Consumer-focused Brentwood hits market with Fund VI

  • Back in market targeting $750 mln
  • Made several investments in Fund V by final close
  • Park Hill is placement agent

Brentwood Associates is back in market with its sixth fund targeting around $750 million, according to a person with knowledge of the fundraising.

The consumer-focused firm expects to hold a first close by year-end, the person said. How much the fund could close on is unclear.

It’s also not clear whether Fund VI has a cap. Bill Barnum, partner at Brentwood, did not respond to a request for comment. Park Hill Group is placement agent on the fundraising.

The Los Angeles firm closed Brentwood Associates Private Equity V LP on $688 million in late 2014. Brentwood closed Fund IV on $440 million in 2006.

Brentwood V was generating a 5.84 percent internal rate of return from inception through Dec. 31, 2015, performance information from Public Employees Retirement Association of Colorado shows. Fund IV was producing a 14.77 percent IRR since inception as of the same date, according to Colorado.

While the firm seems to have made a quick comeback to market since its previous fund closing, Brentwood V completed several investments prior to its December 2014 final close, the firm said in a statement at the time. Investments in Fund V included Allen Edmonds, Lazy Dog Restaurants, Marshall Retail Group and Z Gallerie.

Brentwood, which managed about $1.4 billion in assets as of Dec. 31, 2015, itself is managed by Barnum, Anthony Choe, Roger Goddu, Eric Reiter, Steven Moore and Rahul Aggarwal. Barnum is Brentwood’s principal owner.

Action Item: Brentwood’s Form ADV:

Photo of Bill Barnum, partner at Brentwood Associates, by Dennis Trantham.