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Roark Capital raises total of $6.5 billion for 2 funds

Roark Capital Group closed Roark Capital Partners V and Roark Capital Partners II Sidecar at a combined $6.5 billion, the private equity manager announced in a news release Wednesday.

Roark Capital Partners V, a traditional buyout fund, closed on $5 billion of capital commitments, exceeding its $4 billion target, while Roark Capital Partners II Sidecar closed at $1.5 billion, above its $1 billion target.

The sidecar fund invests in a holding company, Inspire Brands, which acquires and manages multiple restaurant companies.

Investors include the Oregon Investment Council, Tigard, which runs the $76.7 billion Oregon Public Employees Retirement Fund (in the buyout fund); $49.5 billion Tennessee Consolidated Retirement System, Nashville (in both funds); $21 billion Louisiana Teachers' Retirement System, Baton Rouge (buyout fund); and Ann Arbor-based University of Michigan for its $12.2 billion long-term portfolio (sidecar fund).