Buyouts Snapshot: Siris plans Fund III final close in January

Siris Capital expects to secure 85 percent of the commitments to its latest flagship fund in a December first close, with a final close planned for January, according to Los Angeles County Employees Retirement Association documents.

[contextly_sidebar id=”Jc7yBLQ4OH5pwR2dPiRDUHubRyBbT6xb”]The New York-based firm set a $1 billion target for Siris Partners III with a hard cap that could go higher than $1.5 billion “given the demand and oversubscription of the Fund,” according to Los Angeles County documents. Siris has attracted between $2.3 billion and $3.8 billion of demand from investors.

Former Ripplewood Holdings and S.A.C. Private Capital Group executives Frank Baker, Peter Berger and Jeffrey Hendren founded Siris in 2011. The firm developed a strong track record with its first institutional vehicle, netting a 53.7 percent internal rate of return with 2011’s $641 million Siris Partners II through June 30, according to Los Angeles County documents.

The firm’s pre-fund track record, which it funded with co-investors on a deal-by-deal basis and presents under the heading Siris Partners I, grossed an 11.2 percent IRR as of June 30, according to retirement association documents.

Siris will charge limited partners a 2 percent management fee on committed capital during the five year investment period. The management fee falls to 1.75 percent afterward. Directors’ fees, investment banking fees, monitoring fees, closing fees and “other similar fees” paid to the general partner will offset the management fee, according to Los Angeles County documents.

Siris declined to comment.

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