ALTERNATIVES

Platinum Equity shuts 3rd fund at $3.75 billion

Platinum Equity closed its third fund, the Platinum Equity Capital Partners III, at $3.75 billion.

The fund reached its target size of $3.75 billion in capital commitments and is the successor fund to Platinum Equity Capital Partners II, which closed in 2008 at $2.75 billion, and Platinum Equity Capital Partners, which closed at $700 million in 2004.

The third fund focuses on “acquiring businesses that need operational support to realize their full potential and can benefit from Platinum's extensive in-house capabilities and expertise in transition, integration and operations,” according to a news release.

Investors in the fund include public and private pension funds, sovereign wealth funds, endowments and foundations, and other institutional investors in North America, Europe, Australia, Asia and the Middle East, according to the release.

Among the investors are the $165 billion Florida State Board of Administration, $51 billion Pennsylvania Public School Employees' Retirement System, $17.3 billion New Mexico State Investment Council and $12 billion Los Angeles City Employees' Retirement System.