Palladium closes $1.56 bln for fifth fund


VCJ Venture Data Fundraising
Photo of business people reaching for falling money courtesy of FatCamera/iStock/Getty Images.

New York City-based Palladium Equity Partners LLC, a middle-market private equity firm, has raised $1.56 billion for its fifth fund.

Palladium Equity Partners V LP’s investors include corporate and public pension plans, family offices, funds of funds and insurance companies. Simpson Thacher advised Palladium in PEP V’s formation and fundraising.

So far, the fund has made undisclosed investments in three companies: Spice World, a supplier of garlic and other spices under the Spice World brand; Kymera International, a global specialty materials company; and Quirch Foods, a distributor and exporter of protein and U.S.-based Hispanic food products.

In April 2014, Palladium closed its fourth fund at $1.14 billion, generating an IRR of 15.30 percent, according to the California State Teachers’ Retirement System, as of Sept. 30, 2018.

Founded in 1997, Palladium is currently managing more than $3 billion in assets.