The L.A.-based firm joins rivals with late-2019 closings

Leonard Green and Partners announced that it has closed two flagship private equity fund offerings.

The firm’s eighth flagship private equity investment fund, Green Equity Investors VIII, raised $12 billion of committed capital. The firm also closed its first middle-market fund, Jade Equity Investors, with $2.75 billion. Partners of Leonard Green and Partners committed a total of $750 million across the two funds.

Leonard Green and Partners Stays Busy

Meanwhile, Leonard Green joins rival KKR (KKR), Brookfield (BAM), and several rival firms in closing large funds before the end of 2019. The funds are taking advantage of attractive track records. However, they are also a difficult time deploying funds in the current environment. Too much money chasing too few attractive deals have pushed valuation multiples. This situation makes it challenging to earn the types of returns that investors have enjoyed in the past.

Erika Spitzer, who heads up Leonard Green and Partners’ capital raising efforts and investor relations, commented on the closings.

“We are sincerely grateful to our longtime investors for their continued support and are pleased to welcome our new investors into the LGP community,” Spitzer said. “Our investor base represents a diverse group of institutions and their constituents globally, with limited partners in GEI VIII and Jade spanning over 20 countries.”

Meanwhile, Leonard Green and Partners has been in business since 1989.

The firm invests in traditional buyouts, going-private transactions, recapitalizations, growth equity, and some public equity and debt positions. The management team prefers consumer, business, and healthcare services, as well as retail, distribution, and industrials.

Past deals by Leonard Green have included Shake Shack (SHAK), Joann Fabric and Craft Stores, The Container Store, Activision Blizzard, Petco, and Neiman Marcus.

Related: KKR European Fund V Details