Middle-market investor GI Partners has held a final closing of GI Partners Fund V LP at an oversubscribed and hard cap of $2.7 billion. The fund’s original target had been $2.3 billion. UBS Securities was the placement agent for Fund V. GI Partners’ earlier fund – GI Partners Fund IV LP – closed in April 2014 at its $2 billion hard cap, surpassing its $1.5 billion fundraising target.
GI Partners’ senior management team which, on average, has worked together for over a decade, will continue the investment strategy used by earlier funds: investing control equity in companies with enterprise values of $250 million to $1 billion that are active in the IT infrastructure, healthcare, software, and services sectors.
“We are very pleased that an overwhelming majority of our existing investors re-committed to our latest fund and that a number of new leading investors have entrusted their capital with our team and investment strategy,” said Rick Magnuson, Founder and Executive Managing Director of GI Partners. “We are excited to further build our investment portfolio from the attractive pipeline of investment opportunities we have identified.”
Investors in Fund V include a range of global investors including pensions, sovereign wealth funds, investment management firms, financial institutions, family offices, endowments, and foundations.
“We are grateful for the continued support from our investors who believe we can create superior value in our attractive targeted industries,” said Philip Yau, Managing Director. “We are fortunate to have their trust and support as we work collaboratively to implement real operational improvements and build value for our investors.”
Fund V completed its first transaction in August when it invested in the $1.7 billion acquisition of ViaWest by Peak 10, an existing portfolio company of GI Partners. Peak 10 provides IT infrastructure services including data center services, private and enterprise cloud infrastructure, and managed services. The company operates 24 data centers in 10 markets in the US, primarily serving mid-sized enterprises around the globe. Peak 10 is headquartered in Charlotte, NC (www.peak10.com). GI Partners originally acquired Peak 10 from Welsh, Carson, Anderson & Stowe in May 2014.
GI Partners was founded in 2001 and is based in San Francisco (www.gipartners.com).
© 2017 Private Equity Professional | November 16, 2017
