Canadian private equity firm Clairvest Group Inc. has closed its fourth fund, Clairvest Equity Partners IV LP, with $467 million of committed capital. The fund closed with 17% more than the firm’s original $400 million target, the firm said. NovaFund Advisors acted as Clairvest’s placement agent outside of Canada.
Clairvest Group Inc. (TSX: CVG), (“Clairvest”) today announced it has held a final closing for Clairvest Equity Partners IV Limited Partnership and its parallel partnerships (“CEP IV”). CEP IV closed with $467 million of committed capital, 17% above the $400 million target.
As part of the final closing, Clairvest announced it has increased its commitment to CEP IV by $25 million so as to be investing $125 million alongside the $342 million from third party investors. “We are delighted to have a renewed commitment by many of our existing fund investors as well as to welcome several new investors to CEP IV. Our story, track record and focus on alignment of interest were well received by the market,” said Ken Rotman, Co-CEO of Clairvest. “Our primary goal is achieving superior returns for our shareholders and limited partners, and our decision to increase the fund size of CEP IV is tied to our optimism about the opportunities we see.” Jeff Parr, Co-CEO of Clairvest added, “our success is premised on a focused investment strategy that has been continuously refined since 1995 and is driven by our investment team, who are fully aligned with our shareholders and limited partners. Consistent with our prior funds, Clairvest will be the single largest investor in the fund.”
NovaFund Advisors acted as Clairvest’s exclusive placement agent to market the Fund outside of Canada.
The limited partnership interests have not been and will not be registered under the United States Securities Act of 1933 and accordingly are not being offered for sale and may not be offered, sold or delivered, directly or indirectly within the United States, its possessions and other areas subject to its jurisdiction or to, or for the account or for the benefit of a U.S. person, except pursuant to an exemption from the registration requirements of that Act.
This news release may contain forward-looking statements that are based on management’s current expectations about future opportunities and are subject to known and unknown uncertainties and risks, which could cause actual results to differ materially from those contemplated or implied by such forward-looking statements. Clairvest is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or otherwise.
Clairvest Group Inc. is a private equity management firm which 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.
About NovaFund Advisors
NovaFund Advisors is a division of DuPasquier & Co., member FINRA and SEC. NovaFund has offices in the U.S. and Europe with seven professionals focused on marketing private equity, venture capital, distressed debt and other private funds to the institutional investor community.