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First close of US buy-out fund Littlejohn Fund III on $380m

US mid-market buy-out specialist Littlejohn & Co. has completed a first closing of Littlejohn Fund III with capital commitments of $380m. The target size of the fund is $600m.

Angus Littlejohn, chairman and CEO of Littlejohn, said, 'So far, participations in Fund III have been offered primarily to existing LPs as well as those institutions with whom Littlejohn has had a prior relationship.'

'We decided to raise Fund III without a placement agent due to these strong current associations and the fact that the Fund III target is only slightly larger than Fund II,' Littlejohn continued.

Michael Klein, president of Littlejohn, added, 'Our investment approach is targeted towards select control positions in underperforming middle market companies and has not changed since founding the firm.'

Littlejohn & Co., based in Greenwich, Connecticut, makes control equity investments in mid-sized companies that are underperforming their potential.

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