CHICAGO--(BUSINESS WIRE)--PPM America, Inc.’s (PPM) private equity arm, PPM America Capital Partners (PPMACP) today announced the final closing (December 31, 2023) of its eighth co-investment fund, PPM America Private Equity Fund VIII LP (together with its parallel fund, referred to herein as Fund VIII), a vintage 2021 fund. The final close amount of $660 million is PPMACP’s largest to-date, surpassing its previous fund which closed in 2018.
Fund VIII will continue to invest in a diversified pool of co-investments alongside top-tier buyout and growth equity sponsors. Fund VIII will target approximately 50 co-investments and will be well diversified by vintage year, sponsor and sector/industry and will typically allocate between $10-$25 million per co-investment.
Since 1996 and encompassing several market cycles, PPMACP has consistently participated in the co-investment space on behalf of its clients – raising eight funds totaling over $4 billion in historical commitments and closing over 250 deals across 50+ sponsors. Investments focus primarily on North American buyout and growth opportunities.
The four partners of the 9-person PPMACP investment team average 25 years of investment experience including 22 years of average firm tenure. PPMACP operates as one integrated team, deploying capital across a primary funds platform and co-investments alongside sponsors where we invest. As of September 30, 2023, the private equity program had $5.76 billion in assets under management with nearly $11 billion in total historical capital commitments across primary funds and co-investments.
“With 28 years of sourcing co-investments for our clients, PPMACP has the experience, relationships and agility necessary to access deals from high-quality fund managers and construct a well-diversified investment portfolio across industry, size and sponsor,” said Champ Raju, Managing Partner, Head of Private Equity. “This closure continues our track record of increasing the size of each subsequent fund. We are incredibly grateful to our limited partners who have shown confidence in our ability to create value through manager and asset selection in these uncertain and volatile markets.”
About PPM America Capital Partners
Our mission is to be seen by clients and their advisors as a consistently reliable partner to help them achieve their long-term value goals.
PPM’s private equity capabilities were established in 1991 and PPMACP launched PPM’s first co-investment fund in 2000. Since its inception, PPM’s private equity team has navigated multiple market cycles focusing primarily on North America buyout and growth opportunities. PPM’s private equity team manages both primary fund investments as well as sponsor-led co-investments. For more information, please visit PPM’s website at ppmamerica.com/our-strategies/private-equity.
PPM is a US-based institutional asset manager with $68.46 billion in assets under management as of 30 September 2023.1 Established in Chicago in 1990, PPM exists to consistently support institutional clients in achieving their long-term value goals. We offer our Midwestern mentality of hard work, straight talk, full transparency and humility. Our success is supported by a team-based culture that encourages debate, collaboration and consistency. At the center of our belief is the fact that our best ideas to date have and can come from any team member anywhere in our firm. We believe the success of our investment culture is best demonstrated by the strong retention of our clients and investment professionals.
1 AUM includes committed but unfunded capital for PPM’s private equity and commercial real estate businesses.
