American Securities closed its seventh and largest private equity fund, American Securities Partners VII, at $5 billion, which reached its hard cap and is well above its $4 billion fundraising target, said a spokeswoman with the firm.
The middle-market private equity firm began raising the fund only four months ago in September. The new fund is 40% larger than its predecessor fund, the $3.6 billion American Securities Partners VI, which was more than 50% larger than its $2.33 billion predecessor, American Securities Partners V.
Investors in the fund include the $16.9 billion Louisiana Teachers' Retirement System, Baton Rouge.
