Clairvest back in market with Fund V targeting $500 mln

Clairvest Group, a Toronto-based private equity firm, has launched its fifth fund targeting $500 million, according to a person with knowledge of the fund-raising.

The firm didn’t respond to a call for comment.

Clairvest Equity Partners V has a $600 million hard cap, according to the source. Atlantic-Pacific Capital is working as placement agent on the fund-raising.

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 closed on $467 million for its fourth fund in 2011, with $342 million from outside investors and $125 million from Clairvest. The firm has overall generated a 2.8x return multiple since inception, the source said.

Last year, Clairvest invested US$28.5 million in Winters Bros. Waste Systems, a regional solid waste collection, recycling and disposal company.

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