Berkshire Partners has closed its eighth fund with $4.5 billion in commitments. In May, peHUB reported that Berkshire began fundraising in January for a $4 billion pool and was seeing massive interest. Boston-based Berkshire did not use a placement agent for Berkshire Fund VIII but Weil, Gotshal & Manges served as fund counsel.
Berkshire Partners LLC, the Boston-based investment firm, today announced the closing of the firm’s eighth private equity investment fund, Berkshire Fund VIII. The Fund has total equity commitments of $4.5 billion.
Fund VIII’s capital was subscribed primarily by institutional investors in previous Berkshire funds. Investors include many of the world’s largest endowments, foundations, pension funds, insurance companies and sovereign wealth funds. As with its previous funds, the firm engaged no intermediary to assist in fundraising.
Berkshire seeks to invest in middle market growth companies in partnership with talented management teams. Fund VIII’s portfolio is expected to consist of companies with acquisition values between $200 million and $2 billion. The firm aims to invest $50 million to $500 million of equity capital in each portfolio company.
Berkshire’s initial fund was raised in 1984. Including Berkshire Fund VIII, the firm has raised over $11 billion of private equity capital. Since inception, Berkshire has invested in over 100 mid-sized companies and developed specific industry experience in several areas including consumer products and retail, business services, industrial manufacturing, transportation and communications. Berkshire’s private equity investment staff of 46 professionals is led by 14 managing directors.
Weil, Gotshal & Manges LLP served as fund counsel.