TwinBridge Capital Fund III raises $450 mln

Pacific Street Fund III LP will invest in North American-based mid-market buyout funds, according to an announcement from the firm. Fund III also will make co-investments alongside the firm’s equity sponsors, according to Brian Gallagher, a TwinBridge partner.

“We believe that the North American middle market buyout market continues to offer the most compelling returns for our investors,” Gallagher said in a statement.

Chicago-based TwinBridge, a fund of funds, structures its investment vehicles as separate accounts for multiple investors with a focus on institutions, a source said. TwinBridge has two prior pools. Fund I closed in 2005 with $500 million, while the second pool also collected $500 million in 2008, the person said.

Fund III was a structured account for a number of institutional investors. As such, there was no formal fundraising process for the third fund, the person said.

TwinBridge has invested in funds managed by sponsors such as Thoma Bravo, Swander Pace Capital and Lovell Minnick Partners, the firm website shows. Co-investments include LANDesk Software and Bumble Bee Seafood.

Luisa Beltran is a senior writer for peHUB.