Sycamore Partners

Exclusive: Sycamore banks $600 million

March 5, 2012: 11:23 AM ET

Retail-focused private equity fund raising first fund.

Sycamore Partners has held a first close on approximately $600 million for its debut fund, according to marketing materials obtained by Fortune. The listed target is $750 million, with Sycamore partners expected to contribute a minimum of $25 million.

The New York-based private equity firm was formed last year to focus on retail and consumer investments, and made news late last year by offering to acquire women's apparel retailer Talbot's (TLB) for $212 million (Sycamore also began buying up shares on the open market). Talbot's initially rejected the bid, but later agreed to open its books.

Sycamore's first completed deal was the acquisition of a 51% stake in Limited Brands Inc.'s (LTD) apparel sourcing division -- which will be run as a standalone business.

Sycamore is led by Stefan Kaluzny and Peter Morrow, both of whom previously were with Golden Gate Capital.

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  • Talbot's softens toward Sycamore

    Talbot's agrees to open its books

    Talbot's Inc. (TLB) may want to hear Sycamore Partners out, after all.

    The women's apparel retailer last month turned down a $212 million buyout offer from Sycamore last month, saying that the $3 per share offer was "inadequate and substantially undervalues" the company. But today Talbot's seems to have softened toward Sycamore, revealing in a regulatory filing that it will let the private equity firm have MORE

    - Jan 30, 2012 10:39 AM ET
  • Will Talbot's be taken private?

    Struggling women's clothing retailer gets a suitor.

    Sycamore Partners, a new private equity firm focused on the consumer and retailer sectors, is in the process of trying to buy women's fashion retailer Talbot's (TLB), Fortune has learned. The opening salvo came earlier today, when Sycamore disclosed in a regulatory filing that it already has acquired a 9.9% stake in the company for $21.62 million.

    Talbot's currently has a market cap of around $265 million, MORE

    - Aug 1, 2011 10:38 AM ET
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