PRINT THIS PAGE US Platinum closes debut fund with $700m13/07/2004. Source: AltAssets. 
 US Platinum Equity has closed its debut fund with aggregate capital commitments totalling $700m. The closing represents one of the strongest for a debut fund in the last few years, albeit Platinum has a long track record of investing its own partners' capital.
'We are very pleased to receive such strong response from investors who understand our investment model and our vision,' said Tom Gores, chairman and chief executive officer of Platinum Equity. 'The fund builds on our already substantial capital base and will allow us to execute even more transactions while maintaining our flexibility to handle more complex situations.'
Platinum is a global acquisition firm with 19 operating companies generating global revue of $5.5bn. Two pending acquisitions will boost total revenue to $8bn. The firm focuses on the acquisition of service-providing businesses.
The majority of Platinum's portfolio companies have been acquired though acquisitions made alongside major blue chip corporations. The firm has previously used the profits from previous transactions to fund further acquisitions. The closing of this fund therefore represents the firm time the firm has used limited partners to support its strategy.
Copyright © 2004 AltAssets
|
