Toronto-based Clairvest Group has raised $518 million in the first close of its fifth fund. The target is $600 million.
TORONTO, ONTARIO–(Marketwired – May 1, 2014) – Clairvest Group Inc. (TSX:CVG) today announced that it has completed the first closing of Clairvest Equity Partners V (“CEP V”) on April 30, 2014.
The amount of the first closing of CEP V was $518 million, 104% of the fund’s $500 million target or 86% of the $600 million cap, which is comprised of a $180 million commitment from Clairvest and $338 million from third party investors. Clairvest has reserved the right to increase its commitment to $200 million prior to the end of the fundraising period. The newly raised third party capital is expected to generate an annual increase in net management fees and priority distributions over the next few years.
CEP V is a successor fund to Clairvest Equity Partners IV Limited Partnership, a $467 million investment fund pool that closed in January 2011.
Clairvest Group Inc. is a private equity management firm that invests its own capital, and that of third parties through the Clairvest Equity Partners limited partnerships, in businesses that have the potential to generate superior returns. In addition to providing financing, Clairvest contributes strategic expertise and execution ability to support the growth and development of its investee partners. Clairvest realizes value through investment returns and the eventual disposition of its investments.
DON'T MISS IT! After two successful conferences on the East Coast, we’re bringing our LPs and fund managers to San Francisco for the first annual Emerging Manager Connect West on May 11. Don’t miss out on insightful panels and great networking! CLICK HERE for details.