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Leonard Green hits $5 billion mark

December 22, 2011: 12:52 PM ET

Bloomberg yesterday reported that Leonard Green & Partners has "raised about $4 billion for its sixth fund." It's accurate, but also incomplete.

My understanding is that the Los Angeles-based firm actually is at its $5 billion target, if you include both closed and hard-circled commitments. It's just that some investors in the latter boat can't formally close until calendar 2012, due to allocation issues.

Leonard Green no longer is marketing the fund to new investors, but almost certainly will surpass $5 billion based on prior marketing efforts with investors who have not yet made final decisions.

Expect a final close sometime in Q1. The firm has enough dry powder in its $5.3 billion fifth fund (2007) to complete at least one more transaction. Current portfolio companies include BJ's Wholesale, J. Crew and Whole Foods Markets (WFMI).

No comment from the folks at Leonard Green, natch.

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About This Author
Dan Primack
Dan Primack
Senior Editor, Fortune

Dan Primack joined Fortune.com in September 2010 to cover deals and dealmakers, from Wall Street to Sand Hill Road. Previously, Dan was an editor-at-large with Thomson Reuters, where he launched both peHUB.com and the peHUB Wire email service. In a past journalistic life, Dan ran a community paper in Roxbury, Massachusetts. He currently lives just outside of Boston.

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