Littlejohn & Company has raised $650 million (€505 million) for their third private equity fund, the firm’s largest to date. Littlejohn Fund III held a first close on $380 million in January and had an original target of $600 million.
“We are gratified by the market’s response and to have completed a very quick fundraising process largely based on the strength of our existing associations,” said Angus Littlejohn, the chairman and chief executive officer of the firm, in a statement.
The fund was only marketed to investors in Fund II, as well as limited partners with which the firm has “longstanding communications.” These limited partners include public and corporate pensions, endowments, insurance companies and fund of funds.
Littlejohn invests in underperforming companies across a number of sectors, including healthcare, consumer products and auto parts. Recent investments include the add-on of General Dynamics’ Aeronautics divisions to portfolio company Wyle Laboratories late last year. The portfolio also includes lighting ballast manufacturer Universal Lighting Technologies and bedding company Perfect Fit Industries.
Littlejohn was founded in 1996 by Angus Littlejohn, formerly a co-founder of New York-based private equity fund Joseph Littlejohn & Levy. The firm has $1.4 billion under management.