New York-based private equity firm Greenhill & Company has closed its second private equity fund on $875 million (€710 million), more than doubling the total raised for the firm’s debut vehicle. The fund’s target was $700 million and fundraising began in December.
Greenhill Capital Partners II will continue the strategy of the first fund, which invested in mid-market telecommunications, energy and financial services companies. The fund has a five-year investment period and has already made $101 million in investments in four companies.
Greenhill has committed $88 million, or 10 percent, towards the fund total. Managing directors and professionals have committed an additional $136 million, or 16 percent, of the fund’s total capital. The firm also contributed about around 25 percent of the capital for the first fund.
Remaining limited partners include institutional investors, wealthy families and qualified corporate executives. In an interview in April at the time of the first close, Robert Niehaus, chairman of Greenhill Capital Partners, said about 90 percent of the LPs from the first fund returned for the second offering.
The firm was founded in 1996 by Robert Greenhill, formerly president of investment banking at Morgan Stanley, and has offices in London, Frankfurt and Dallas. Shares of the investment bank are traded on the New York Stock Exchange.