London and New York-based investment firm TowerBrook has raised a total of $5.3 billion for two funds.
TowerBrook closed its fifth private equity fund at a hard cap of $4.25 billion and its structured investment platform at $1.05 billion.
The fundraising for TowerBrook V and TowerBrook Structured Opportunities II closed less than five months after both funds launched in January 2018.
The investors include public pension funds, sovereign wealth funds, financial institutions, endowments and family offices across the U.S., Europe and Asia.
TowerBrook V will focus on “proprietary, control-oriented investments” while TSO II will invest in “attractive not-for-control opportunities generated by TowerBrook’s activity.”
Paul, Weiss, Rifkind, Wharton & Garrison advised TowerBrook on the funds.
In February 2013, the firm closed its fourth PE fund at a hard cap of $3.5 billion, generating a net IRR of 36.9 percent and an investment multiple of 1.5x, as of Sept. 30, 2017, California Public Employees’ Retirement System data shows.
And in 2015 TowerBrook Structured Opportunities Fund (OS) raised more than $800 million, according to a source familiar with the transaction, generating a net IRR of 8.1 percent and a multiple of 1x, based on CalPERS data, also as of Sept. 30, 2017.