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Platinum Equity closes fourth fund at $6.5 billion hard cap

Platinum Equity has closed its fourth private equity fund, Platinum Equity Capital Partners IV, at its $6.5 billion hard cap, said Mark Barnhill, partner who led the capital raise, in an email.

The fund's target was $4.5 billion. Platinum's latest fund is 73% larger than its prior $3.75 billion fund, which closed in 2012.

Platinum makes equity and debt investments by buying units from Fortune 500 companies; taking public companies private and specialty acquisitions from private sellers.

Investors in the fund include the $21.2 billion New Mexico State Investment Council, Santa Fe; $16 billion Kansas Public Employees Retirement System, Topeka; and $15 billion Los Angeles City Employees' Retirement System.