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Laxman Pai, Opalesque Asia: New York-based growth-focused private equity firm Bregal Sagemount has closed its Bregal Sagemount Fund III, at a hard cap of $1.5 billion, exceeding its $1.35 billion target.
The prior fund, Bregal Sagemount Fund II, closed at $960 million in February 2017.
Fund III is comprised of institutional investors with a long-term commitment to private equity, including endowments, pension funds, insurance companies, and principal advisory firms.
Investors in the latest fund include the $54.2 billion Illinois Teachers' Retirement System, Springfield, and the $31.9 billion Indiana Public Retirement System, Indianapolis.
Gene Yoon, Founder and Managing Partner of Bregal Sagemount, said, "We are grateful for the support and trust from our existing investors and are pleased to welcome a select number of new top-tier institutions to the Sagemount partnership. We believe this group of limited partners is expressing confidence in Sagemount's differentiated approach to sourcing, disciplined investing strategy and significant value creation at our portfolio companies."
The vehicle will continue the investment strategy Bregal Sagemount has pursued since its inception in 2012 and focus on providing flexible capital and strategic assistance to companies in high-growth sectors across a wide variety of transaction situations.
Bregal Sagemount, with $3.5 billion in committed capital, invests $40 million to $150 million per transaction into both control and non-control positions and will make equity and/or junior debt investments.
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