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Clairvest nears 75% mark for first close in rapid Fund V capital raise

28 Apr 2014

canada_lrgCanadian private equity firm Clairvest Group is reportedly nearing a first close on 75 per cent of its $600m hard cap.

AltAssets revealed last month that the firm was back in the fundraising market and had bagged about C$300m towards its C$500m target, citing a person with knowledge of the fundraise.

The latest update comes from peHUB Canada, which said the firm was expected to hit the 75 per cent mark after less than three months on the capital raising trail.

Co-CEO Jeff Parr told the news outlet that most of Fund V’s commitments had come from existing LPs including pension funds, insurance companies and other institutional investors in the US and Canada.

Atlantic-Pacific is acting as the exclusive global placement agent for the fund.

The firm is focused on mid-market buyout deals in North America, investing between $15m and $50m.

Clairvest’s previous fund held a final close of $467m in 2011 which included the firm’s commitment of $125m.

Last year Clairvest invested in $15m Virginia waste collection company County Waste in the eighth deal from its fourth fund.

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