Marine Cole

The transaction, which follows a slew of minority investments made by Dyal in firms including HIG Group, Silver Lake and Vista Equity Partners, is ‘not about succession planning’, source says.

Gryphon Investors closed Gryphon IV on its $1.1bn hard-cap less than a week ago, but David Andrews, the firm’s founder and CEO, tells PEI that the firm has already been actively investing.

Limited partners were attracted by the ability to commit to a global consumer platform and by the new partnership with LVMH’s L Capital.

Existing investors represented about 80% of the new fund, which was raised in about four months.

US pension plans are torn between curbing private equity commitments to stay on target or increasing their exposure to boost returns.

The venture capitalist, who recently gave $1.25m to the Trump campaign, said during a speech at the Washington’s National Press Club that Trump is the only candidate who can address the country’s issues.

The firm, which spun out of HM Capital Partners about four years ago, closed its second fund on nearly double the amount of capital raised for its debut fund.

The firm is likely to start marketing for its next flagship fund in the fourth quarter, which will be a similar size to Fund VIII, said co-founder Joshua Harris.

The firm was busy buying upstream assets in the third quarter and has so far this year invested about $2 billion in four private equity deals in the energy sector.

Ardian has brought the Seven Mile Capital Partners team under its umbrella, which it helped spin out of Citigroup five years ago.