The former private-equity arm of the hedge fund formerly known as SAC Capital Advisors LP will likely seek at least $1 billion for its next buyout fund, according to two people with knowledge of the matter. New York-based Siris Capital Group LLC hired Park Hill Group LLC, the placement agent arm of Blackstone Group LP, to help raise its second independent fund, said the people. Siris Capital hasn’t set a target yet on the pool, these people said. Siris raised $650 million for its first independent fund in 2012. Philip Lo, a director at the firm, declined to comment. The firm takes controlling stakes in data/telecommunications, technology and technology enabled business service companies in North America. It looks for complex, special situations from $250 million to $1 billion in size, according to the firm’s website. The firm in April purchased Stratus Technologies, a cloud computing company, for about $352 million.
Siris was founded by Frank Baker, Peter Berger and Jeffrey Hendren, who worked together at Ripplewood Holdings before joining what was then SAC Capital in 2007. Siris spun off from SAC in early 2012. SAC Capital pleaded guilty last year and agreed to pay $1.8 billion for insider trading and creating what prosecutors called a culture of criminality. It has sinced changed its name to Point72 Asset Management LP. SAC founder Steven Cohen, who has not been charged with a crime, was the sole backer of deals when Siris was part of SAC but decided against investing in Siris’s first fund, said three investors in February 2012.
This article was taken from Bloomberg Brief Private Equity Newsletter.
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