Gores Group closes fund on $2bn
Los Angeles-based private equity investment firm The Gores Group has closed its third fund, Gores Capital Partners III, with capital commitments of $2bn. It exceeds the vehicle’s $1.5bn target by 30%.
A number of previous investors participated in the new fund. Gores Capital Partners III will acquire companies primarily in the technology, telecommunications, business services, industrial, consumer and healthcare sectors.
Lazard acted as placement agent for the fund and Weil, Gotshal & Manges served as fund counsel.
Founded in 1987 by Alec E Gores, the company takes controlling stakes in non-core, underperforming or undervalued businesses in the US and Europe. The Gores Group has an in-house team of more than 60 M&A and operations professionals in the US and Europe. Its previous fund has committed equity capital of more than $4bn.
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