ZMC said Nov. 21 that its third private equity fund closed on its $775 million hard cap. The target for Fund III was $650 million. ZMC III LP and ZMC III Parallel LP will invest in the media and communications sectors. Kirkland & Ellis LLP served as legal counsel.
ZMC Raises $775 Million for Third Private Equity Fund
Raised in Seven Months, the Oversubscribed Fund Will Invest in Technology-Enabled Media and Communications Companies
NEW YORK, NY – November 21, 2019 – ZMC, a leading middle market private equity firm focused on investments in the media and communications sectors, yesterday announced the closing of ZMC III, L.P. and ZMC III Parallel, L.P. (together, “Fund III”) at $775 million. Through Fund III, ZMC will continue investing in technology-enabled media and communications enterprises and driving value creation through active, operationally focused management and deep sector expertise.
“We are pleased to have received such a high level of interest for Fund III,” said ZMC Founder and Managing Partner, Strauss Zelnick. “Our team is grateful for our long-term investors and we are excited to welcome new limited partners to Fund III. We value these relationships and the continued support our limited partners have shown us.”
“Fund III will build on ZMC’s established investment strategy of leveraging its industry focus and operational expertise throughout all phases of an investment. The media and communications sectors are highly dynamic, and we believe that ZMC continues to be well positioned to produce above-market returns for our investors.” said Andrew Vogel, co-Chief Investment Officer and Managing Partner. “We look forward to continuing our long history of partnering with strong management teams in market-leading and differentiated businesses which we believe present significant value-creation opportunities,” added Jordan Turkewitz, co-Chief Investment Officer and Managing Partner.
Fund III exceeded its $650 million target and achieved its hard cap. The substantially oversubscribed fund received strong support from existing investors as well as select new investors. Commitments to Fund III came from a diverse group of public and private pension funds, insurance companies, endowments, foundations, financial institutions and family offices. Fund III is the successor fund to ZMC II, L.P., which closed on total commitments of $415 million.
There was no placement agent for Fund III and Kirkland & Ellis LLP served as legal counsel.
ZMC is a leading private equity firm comprised of experienced investors and executives who invest and manage a diverse group of media and communications enterprises. Founded in 2001, ZMC’s investment philosophy centers on operational value creation driven by targeted investment themes, deep sector expertise, and strong partnerships with industry and operating executives. ZMC approaches its investments in collaboration with management teams and has an established track record of actively adding value to portfolio companies. www.zmclp.com