Platinum closes $2.75bn LBO fund

The fund held a first closing in September 2007 on $1,691bn, and further closings on 1 October, 12 October, 21 December, 10 March 2008 and 16 June 2008.

Platinum's previous fund closed in July 2004 on $700m.

Investors in the fund include public and private pension funds, financial institutions, university endowments and trusts in North America, Europe and Asia.

Platinum has also committed to make a 'substantial co-investment' that will increase the fund's capital to over $3bn, the firm said in a statement. The co-investment size is believed to be around 20 per cent, according to a source familiar with the situation.

'We are very pleased with the response from investors and appreciate their support,' said Tom Gores, chairman and CEO, Platinum. 'Our hands-on approach to operations works especially well in the current economic climate. Our success in reacting to changing market conditions has always differentiated us.'

Platinum current portfolio comprises 22 companies in sectors including IT, telecommunications, logistics, chemical manufacturing, steel and metals services, industrial fastening systems and automotive products.

The firm has already made a number of investments from the fund, including the $2bn acquisition of metals service center operator Ryerson, data communications company Covad Communications, 3B the Fibreglass Company and crane equipment business Maxim Crane.

Last month, Platinum sold steel service business PNA Group for approximately $1.1bn.

Copyright © 2008 AltAssets