Clairvest hits the C$600 mln hard cap on Fund V

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Clairvest Group said Monday it closed its fifth fund at its C$600 million (US$554.4 million) hard cap.

Clairvest Equity Partners V LP began fundraising earlier this year with a C$500 million target, peHUB has reported. Clairvest’s commitment to the fifth fund is C$180 million alongside C$420 million from third party investors.

Atlantic-Pacific Capital was placement agent on the fundraising.

“Consistent with our prior funds, the general partner, Clairvest, will be the single largest investor in the fund,” said Jeff Parr, Co-CEO of Clairvest, in a statement.

Toronto-based Clairvest targets middle-market buyouts in North America, seeking to invest between $15 million and $50 million in equity in each portfolio company. The firm’s fourth fund closed on $467 million in 2011. Performance data for Fund IV was unavailable.

Kubra, a Canadian online payment processor backed by Clairvest, was put up for sale earlier this year, peHUB has reported.

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