Palladium Equity Partners closed its latest buyout fund, the $1.6 billion Palladium Equity Partners V, spokesman Todd Fogarty confirmed in an email.
PEP V will pursue the same strategy as its predecessor fund, primarily investing in middle-market companies in partnership with founders and experienced management teams. Palladium's previous fund, Palladium Equity Partners IV, closed at $1.1 billion in 2014.
More than 20% of the new fund has already been invested in three companies: garlic and spice supplier Spice World, global specialty materials company Kymera International, and U.S.-based Hispanic food products distributor Quirch Foods.
Investors in the fund include the $372.8 billion California Public Employees' Retirement System, Sacramento; $226.1 billion California State Teachers' Retirement System, West Sacramento; $22.3 billion Los Angeles Fire & Police Pension System; $17.3 billion Los Angeles City Employees' Retirement System; $10.8 billion Chicago Public School Teachers' Pension & Retirement Fund; $8.2 billion District of Columbia Retirement Board; and $1.2 billion Chicago Laborers' Annuity & Benefit Fund.
