Lindsay Goldberg, a buyout fund based in New York, has closed its third fund with $4.7 billion in commitments, according to a source. Congratulations, I say, since a closed fund now is about as rare as an all-equity deal three years ago. The fund entered the market last year with a goal of between $4 billion and $5 billion.
Raised with the help of placement agent Park Hill, the total includes commitments to parallel funds raised with the help of Credit Suisse.
Lindsay Goldberg invests in North American manufacturing, financial services and health care companies. Its last fund closed in 2006 with $3.1 billion in commitments.
Investors in the firm’s third effort include Indiana Public Employees’ Retirement. The fund received $100 million from Teachers Retirement System of Louisiana, and $250 million from New York State Common Retirement Fund. Its first fund, raised in 2002 and known as Lindsay Goldberg & Bessemer, had a return of 2.18x, according to the CPP Investment Board.