- To invest in mid-market growth companies
- LPs include Arizona, CPP, Washington
- Previous fund is generating 1.33x return
The Arizona State Retirement System recently disclosed a $40 million commitment to the fund in its Aug. 22 board of trustees meeting materials. FFL also counts the Washington State Investment Board and CPP Investment Board as investors. Washington’s $100.6 billion retirement system approved a $200 million commitment to Fund IV in April, and the CPP Investment Board disclosed a $150 million commitment through its website.
Fund IV will make growth oriented investments in the middle market, according to Arizona State Retirement System meeting materials.
FFL declined to comment.
The firm’s previous fund, Friedman Fleischer & Lowe Capital Partners III, closed on $1.5 billion in 2008. That fund had generated a 1.33x investment multiple as of Dec. 31, according to data obtained from CPP Investment Board.
The San Francisco-headquartered firm was founded in 1997 by Tully Friedman and Spencer Fleischer.
In addition to its disclosure on FFL, Arizona committed $50 million to Veritas Capital Fund V. Veritas Capital Fund Management closed Fund V on $1.87 billion in August, beating its $1.5 billion target. The fund will invest in mid-market companies that provide products and services to a broad variety of industries.