Kohlberg & Co., a middle-market private equity firm, closed its latest fund, Kohlberg Investors IX, at $3.4 billion.
Kohlberg Investors IX is above its fundraising target of $3 billion, hitting its hard cap, said sources with knowledge of the fundraising. The fund also is 54.5% larger than its predecessor, $2.2 billion Kohlberg Investors VIII, which closed in 2016, a news release Tuesday said.
"Kohlberg is delighted to have received such strong support from our existing limited partners and to have been able to secure commitments from several new investors, many through entirely virtual diligence," said Shant Mardirossian, Kohlberg chief operating officer, in the release.
Investors include the C$70.3 billion ($54.9 billion) Investment Management Corp. of Ontario, Toronto; $21.1 billion Louisiana Teachers' Retirement System, Baton Rouge; $15 billion Ohio School Employees Retirement System, Columbus; and $1.5 billion El Paso (Texas) Firemen & Policemen Pension Fund.
The $120.1 billion State of Wisconsin Investment Board, Madison, is an investor in Kohlberg Investors IX-B, a partnership within the new fund.