Fundamental Advisors Raises $933M For Third 'Public Purpose' PE Fund | FINalternatives

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Private equity firm Fundamental Advisors LP has raised $933 million in capital commitments for its third buyout fund, exceeding its target.

The new fund, named Fundamental Partners III, was backed by state and corporate pensions, foundations, financial institutions and ultra-high net worth platforms, the company said in a statement. 

As with Fundamental’s prior funds, Fund III will invest in municipal and public purpose assets that are critical to communities, such as affordable and student housing, senior care, infrastructure, alternative energy and hospitality.

“As private capital takes on an increasingly crucial role in developing, revitalizing, and sustaining critical community assets, the differentiated approach that we pioneered over a decade ago is more vital than ever,” said Laurence Gottlieb, chairman and CEO of Fundamental Advisors, in the statement. “Having invested in community assets and essential services for most of my career, the opportunities in today’s market are increasingly compelling. 

Founded in 2007 and based in New York, Fundamental Advisors is an alternative asset manager focused on special situations in municipal market and public purpose assets. The firm targets control-oriented investments in stressed and distressed assets or securities, financing the development or revitalization of public purpose assets, or acquiring undervalued securities in the secondary market.

Fundamental has committed approximately $1.7 billion across more than 100 transactions since 2007.