Bill Gates funding and the 1990 Witness Murder connected to Fremont Group, Bechtel and Bennett vs. Southern Pacific
Fremont Partners raises $920 million
San Francisco's Fremont Partners said Monday that it has raised $920 million for its Fremont Partners III venture fund to focus on middle market investments.
Fremont exceeded its $850 million target. The firm's previous fund was Fremont Partners II, a $605 million fund established in 1996.
Investors participating in both funds have increased their commitments by 75 percent, while new investors comprise approximately 30 percent of Fremont Partners III.
Investors in the latest fund include AMR Investments, Bill & Melinda Gates Foundation, Boeing, Delta Air Lines, Fremont Group, General Motors Asset Management, MetLife, Vanderbilt University and Verizon Investment Management.
"Our fundraising success in today's difficult marketplace is a result of investor confidence in Fremont Partners' team, the consistency of our middle market strategy and the return opportunities available in the middle market," said James Farrell, managing director.
Fremont Partners makes substantial equity investments in companies worth up to $1 billion, typically seeking to deploy $50 million to $250 million in each opportunity.
"The strong growth in revenues, cash flow and earnings achieved by our existing portfolio companies in 2001 demonstrated the merits of our investment strategy and contributed to the success of fundraising," added Mark Williamson, managing director.
Fremont Partners, founded in 1991, is the principal entity through which Fremont Group conducts its private equity investing. Fremont Group, a private investment firm, is majority owned by members of the Bechtel family and is responsible for managing approximately $11 billion in assets.
