Littlejohn & Co. has closed its fourth fund with $1.34 billion, exceeding the firm’s original target of $1.25 billion. Roughly 80% of the capital in Littlejohn Fund IV L.P. will go toward control investments, with the remainder invested in distressed opportunities, the firm said. Park Hill Group served as placement agent for Greenwich, Conn.-based Littlejohn.
Littlejohn & Co., LLC, a private investment firm that applies an operational approach to building middle-market companies, today announced the final closing of its Littlejohn Fund IV, L.P., with $1.34 billion of committed capital, exceeding the firm’s target of $1.25 billion.
Littlejohn’s previous fund was raised in 2005 and has capital commitments of $850 million. In 2007, the Limited Partners approved broadening the mandate to include investing in non-control positions in addition to its traditional leveraged buyouts. Fund IV is targeted to invest approximately 80% of its capital in control investments and the remainder in distressed opportunities with the intent to gain control.
“Global investors continue to see the value of our intensive hands on operational approach towards investing, and that was a key factor in our ability to exceed our fund raising projections for our fourth fund in a very difficult fund raising environment,” said Angus C. Littlejohn,” Chairman and CEO of Littlejohn & Co. “With the ongoing dislocation in the marketplace, our firm is well positioned to continue to leverage the experience of our team to restructure businesses and to identify attractive distressed investments that could lead to control.”
Michael I. Klein, President of Littlejohn, said, “We are very pleased that a large majority of our existing investors continued their support in Fund IV and we are grateful that they expressed confidence in our operational investment approach that works well in a strong economy and is essential in a difficult one. With the carefully planned growth of our organization over the last few years we are prepared to execute on our investment strategy with this new fund.”
Park Hill Group served as Placement Agent for Littlejohn & Co. and legal advice was provided by Morrison Cohen LLP.