Clairvest Group has set an $800 million target for its sixth mid-market fund, which would be the largest in the private equity firm’s 31-year history.
Clairvest Equity Partners VI is expected to begin fundraising in Q1 2019, Vice Chairman and Managing Director Jeff Parr and President and Managing Director Michael Wagman told PE Hub Canada.
Closing on $800 million would give CEP VI 33 percent more committed capital than its predecessor, which raised $600 million in 2014.
The Toronto firm will do this by expanding its base of limited partners. Parr and Wagman say the plan is to sign on three to six new institutional investors, especially from the United States.
Clairvest, a listed firm, will also commit a minimum of $200 million to ensure alignment with LPs.
Clairvest will launch fundraising with momentum, thanks to a series of lucrative exits. Over the past 23 months, the firm completed eight investment realizations, adding measurably to its track record since 1994, which stands at 3.6x total deployments and a 24 percent pooled IRR.