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Platinum Equity eyes $1.75bn fundraise for second small-cap fund

Platinum Equity is targeting a fundraise of $1.75bn for its second small-cap fund, Platinum Equity Small Cap Fund II, which was unveiled last year, according to a report by BuyoutsInsider.

The report cites documents from the Los Angeles Retirement Systems pension fund in revealing the target as well as a hard cap ranging between $2bn and $2.25bn.

It the fund hits its target, it will be slightly larger than the firm’s first small cap fund, which closed in 2018 with $1.5bn in capital commitments.

Platinum’s small-cap strategy targets control investments in value-oriented opportunities, with acquisitions of underperforming businesses via carve-outs, recaps, special situations, take-privates and other deal types. Target companies have revenue of up to $650m and EBITDA of up to $45m.

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