Platinum attracts record-breaking $10bn for flagship private equity fund

Tom Gores’ Platinum Equity reached a $10 billion final close for its Platinum Equity Capital Partners V, the Los Angeles firm’s flagship strategy. The fund was oversubscribed as it had a target of $8 billion and a hard cap of $10 billion. The offering is focused on complex transactions utilizing Platinum Equity’s highly specialized approach of acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Mark Barnhill, the partner responsible for the Platinum Equity capital raise, said the Fund V generated demand from a diverse range of institutional investors around the world. More than 250 subscribers from 30 countries invested in the fund. “We are very grateful for the support of our investors worldwide who have entrusted us with their capital and helped extend our global investment reach,” said Gores, the founder, chairman and CEO of Platinum Equity. “We have great momentum, with a well-oiled investment machine build on discipline, urgency and a relentless focus on execution, and fueled by the capital resources to pursue complex transactions anywhere in the world,” he added. The investment portfolio includes a broad spectrum of portfolio companies and industries, as the firm specializes in complex carve-outs from Fortune 500 companies; public to private transactions; and specialty acquisitions from a wide variety of private sellers. Gores founded the firm in 1995 and has raised more than $25 billion from institutional investors since its launch. The firm was ranked as one of the top performing private equity firms (8th) in the world in 2018 in a study by HEC Paris Business School and Dow Jones. Platinum Equity raised its first private equity fund in 2004 with $700 million in capital commitments. That was followed by Fund II with $2.75 billion in 2007, Fund III with $3.75 billion in 2012 and Fund IV in 2016 with $6.5 billion. Gores said that Fund V will focus on the same fundamental investment strategy and continues on a growth trajectory that includes a diverse investment product offering and operating experience on all seven continents.

Platinum attracts record-breaking $10bn for flagship private equity fund

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