GI Partners announced Tuesday the final closing of GI Partners Fund V at its $2.7 billion hard cap and above its $2.3 billion fundraising target.
The North American middle-market buyout fund "will primarily target investments with enterprise values between $250 million and $1 billion in several sectors, including information technology infrastructure, health care, software and services," said a news release from the money manager.
The fund has already invested in the $1.68 billion acquisition of Shaw Communications' ViaWest Inc. by Peak 10 Holding Corp., a GI Partners' portfolio company, creating a co-location, connectivity, cloud and managed solutions provider, according to the release.
Predecessor fund GI Partners Fund IV closed at $2 billion in 2014, surpassing its $1.5 billion fundraising target.
Investors in GI Partners Fund V include the $215.3 billion California State Teachers' Retirement System, West Sacramento; the Oregon Investment Council, Tigard, on behalf of the $74.9 billion Oregon Public Employees Retirement Fund; and the Washington State Investment Board, Olympia, which oversees $91 billion in defined benefit assets.
A GI Partners spokesman could not immediately provide additional information.