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BROWN BROTHERS HARRIMAN RAISES $475 MILLION IN COMMITMENTS FOR PRIVATE EQUITY INVESTMENT THROUGH THE 1818 FUND II

 NEW YORK, Dec. 10 /PRNewswire/ -- Brown Brothers Harriman & Co. announced that as of its Dec. 3 closing, The 1818 Fund II, L.P., had attracted 26 investors and $475 million in commitments. The Fund invests in public and private companies with market capitalizations of between $200 million and $1 billion. The Fund had an initial closing in August 1993, at which time it had attracted $375 million in commitments. The second closing brought in six more investors and an additional $100 million. The Fund has been structured as a seven-year limited partnership, and Brown Brothers Harriman & Co. is its General Partner. Investors include major financial institutions, public and private pension funds, corporations and substantial private investors.
 The 1818 Fund II, L.P., follows on the success of the 1818 Fund, L.P., which was established in 1989 by Brown Brothers Harriman & Co. and 13 limited partners. That fund, which had $325 million in commitments, has been fully invested since late 1992. It is invested in 11 companies, including such industry leaders as Columbia Healthcare Corporation and LDDS Communications. The 1818 Fund I has invested in the telecommunications, oil and gas, cable TV and hospital industries. Its performance since inception has substantially surpassed the S&P 500 Industrial benchmark for the same period.
 Both funds share an investment strategy of acquiring substantial, non-controlling, long-term ownership positions in well-managed, strongly-positioned public and private companies with market capitalizations between $200 million and $1 billion. Typical investments by the two funds range from $20 million to $70 million, representing a 10 percent to 25 percent stakes in each company.
 "The 1818 Fund II, like its predecessor, provides high-quality companies with patient capital, explained Lawrence Tucker, a Brown Brothers Partner and Co-manager of the Fund. "The Fund seeks superior investment performance by selectively supporting aggressive long-term business strategies which are not currently well understood or appropriately valued by the public markets."
 Michael Long, a Brown Brothers Partner and the Fund's other Co-manager, said, "The 1818 Funds represent the most active and perhaps even the only private limited partnerships dedicated exclusively to making negotiated, non-controlling, private equity investments in the middle market segment." Long added that, "unlike some so-called 'relationship investors,' the 1818 Fund II does not seek turnarounds, but rather well-positioned, owner-managed businesses where we can play a supportive role."
 Founded 175 years ago in 1818, Brown Brothers Harriman & Co. is the largest private bank and the oldest independent business partnership in the United States. There are eight domestic and seven international offices. Headquarters are at 59 Wall Street, New York.
 -0- 12/10/93
 /CONTACT: Angela Dailey of DAI Communications, 714-921-8449; or Michael Long, 212-493-8401, or Lawrence Tucker, 212-493-8400, both of Brown Brothers Harriman/


CO: Brown Brothers Harriman & Co. ST: New York IN: FIN SU:

MP-LG -- NY038 -- 2596 12/10/93 11:50 EST
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Publication:PR Newswire
Date:Dec 10, 1993
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