Clairvest Group has held a final closing of its latest fund, Clairvest Equity Partners V LP, at the hard cap of $600 million. The firm’s original target for the fund was $500 million. Clairvest’s commitment to the fund, which began marketing in March 2014, is $180 million alongside $420 million from third party investors.
“We are delighted to have a renewed commitment by many of our existing fund investors as well as to welcome several new investors to CEP V. We are pleased that the market was receptive to our investment strategy, track record and focus on alignment of interests,” said Ken Rotman, Co-CEO of Clairvest.
CEP V is the successor fund to Clairvest Equity Partners IV LP which closed in January 2011 with $467 million in capital commitments.
The Clairvest Group invests in mid-market companies, principally in North America, across a range of industries. Clairvest looks to invest from $15 million to $50 million in equity capital in companies with EBITDAs from $5 million to $40 million. Desired ownership percentages range from 20% to 80%. The firm is based in Toronto (www.clairvest.com).
“Our success is premised on fundamental value creation and proactive deal origination, ensuring a true alignment with our investment partners and fund investors”, said Jeff Parr, Co-CEO of Clairvest. “Consistent with our prior funds, the general partner Clairvest will be the single largest investor in the fund”.
Atlantic Pacific Capital acted as Clairvest’s exclusive placement agent to market the fund outside of Canada. “Limited partners appreciate Clairvest’s strong alignment of interest, track record and unique value creation approach,” said Josh Vogelhut, a Partner at Atlantic-Pacific.
Atlantic-Pacific Capital has raised over $60 billion for alternative asset managers seeking private capital. Typical projects include private equity, real estate, and infrastructure fund placements, as well as private placement financings in support of acquisitions, buyouts, and growth capital transactions. The firm was founded in 1995 and has offices in New York, Greenwich, Chicago, San Francisco, London, and Hong Kong (www.apcap.com).
2014 PEPD • Private Equity’s Leading News Magazine • 7-31-14