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GP Investments closes $1.3bn fund22/10/2007. Source: AltAssets. 
 Latin American private equity firm GP Investments has closed its new private equity fund, GP Capital Partners IV, on $1.3bn, well above its $600m target. Fundraising started in April 2007 and a first closing was achieved on $1.25bn in July 2007.
GP closed its previous fund, Fund III, on $250m in May 2006.
Investors in GP Capital Partners IV came from the US (40 per cent), Europe (40 per cent) and Asia/Middle East (20 per cent).
Antonio Bonchristiano, co-chairman and co-CEO of GP, said, ‘The fund has attracted widespread interest from institutional investors all around the globe. This has enabled us to significantly increase the size of the fund against our original estimates and is an encouraging sign of the strengthening status and reputation of GP and the region in the eyes of the global financial community.
‘We are now looking to continue our strategy of growth across Latin America as the market adapts to the phenomenon of debt financing and leveraged buy-outs – which we are well placed to capitalise on,’ Bonchristiano added.
GP recently announced the $1bn acquisition of Pride International’s Latin American Land Drilling and E&P Services businesses and the $642m transaction to acquire a controlling stake in Magnesita.
GP is publicly listed on the Brazilian and Luxembourg Stock Exchanges. Since inception, the firm has raised almost $3bn from investors in Brazil, the US, Europe, the Middle East and Asia and has acquired 42 companies in 11 different sectors, including real estate, telecommunications, logistics and retail.
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