NEW YORK (Reuters) - American Securities LLC has closed its sixth buyout fund after raising $3.64 billion in capital commitments from new and existing investors, the New York-based private equity firm said on Tuesday.
American Securities Partners VI LP has exceed its fundraising target of $3 billion and is bigger than the firm’s prior buyout fund of $2.33 billion.
Investors include high-net-worth individuals and families, endowments and foundations, as well as pension funds and sovereign wealth funds, American Securities said.
The buyout firm generally invests in businesses with $500 million to $2 billion in revenue and $50 million to $200 million of earnings before interest, tax, depreciation and amortization. Chief Executive Officer Michael Fisch said the latest buyout fund would maintain the same investment focus.
“(American Securities) has demonstrated good risk-adjusted rates of return through the cycle, including the global financial crisis in 2008 and 2009,” Fisch told Reuters.
“We were able to raise this fund because we had shown that we could successfully deploy capital in this size range,” he said, “and we have demonstrated our ability to invest across cycles for the last 20 years.”
The company, which raised its first buyout fund in 1994, has invested in 39 companies in industries that include industrial manufacturing, aerospace and defense, energy, business services, healthcare and consumer products.
Reporting by Soyoung Kim; Editing by Lisa Von Ahn