GI Partners has completed the final closing of its third private equity fund, GI Partners Fund III.
Since the fund’s launch, over USD1.9bn in capital commitments was secured in less than one year from institutional private equity and real estate investors.
The aggregate size represents a 35 per cent increase from the previous fund.
A number of new institutional investors committed to the fund, including Florida Retirement System Trust Fund and Teachers’ Retirement System of the State of Illinois in the US, and Capital Dynamics and Partners Group in Europe.
Rick Magnuson, executive managing director, says: “Given the difficult economic environment, we are extremely pleased to have grown our base of new investor relationships by more than 50 per cent and to have secured larger capital commitments from almost all of our existing limited partners. We believe this support stems from our consistent, value-based investment strategy that focuses on acquiring undervalued assets and maximizing opportunities within distressed segments of the market.”
Representative investments already completed in the fund include Ladder Capital Finance, a US specialty finance company created to take advantage of opportunities in the commercial real estate sector; Care Aspirations, a UK provider of specialist care for severe learning disabilities; and, most recently, FlatIron Crossing, a joint venture with national regional mall operator Macerich.
The GI Partners team has acquired ector and deal expertise through investments such as Digital Realty Trust, a publicly-listed Reit, and The Cambian Group, a UK provider of specialist psychiatric rehabilitation services and residential education.