Clearview Closes New Equity and Mezz Funds

Clearview Capital has held a first and final closing for Clearview Capital Fund IV LP with $550 million of capital commitments, and Clearview Capital Mezzanine Fund I LP with $108 million of capital commitments. Fundraising for both funds began in late March 2018.

Fund IV closed at its hard cap and was supported by its existing investors with total demand well in excess of the hard cap. Additionally, strong interest from more than 100 new institutional investors allowed the firm to diversify its limited partner base by adding five new investors to the existing group of limited partners. Clearview’s new mezzanine fund was also supported by a combination of existing and new investors. As in prior funds, Clearview’s partners made substantial capital commitments to both funds.

“We are enormously proud of our loyal group of limited partners who have been such strong supporters over the years and during this most recent fundraise,” said James Andersen, Co-founder and Managing Partner of Clearview Capital. “By adding five new institutional investors from a deep pool of interest we now have a diversified investor base to work with for years to come.”

With these fund closings, Clearview’s investor base now includes endowments, foundations, pension funds, family offices, funds of funds and high net worth investors, including many current and former portfolio company managers. Institutional investors include, among others, Adams Street Partners, AlpInvest Partners, Bregal Partners, Crane Investment Company, Dartmouth College, Grove Street Advisors, LGT Capital Partners, Northwestern University, RCP Advisors, The State of Wisconsin Investment Board, and The William and Flora Hewlett Foundation.

“For the past nineteen years we have remained committed to the lower middle market and intend to continue to pursue the strategy that has served us well since our inception,” said Calvin Neider, Co-founder and Managing Partner of Clearview Capital. “By limiting the total equity fund size to $550 million while adding a pool of mezzanine capital to support our equity strategy, we will have the financial wherewithal to acquire growth businesses that we can support as we seek to at least double them in size, organically and by acquisition.”

Clearview Capital invests from $15 million to $75 million of equity in companies that have from $3 million to $15 million of EBITDA. Sectors of interest include business services, healthcare services, manufacturing, and specialized distribution. The firm was founded in 1999 and is headquartered in Stamford, CT with an additional office in Los Angeles (www.ClearviewCap.com).

The current portfolio of Clearview Capital consists of ten investments as follows: Community Medical Services (acquired in March 2018), a provider of medication-assisted treatment programs for patients suffering from substance use disorders; Mudlick Mail (February 2018), a provider of direct mail and related marketing services; Wilson Orchard & Vineyard Supply (December 2016), a provider of equipment and supplies to commercial orchards and vineyards; Nielsen-Kellerman (October 2017), a manufacturer and distributor of waterproof environmental and sports performance instruments; Controlled Products (March 2016), a manufacturer and distributor of synthetic turf; Advanced Medical Personnel Services (May 2015), a provider of nationwide healthcare staffing services; Northwest Cosmetic Laboratories (April 2014), a formulator and manufacturer of cosmetic and skin care products; Derby Building Products (February 2014), a manufacturer and distributor of polymer building products; Child Health Holdings (September 2011), a provider of pediatric extended care services; Pyramid Healthcare (July 2011), a provider of substance use disorder and mental health treatment programs for adults and adolescents.

The firm’s earlier equity fund, Clearview Capital Fund III LP, closed in June 2013 with $325 million of committed capital.

Lazard Frères & Co. (www.lazard.com) was the financial advisor to Clearview and Kirkland & Ellis (www.kirkland.com) provided legal services.

© 2018 Private Equity Professional | July 18, 2018

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