Searchlight Capital Partners closed its latest private equity fund, Searchlight Capital III, at $3.4 billion, exceeding its $2.75 billion fundraising target, a spokeswoman said in an email.

The new fund is 79% larger than its predecessor fund, the $1.9 billion Searchlight Capital II.

The fund will target investments in North American and European companies in sectors including communications, media and financial and business services.

Among the fund’s investors are $216.3 billion New York State Common Retirement Fund, Albany; $145.4 billion Washington State Investment Board, Olympia; $55.8 billion Pennsylvania Public School Employees’ Retirement System, Harrisburg; $30 billion Texas Municipal Retirement System, Austin; $16.5 billion Los Angeles Water & Power Employees’ Retirement Plan; and $234 million Manchester (N.H.) Contributory Employees’ Retirement System.

Source: Pensions & Investments

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