Landmark Partners closes 15th fund at $3.25 billion

Landmark Partners closed its Landmark Equity Partners XV with $3.25 billion, said Emily-Jane Finigan, a spokeswoman for the private equity manager.

The fund exceeded its initial target of $2.5 billion. The predecessor fund, Landmark Equity Partners XIV, closed at $2 billion in 2010.

The new fund will acquire portfolios of limited partnership interests in existing private equity funds and interests in privately held companies through secondary transactions. It has already invested $1.8 billion of the fund’s capital.

Investors in the fund include the $29.4 billion Connecticut Retirement Plans & Trust Funds, Hartford; $18.1 billion Kentucky Teachers’ Retirement System, Frankfort; $1.4 billion Louisiana Firefighters’ Retirement System, Baton Rouge; and $912 million St. Louis Public School Retirement System.