Canadian private equity firm Clairvest Group has hit a $518m first close for its fifth fund, beating its $500m target.
Clairvest committed $180m to the fund and raised the remaining $338m from LPs.
The firm said it could increase its commitment to the fund, which has a $600m hard cap, to $200m prior to the end of the fundraising period.
Clairvest closed its previous fund, Clairvest Equity Partners IV Limited Partnership, on $467m in January 2011.
In March AltAssets reported that the firm was back in the fundraising market and had C$300m towards its C$500m target, citing a person with knowledge of the fundraise.
Atlantic-Pacific is acting as the exclusive global placement agent for the fund.
Companies backed by Clairvest include Virginia waste collection company County Waste, which secured a $15m investment from the firm last year.
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