Two Years After Splitting From Lehman, Trilantic To Begin Fundraising Later in 2011

Trilantic Capital Partners, formerly Lehman Brothers Merchant Banking, is expected to begin fundraising later this year, several sources told peHUB.

The buyout shop, which has offices in New York, London and Luxembourg, is not yet marketing, sources said. However, the PE firm will begin fundraising later in 2011.

Trilantic is currently investing from its fourth fund, which raised $2.6 billion in 2007. The actual size of Trilantic Capital Partners IV LP was $3 billion but was reduced to its current amount, one source says.  Trilantic is targeting a similar size, roughly $2.5 billion, for its next fund, the source says.

The new pool would be the first for Trilantic since it spun out of Lehman Brothers in April 2009 (Lehman filed one of the nation’s biggest bankruptcies in September 2008). Trilantic is led by Charles Ayres, Trilantic’s chairman and founding partner, who is also a founding partner of MidOcean Partners. Reinert Investments, the investment vehicle of Johann Rupert (the South African billionaire) also owns a stake in Trilantic. Reinet holds a 49% stake in Trilantic, according to Thomson Reuters research.

In April 2009, Trilantic reportedly had $1.7 billion in dry powder. The buyout shop has since completed several deals, including an investment in Fortitech and the announced sale, in January, of Spumador to Refresco Group.

Earlier this month, Evercore Partners agreed to take a minority stake in Trilantic’s current fund. Evercore also agreed to invest up to $50 million for a minority stake in Trilantic’s next fund when it is raised, according to the Feb. 11 statement.

A Trilantic spokeswoman declined comment.

Jon Marino contributed to this report.