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Private Equity

Platinum Equity closes small-cap fund at $1.5 billion

Platinum Equity closed its Platinum Equity Small Cap Fund, which had one closing at its $1.5 billion hard cap.

The fund, Platinum Equity's first small-cap private equity fund, will focus on lower-middle-market companies, those with revenue up to $450 million and earnings before interest, taxes, depreciation and amortization up to $45 million, said Daniel Whelan, principal, at Platinum Equity in an email.

The small-cap fund is a complement to the firm's flagship $6.5 billion Platinum Equity Capital Partners IV, which is focused on larger transactions.

Investors include the $55 billion Pennsylvania Public School Employees' Retirement System, Harrisburg; $17 billion Los Angeles City Employees' Retirement System; and $2.3 billion Houston Municipal Employees Pension System.