Freeman Spogli & Co. has held a final closing of its seventh private equity fund, FS Equity Partners VII, LP, with $1.3 billion in commitments from its investors. Freeman Spogli is a middle market private equity firm specializing in the acquisition of consumer-related and distribution businesses.
The new fund surpassed its $850 million target and closed at its maximum cap. More than two-thirds of the firm’s Fund VI investors re-upped for Fund VII. “We were able to accomplish these results due to the strong support of our existing partners as well as the addition of a significant number of new participants,” said Ron Spogli, CEO at Freeman Spogli. Over 70% of Fund VI’s investors became limited partners in Fund VII, with total commitments increasing by 49% compared to Fund VI levels. The aggregate commitments of these historical partners accounted for approximately 55% of the total capital raised.
With the fund now closed, Freeman Spogli has confirmed that Fund VII included commitments from 80 investors, an increase of over 50% from Fund VI levels. In addition, the partners and principals of the firm have committed $104 million – approximately 8% of aggregate commitments – to Fund VII.
Lazard acted as lead placement agent and Triago acted as a placement agent for several European investors. O’Melveny & Myers served as legal counsel.
Freeman Spogli & Co. invests in middle market consumer and distribution companies. Since its founding in 1983, the firm has invested over $3 billion in 50 portfolio companies with an aggregate transaction value of $19 billion. Freeman Spogli has offices in Los Angeles and New York (www.freemanspogli.com).
2014 PEPD • Private Equity’s Leading News Magazine • 10-22-14