Tom Gores-led Platinum Equity raises fourth buyout fund
Platinum Equity LLC has raised a fourth global buyout fund, called the Platinum Equity Capital Partners IV, with approximately $6.5 billion in capital commitments. “We have the capacity, the capability and the capital necessary to handle transactions of any size and complexity anywhere in the world,” states Platinum Equity CEO Tom Gores.
Fund IV will follow the firm’s well-established M&A&O investment strategy, by 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. Simpson Thacher & Barlett LLP served as fund counsel and legal adviser to Platinum Equity for Fund IV.
Founded in 1995 by Detroit Pistons owner Tom Gores, Platinum Equity is a Los Angeles-based private equity firm with more than $6 billion in capital under management. The firm has completed more than 185 acquisitions since its inception and some of the firm’s recent acquisitions involve: International Textile Group Inc., Broadway Industrial Group, and Electro Rent Corp. (Nasdaq: ELRC).
Private equity firms have been actively raising funds recently. Recent capital raises include: Quad-C Management’s $1.1 billion private equity fund; The Carlyle Group’s (Nasdaq: CG) fourth distressed fund; Vector Capital’s fifth private equity fund; Monroe Capital LLC’s $800 million credit fund; and Chicago-based NXT Capital LLC’s fourth debt fund at $900 million.