US buy-out house Clayton Dubilier & Rice has closed its latest vehicle on $5bn, failing to meet its target of $7.5bn amidst a tough fundraising climate, according to the Wall Street Journal.
Despite falling short of the $7.5bn mark, Clayton Dubilier & Rice Fund VIII raised more than its $4bn predecessor, closed in 2006.
CD&R closed last year off by picking up British Car Auctions from Montagu Private Equity in a deal thought to be worth around £400m (€444.1m). CD&R counts car rental group Hertz in its portfolio, which already used BCA to sell used vehicles to renew its fleet prior to the acquisition.
In October, the firm invested $477m for a 46 per cent stake in commercial cleaning, sanitation and hygiene solutions provider JohnsonDiversey. The firm also recently made a $250m investment in NCI Building Systems, a New York Stock Exchange-listed manufacturer of metal products for the non-residential building industry.
Founded in 1978, CD&R has managed the investment of more than $12bn in 43 US and European businesses. The firm is based in New York and London.
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