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ALTERNATIVES

Silver Lake buyout fund pulls in $15 billion

Silver Lake announced Tuesday it had closed buyout fund Silver Lake Partners V at $15 billion, surpassing its $12.5 billion target, a news release said.

The $15 billion in raised capital includes roughly $500 million from the general partner. The fund will invest in large U.S. technology company buyout deals.

No portfolio investments have been made yet, said a person familiar with the matter.

Investors in Silver Lake Partners V include the $133.2 billion Texas Teacher Retirement System, $112.4 billion Washington State Investment Board, $82.7 billion Minnesota State Board of Investment, $46 billion Illinois Teachers' Retirement System, $17.1 billion Louisiana Teachers' Retirement System, $16.2 billion Illinois State Board of Investment, $15.9 billion Idaho Public Employee Retirement System, the $661 million endowment trust fund of the Oklahoma State Regents for Higher Education and the $557 million endowment of the University of Houston System.

Predecessor fund Silver Lake Partners IV closed at $10.3 billion in April 2013.