Thursday, 25 August 2016
Last updated 41 min ago
Jul 13 2010 | 1:35pm ET
Activist hedge fund billionaire Nelson Peltz is trying his hand at activist private equity fund management, raising more than $400 million for the new fund.
The new Trian Partners Strategic Investment Fund is structured as a p.e. vehicle because Peltz plans to lock up investor money for a significant period. That hasn’t frightened too many away, however, with the fund securing some $433 million in commitments, Bloomberg News reports.
Peltz hopes to raise $1.5 billion for the fund. It is currently marketing the vehicle, primarily to sovereign wealth funds, pension funds, family offices and funds of funds.
Trian Strategic will take minority stakes in publicly-listed companies. But as is its manager’s wont, the fund will seek spots on the boards of directors of the companies in which it invests.
Peltz’s New York-based Trian Fund Management is perhaps best-known as the biggest investor in the Wendy’s/Arby’s Group fast-food chain. It recently won two seats on asset management giant Legg Mason’s board of directors, including one for Peltz.
Trian Strategic and its general partnership were incorporated in Delaware in January. It has yet to file a private-placement note with the Securities and Exchange Commission.