Platinum Equity announced the closing of its third buyout fund, giving the company about $3.75 billion to acquire and turn around undervalued businesses.
The Beverly Hills private equity firm led by billionaire Tom Gores said investors in Platinum Equity Capital Partners III included pension funds, sovereign wealth funds, foundations and other institutional investors in North America, Europe, Australia, Asia and the Middle East.
"We are excited about the continued support for our firm's growth and its future," Chief Executive Tom Gores said in a statement.
The firm did not identify investors, but Pensions&Investments, an industry newsletter, on Wednesday said that the Los Angeles City Employees' Retirement System was an investor in the new fund.
Platinum's portfolio holds more than 30 operating companies in industries ranging from information technology and telecommunications to media and logistics. Recent investments include ad firm CBS Outdoor International and a 65 percent stake in Caterpillar Logistics Services LLC., a division of Caterpillar Inc.
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