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Report: Platinum Equity to hold 2nd close for latest flagship fund at $9B-plus

Platinum Equity LLC is set to hold a second close for its Platinum Equity Capital Partners V fund at more than $9 billion, Private Equity News reported, citing a person familiar with the matter.

The fund, which has raised approximately $7.2 billion thus far, is expected to hold a final close at its $10 billion hard cap before the end of 2019, the source added.

The private equity firm set an initial target of $8 billion for its latest flagship fund, which already secured commitments from the New Mexico State Investment Council, Los Angeles City Employees' Retirement System, Pennsylvania Public School Employees' Retirement System and other pension funds, the news outlet noted, citing pension documents.

Separately, Platinum Equity is nearing a deal to acquire TruckPro LLC for roughly $500 million, Bloomberg News reported, citing people familiar with the matter.

A deal with Harvest Partners LP, which bought the heavy-duty truck parts retailer in 2011, could be announced as early as the week of Oct. 7, the people reportedly said.

A representative for Harvest Partners declined to comment, while a representative for Platinum Equity could not be reached. A representative for TruckPro did not respond to a request for comment, according to Bloomberg.