Silver Lake Partners, the partner of Michael Dell in the privatization bid for Dell Inc worth US$24.4 billion, said that it had raised US$10.3 billion for its latest private equity fund. This is the largest fund of its kind that focuses on technology.
The successful fundraising activity shows the increased confidence from investors for the buyout firm. The fund is named Silver Lake Partners IV started fundraising last year targeting US$7.5 billion. A Reuters report last month said that the fund would exceed previous targets and would reach US$10 billion based on strong demand.
In a joint statement, Silver Lake managing partners Mike Bingle, Jim Davidson, Egon Durban, Ken Hao and Greg Mondre said, "We received strong investor demand for this fund and are deeply gratified by the confidence in Silver Lake demonstrated by our limited partners, many of whom have been long-term investors with us."
For the first time in Silver Lake's experience that the the majority of the investors were located outside the United States. The largest inflows come from Asian and Middle Eastern investor sources.
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