Grain Management has closed its flagship fund, Grain Communications Opportunity Fund III with $2.25 billion in commitments, exceeding its target of $1.5 billion. Grain also closed its third spectrum-focused investment vehicle, Grain Spectrum Holdings III, with $1.5 billion of commitments in September 2020, exceeding its $1 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.
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 FCC’s Auction 107, the largest auction of mid-band 5G spectrum and the highest-grossing spectrum auction ever held in the United States.
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.