Greenbriar Seeks $1.25 Billion for Fund III

Greenbriar Equity Group, the PE firm focused on the transportation industry, is out fundraising for its third fund, according to a source and an SEC filing.

Greenbriar Equity Fund III LP is looking to raise $1.25 billion, the source says. Park Hill is the placement agent for fund III, an SEC filing dated Nov. 20 says.

Rye, N.Y.-based Greenbriar collected $1 billion with its second pool in 2007, surpassing an initial target of $750 million. Fund II has generated a net IRR of zero as of March 31, according to CalPERS.

Bloomberg News reported the Greenbriar fundraising in September.

Founded in 1999, Greenbriar focuses on the transportation industry. The PE firm typically invests from $50 million to $150 million per deal, according to the firm’s website. Greenbriar invests in carriers like airlines, cruises and railroads, as well as automotive and shipping manufacturers. Greenbriar bought PetroChoice, a distributor of petroleum lubricant services, this year. In 2011, a group controlled by Greenbriar and Berkshire Partners sold AmSafe Global, which supplies engineered, safety and restraint equipment used in the aerospace industry, to TransDigm Group for about $750 million.

Officials for Greenbriar couldn’t immediately be reached for comment.

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