Grain Management (“Grain” or the “Firm”), a leading private investment firm focused on broadband technology and the global communications sector, announced today the closing of its flagship fund, Grain Communications Opportunity Fund III, L.P. (“GCOF III”), with $2.25 billion in commitments, exceeding its target of $1.5 billion. Grain is also pleased to announce the closing of its third spectrum-focused investment vehicle, Grain Spectrum Holdings III, L.P. (“GSH III” and together with GCOF III, the “Funds”). GSH III closed quietly on $1.5 billion of commitments in September 2020, exceeding its $1.0 billion target. The Funds attracted excess demand driven by strong, early support from existing limited partners and significant interest from new investors on a global scale.
Since its founding in 2007, Grain has managed more than $6 billion across its investment vehicles. The formation of GCOF III allows Grain to continue its exclusive focus on opportunities in mission-critical communications assets, both U.S. domestic and abroad, and equity investments in companies that own and operate them. The formation of GSH III preceded Grain’s participation in the Federal Communications Commission’s Auction 107 (“C-Band Auction”), the largest auction of mid-band 5G spectrum and the highest-grossing spectrum auction ever held in the United States.
“We are thrilled to announce the closings and proud to have built a global investor base of blue-chip institutional partners during unprecedented times,” said David Grain, Founder and CEO. “Deploying this capital in continuation of our flagship strategy allows us to deliver value on behalf of these well-regarded investors. Moreover, we are pleased at our success in the recently concluded C-Band Auction.”
Credit Suisse Securities (USA) LLC served as the exclusive placement agent for GCOF III and GSH III and Paul, Weiss, Rifkind, Wharton & Garrison as fund formation counsel.
About Grain Management
Grain Management, LLC is a leading private investment firm that focuses on broadband infrastructure and technology companies that connect the world to the information economy. Founded in 2007, the Firm invests exclusively in the telecommunications sector, employing a rigorous, data-based process buoyed by deep industry expertise to identify investment opportunities in key areas of telecommunications infrastructure, including fiber networks, wireless spectrum, and cell towers. For more information visit www.graingp.com.