Global merger and acquisitions firm Platinum Equity announced that it scored USD 3.75 billion in capital commitments for its third fund. Platinum Equity Capital Partners III would be focusing on buying businesses that would benefit from the operational expertise that Platinum is known for.
The fundraising for Fund III saw investors from North America, Europe, Australia, Asia and the Middle East participating in the round. There were sovereign wealth funds, pension funds, endowments and foundations that also gave their support for the third fund.
Platinum Equity Founder and Chief Executive Officer Tom Gores said he is excited about the support his firm had received. "Our job will be to continue to earn the trust and confidence of our partners. Our approach to investing and operating in the future will very much entail the same fundamentals that helped create our success," he said in a press release.
Fund III succeeded Platinum Equity's second fund which raised USD 2.75 billion in 2008. Fund III also overshadowed Fund I, of which the latter gathered USD 700 million in 2004.
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