Freeman Spogli Hits Hard Cap

Freeman Spogli & Co. has closed its latest fund, FS Equity Partners VIII LP (Fund VIII), at its hard cap of $1.85 billion. Fund VIII follows the firm’s earlier fund which closed in October 2014 with capital commitments of $1.3 billion.

Limited partners in Fund VIII include public and private pension funds, insurance companies, endowments, foundations, financial institutions and family offices.

“We are grateful and humbled to have received such a high level of interest for Fund VIII,” said Ron Spogli, co-founder and co-chairman of Freeman Spogli. “Our team is deeply appreciative of the long-term support from existing limited partners and we are excited to welcome new investors to Fund VIII.  We value these relationships and the continued support our limited partners have shown us.”

Like its earlier funds, Fund VIII will invest from $75 million to $300 million of capital per investment in North American-based middle-market consumer and distribution companies that are valued from $100 million to $750 million. Typical target companies will have EBITDA from $10 million to $75 million.

“Fund VIII will build on Freeman Spogli’s proven investment strategy of partnering with experienced management teams and providing the capital and strategic resources to help these companies create significant post-acquisition value for shareholders,” said John Roth, CEO of Freeman Spogli. “We look forward to continuing our long history of partnering with strong management teams in market-leading and differentiated businesses with transformative opportunities.”

Since founding in 1983, Freeman Spogli has invested over $4.5 billion in 61 portfolio companies with an aggregate transaction value of approximately $23 billion. The firm has offices in Los Angeles and New York.

Lazard was the lead placement agent for this fundraise and Triago acted as placement agent for several European investors.  Ropes & Gray provided legal services.

© 2019 Private Equity Professional | September 4, 2019

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