Toronto-based private equity firm Clairvest has closed its sixth fund at a hard cap of $850 million, beating its $800 million target. Metric Point Capital was the placement agent.
TORONTO, April 24, 2019 (GLOBE NEWSWIRE) — Clairvest Group Inc. (TSX: CVG, “Clairvest”) today announced it has held a first and final closing for Clairvest Equity Partners VI (“CEP VI”).
Marketing of CEP VI commenced in January 2019 with a fund target size of US$800 million. CEP VI closed at US$850 million, the fund’s hard cap, and was materially oversubscribed. Clairvest’s commitment to the fund is US$230 million alongside US$620 million from third party investors. As with Clairvest’s previous funds, Clairvest will be the single largest investor in CEP VI.
“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 VI. We are pleased that the market was receptive to our investment strategy, track record and focus on alignment of interests,” said Ken Rotman, CEO of Clairvest. “Our success is premised on fundamental value creation, proactive deal origination and ensuring a true alignment with our management partners and fund investors.”
Metric Point Capital acted as Clairvest’s exclusive placement agent.
CEP VI will be a successor fund to Clairvest Equity Partners V (“CEP V”), a C$600 million investment fund pool which is currently completing its investment program.
Over the last 25 years, Clairvest’s private equity investing generated a gross multiple of capital invested of 3.6 times, resulting in a 24% pooled gross IRR on its realized and substantially realized investments.
Clairvest Group Inc. is a private equity management firm that 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.