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Alternative Market Briefing

Buyout firm Leonard Green raises $15bn in 2 funds

Tuesday, December 10, 2019

Laxman Pai, Opalesque Asia:

Los Angeles-based buyout firm Leonard Green & Partners (LPG) has raised $14.75 billion for two new funds, including a middle-market focused fund.

The private-equity firm collected the total in roughly seven months, including $12 billion for its latest flagship buyout fund, Green Equity Investors VIII LP, its eighth flagship private equity fund.

The size of this fund eclipsed the firm's prior flagship fund, which closed at $9.6 billion. The fund will target deals between $400 million and $1 billion, according to a person familiar with the matter.

The remaining $2.75 billion was raised for Leonard Green's first middle-market fund, Jade Equity Investors.

Jade Equity will target investments between $50 million and $250 million, according to a source familiar with the matter. The firm began fundraising for both vehicles in May 2019.

Investors in the LGP funds include public and corporate pensions, sovereign wealth funds, insurance companies, endowments, foundations, family offices, and financial institutions.

Investors in both Green Equity Investors VIII and Jade Equity Investors included the $388.9 billion California Public Employees' Retirement System, Sacramento, $139.6 billion Washington State Investment Board, Olympia; the $76.3 billion Ohio State Teachers' Retirement System, Columbus; the $54.1 billion Maryland State Retirement & Pension System, Baltimore; the $24.2 billion Los Angeles Fire & Police Pension Sy......................

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