Kirkland & Ellis advised Angeles Equity Partners LLC (AEP) on the closing of Angeles Equity Partners II LP, as well as its parallel funds. Strong investor demand allowed the fund to close with commitments above $540 million, which exceeded the original target of $500 million. The deal included participation from institutional investors across North America, Europe and Asia, including endowments, foundations, public pension plans, fund-of-funds and family offices. The fund will allow the private equity firm to continue targeting underperforming industrial businesses in North America. The firm has already committed capital to four platform investments in the new fund: Agile Occupational Medicine, Precision Surfacing Solutions, Data Clean and Custom Goods. The addition of the second fund brings AEP’s total capital commitments to nearly $1 billion.
The Kirkland team was led by investment funds partners Justin Solomon, Peter Connolly, Matthew Pinegar and Shandy Pinkowski and associates Austin Siegemund-Broka, Kate Zurcher, Deanna Hall and Michael Marano; tax partner Joel Peters-Fransen and associate Ally Nelson; investment funds regulatory partner Matt Cohen and associate Danielle Sartain; and debt finance partner Aditi Iyer and associate Bradley Jensen.