share equivalents with a minimum redemption value of $16.5 million on Dec. 31, 2014; in exchange it received a minority economic interest in Trilantic Capital and an interest in Trilantic Global Fund IV. Evercore also committed up to $50 million in total capital to Trilantic Capital’s next private equity fund.
Among its more recent moves, Trilantic Capital in April teamed up with Riverstone Holdings in April to form Trail Ridge Energy Partners II, a new oil and gas exploration company focused on the Permian Basin in West Texas.