Nelson Peltz, the money manager who successfully pushed Ingersoll-Rand Plc (IR) to sell some of its businesses, has raised $231 million for a second strategic investment fund, according to a regulatory filing.
Trian Partners Strategic Investment Fund II LP began taking money on Dec. 11 and has received commitments from five investors, according to a Form D filing today with the U.S. Securities and Exchange Commission. The total raised may increase to as much as $2 billion, New York-based Trian said in the filing.
Anne Tarbell, a spokeswoman for Trian, didn’t immediately return a telephone call seeking comment.
Peltz, 70, is known for taking stakes in companies and then engaging management in efforts to increase shareholder value. His first strategic investment fund, marketed as a vehicle that would take minority stakes in public companies and seek board representation, listed assets of $757 million in Trian’s most recent registration with the SEC.
The first strategic fund provided Peltz with some of the money he used to acquire what was initially a 7.3 percent stake in Ingersoll-Rand, a Swords, Ireland, company that generated about $14.8 billion in revenue last year. Ingersoll-Rand’s products include air-conditioning systems, climate control technologies and security systems.
As part of an agreement with Peltz, Ingersoll-Rand announced earlier this month that the company would spin off its residential and commercial security businesses within the next year. Ingersoll-Rand shares have climbed about 56 percent so far this year.
To contact the reporter on this story: Miles Weiss in Washington at firstname.lastname@example.org
To contact the editor responsible for this story: Christian Baumgaertel at email@example.com