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Laxman Pai, Opalesque Asia:

San Francisco-based private investment firm GI Partners closed buyout fund GI Partners Fund VI at $3.9 billion.

The private equity fund, which focuses on North American health care, information technology infrastructure, services, and software companies, exceeded its fundraising target of $3.25 billion, a press release from GI Partners said.

GI Partners Fund VI's diverse investor base represents 15 countries and includes sovereign wealth funds, pensions, financial institutions, investment management firms, and family offices. Philip Yau, Managing Director at GI Partners, said, "Our limited partners have demonstrated conviction in our resilient strategy, team and leadership, and operating principles. We are grateful for their support and thank them for the opportunity to be stewards of their capital."

Investors in the new fund include the $299.8 billion California State Teachers' Retirement System, West Sacramento; and $171.5 billion Washington State Investment Board, Olympia.

Rick Magnuson, Executive Managing Director and Founder of GI Partners, said, "As we celebrate our firm's 20th anniversary, we move forward with a deep team of dedicated professionals who are integral to our continued success. We remain committed to delivering value for our investors by utilizing the disciplined and differentiated strategy that we have refined since our founding."

The previous fund, GI Partners V, closed at $2.8 billion in 2017.

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