ZMC Raises $775 Million For Private Equity Fund III

By Amit Chowdhry ● November 28, 2019
  • Zelnick Media Capital (ZMC) announced that it closed ZMC III, L.P. and ZMC III Parallel, L.P. (together known as “Fund III”) at $775 million

Zelnick Media Capital (ZMC) — a leading middle-market private equity firm focused on investments in the media and communications sectors — announced that it closed ZMC III, L.P. and ZMC III Parallel, L.P. (together known as “Fund III”) at $775 million. With Fund III, ZMC plans to continue to invest in technology-enabled media and communications enterprises along with driving value creation through active, operationally-focused management, and deep sector expertise.

“We are pleased to have received such a high level of interest for Fund III,” said ZMC founder and managing partner, Strauss Zelnick. “Our team is grateful for our long-term investors and we are excited to welcome new limited partners to Fund III. We value these relationships and the continued support our limited partners have shown us.”

Fund III had exceeded its $650 million target and also achieved its hard cap. And the substantially oversubscribed fund received strong support from existing investors as well as select new investors.

“Fund III will build on ZMC’s established investment strategy of leveraging its industry focus and operational expertise throughout all phases of an investment. The media and communications sectors are highly dynamic, and we believe that ZMC continues to be well-positioned to produce above-market returns for our investors.” added Andrew Vogel, co-Chief Investment Officer and Managing Partner.

The commitments to Fund III came from a diverse group of public and private pension funds, insurance companies, endowments, foundations, financial institutions, and family offices. Fund III is considered the successor fund to ZMC II, L.P., which closed on total commitments of $415 million.

“We look forward to continuing our long history of partnering with strong management teams in market-leading and differentiated businesses which we believe present significant value-creation opportunities,” commented Jordan Turkewitz, co-Chief Investment Officer and Managing Partner.

The ZMC executive team includes Zelnick, Vogel, Turkewitz, Partner-Chief Financial Officer and Chief Compliance Officer Brian Motechin, chief technology advisor and operating partner Bob Collie, managing partner Karl Slatoff, partner Seymour Sammell, vice president Jason Sporer, principal Ripan Kadakia, Head of Investor Relations & Business Development Sheila Dharmarajan, Director of Business Development Derek DeBenedetto.

Fund III did not have a placement agent and Kirkland & Ellis LLP served as legal counsel.