Penske Has $265 Million In The Bank

Transportation Resource Partners has raised $234 million toward its third fund, according to a regulatory filing. The fund is named Transportation Resource Management III. The firm has anchor investments from GE and Goldman, which is interesting because the firm’s founder, former racecar driver Roger Penske, is on the board of directors at GE.

According to the filing, the fund has a target of $325 million. I heard from a source the fund has a hard cap of $400 million. Its prior fund was much smaller, with $265 million in commitments. That closed in 2003.

I wrote about the launch of the fundraising in June for Buyouts and noted that the firm has gone through some changes since beginning in 1997. Namely, with its name: the fund changed from Penske Capital Partners to Transportation Resource Partners after its first fund. I’m assuming it was because that first fund didn’t do so hot, or Penske wanted his name off the marquis for whatever reason. Maybe to make it easier to hand over the reigns. Either way, the second fund was a smaller pool of capital than the first. The third, if all goes as planned, will be larger than both of them.

An excerpt from my Buyouts story (sub req.):

Though it is the firm’s third effort, it’s the second under the name Transportation Resource Partners. The firm’s first fund is named Penske Capital Partners LP and was a $325 million pool invested between 1997 and 2002. Despite the name change, auto industry vet and ex-race car champ Roger Penske still runs the firm. Penske, along with GE Capital Partners and Goldman Sachs & Co. were lead investors in Transportation Resource Partners II LP.