PPM America Private Equity Fund VIII LP

PPM America Private Equity Fund VIII LP is a $660 million co-investment fund managed by PPM America Capital Partners (PPMACP), the private equity arm of PPM America, Inc., an investment advisory subsidiary of Jackson National Life Insurance Company. The fund achieved its final close on December 31, 2023, and represents the largest fund in PPMACP's history, surpassing its predecessor fund which closed in 2018. Fund VIII is the eighth in a continuous series of co-investment vehicles that PPMACP has managed since 1996, accumulating over $4 billion in total historical commitments across its fund family.

Fund VIII pursues a diversified private equity co-investment strategy, targeting approximately 50 individual co-investments alongside top-tier buyout and growth equity sponsors across a range of deal sizes and industry sectors, with typical per-deal allocations between $10 million and $25 million. The fund's investment thesis is grounded in disciplined manager and asset selection, seeking to generate superior risk-adjusted returns by partnering with established sponsors with demonstrated track records. Unlike direct buyout funds, Fund VIII's co-investment model enables efficient deployment across a broad range of industries and deal structures, providing diversified exposure to premium private equity transactions while maintaining reduced fee drag relative to fund-of-funds alternatives. The fund's 2021 vintage positions it to capitalize on transactions completed across a transitional period in private equity markets, with managing partner Champ Raju articulating the fund's philosophy of creating value through manager and asset selection in uncertain and volatile markets.

PPM America Capital Partners has raised over $4 billion in historical commitments across eight funds spanning nearly three decades, closing over 250 deals with more than 50 sponsors. The predecessor Fund VII set a prior fundraising record before being surpassed by Fund VIII's $660 million final close. Proskauer Rose LLP served as legal counsel on the final closing, and the fund benefits from the institutional capital base and long-term investment horizon of its parent, Jackson National Life Insurance Company, one of the largest life insurers in the United States.