Growth-focused private equity firm Parthenon Capital raised $4.5 billion for its latest fund, exceeding its initial target by $1 billion.
Parthenon Investors VII counts the Illinois Municipal Retirement Fund among its investors. The fund will carry on Parthenon’s ongoing expertise across financial and insurance services, healthcare and business services. The aim is to find businesses with both a strong value proposition and proprietary know-how, officials said.
“We appreciate the swift, significant support we received from existing limited partners and are excited to welcome an outstanding group of new investors to the Parthenon family,” said Brian Golson, managing partner and co-chief executive officer. “We feel well positioned for the opportunities ahead.”
Ropes & Gray LLP was counsel to Parthenon Fund VII, while Kirkland & Ellis represented Parthenon Capital for all management company documentation. Parthenon did not use a placement agent in the fundraising.
Dave Ament, managing partner and co-chief executive officer, added, “We remain excited by the many opportunities to build franchise companies in our target sectors and look forward to deploying our strategy and enhancing our capabilities as a firm in the coming years.”
