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.
