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Silver Lake raises $20 billion with latest buyout fund

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Silver Lake announced Wednesday it had closed buyout fund Silver Lake Partners VI at $20 billion, reaching its hard cap, company spokesman Matthew Benson confirmed in an email.

The raised capital includes roughly $500 million from the general partner. The fund will target global large-cap technology firms.

Investors in the fund include the $148.1 billion Texas Teacher Retirement System, Austin; $81.3 billion Ohio State Teachers’ Retirement System, Columbus; $71.3 billion New Jersey Pension Fund, Trenton; $23.3 billion Los Angeles Fire & Police Pensions; $12.5 billion South Dakota Retirement System, Pierre; and $695 million University of Houston System.

Predecessor fund Silver Lake Partners V closed at $15 billion in April 2017.