Trilantic Capital Partners was formed in 2009 by the former principals of Lehman Brothers Merchant Banking (LBMB). Since 1989, funds managed by LBMB have invested approximately $5.6 billion of equity in over 60 companies. In April 2009, Trilantic Capital Partners senior management completed the acquisition of LBMB from the estate of Lehman Brothers. The acquisition was executed in partnership with Reinet Investments S.C.A., a listed investment trust controlled by the Rupert family, who made a strategic, minority investment in connection with the transaction. The firm targets investments of $75 to $200 million in firms with Enterprise Values of $100 million to $1 billion. The primary industry focus is on business services, consumer, energy, and financial services located in North America and Western Europe. Fund IV (2007) closed at $2.6 billion. The firm announced the closing of Trilantic Capital Partners V (North America) L.P. (December of 2013), a $2.2 billion private equity fund investing in the business services, consumer, energy and financial services sectors. Fund V North America exceeded its initial target of $2.0 billion and the size of its previous fund of $1.9 billion. Trilantic V North America is Trilantic's first stand-alone fund following its emergence from Lehman Brothers.