In July, Searchlight Capital II held a first close on approximately $900 million in July, according to a memo from Portfolio Advisors included in Pennsylvania Public School Employees’ Retirement System meeting materials. Fund II already surpassed the $860 million raised through the Searchlight’s debut, a 2012 vintage fund that netted a 14.7 percent internal rate of return and 1.3x multiple as of June 30, according to Pennsylvania documents. Pennsylvania Public School Employee’s committed up to $100 million to the fund at its October 6 meeting. The commitment remains subject to final negotiations. LPs have piled into Searchlight Capital II despite...