It’s been more than a year since Silver Lake Partners announced a new deal from its third general fund, a $9.3 billion vehicle closed at the end of 2007 (it also has a credit fund and mid-market fund. I figured that such inactivity could put Silver Lake next in line for a fund size cut, but sources tell me that the firm has no interest in such a thing. Moreover, they say that Silver Lake been a bit busier than its press release void might indicate.
So I sent into the CalPERS data trove, to look at Silver Lake III call-downs since last February. It shows around $60 million in cashed checks, which is about 10% of CalPERS’ $600 million commitment to the fund. Some of that likely includes management fees, but most would be related to new transaction activity – or at least new capital infusions into existing portfolio companies.
A Silver Lake spokesman declined to comment.