Shamrock Capital, a Los Angeles-based private equity firm focused on the media, entertainment and communications sectors, is in the midst of raising $600 million for its fourth fund, Fortune has learned. The fund’s hard cap is $700 million.
Shamrock raised $400 million for its third fund in 2010, and also is in market with a $250 million vehicle focused on entertainment intellectual property.
“It’s a decent size increase, but they should get there,” says an existing limited partner in Shamrock funds. “They’ve got a bunch of big hits in Fund III.”
The highest profile of those hits — real-money fantasy sports site FanDuel — is still just a paper gain, but Shamrock also has generated tangible liquidity from Learfield Communications (sold to Providence Equity Partners) and MarketCast (sold to RLJ Equity Partners).
Shamrock, which originally was founded as an investment office for the Roy Disney family, is not expected to make any changes to its investment strategy, but it did experience a significant personal departure when Bob Perille retired over the summer.
The firm declined comment, citing regulatory restrictions.
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