A New York equity firm announced Monday that it has raised $1.14 billion to invest in companies that focus on the U.S. Hispanic market.
Palladium Equity Partners LLC raised $300 million more than its original target of $800 and has since closed the PEP IV fund to outside investment, the firm said. Marcos A. Rodriguez, chairman and CEO of Palladium, said the fund received significant financial support from corporate and pension plans, insurance companies and partners from previous Palladium funds.
"We are extremely pleased with our limited partners' support," Mr. Rodriguez said in a press release. "With PEP IV, we plan to continue to apply our proven and disciplined investment process and our results-driven value creation model to seek to generate attractive risk-adjusted returns for our investors."
The equity firm said its investment approach to the PEP IV fund will be similar to past funds it founded and manages. Palladium will target lower- to middle-market companies, particularly founder-owned enterprises focusing on the fast-growing U.S. Hispanic market.
Because of strong investor demand for the fund, Palladium Equity Partners said it raised the original $1 billion cap.
"As we deploy PEP IV, we are excited to partner with founders and management teams to help improve and grow their companies into larger and more valuable market leaders," said David Perez, president and COO of Palladium, in a press release.
Palladium Equity Partners has more than $2 billion of assets under management and focuses primarily on buyout investments. With a special focus on companies it believes will benefit from the growth of the U.S. Hispanic population, Palladium has significant experience in financial services, business services, healthcare, food and media businesses.
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