The New York-based firm is seeking $800 million altogether for the fund, Harvest Partners VI LP. Credit Suisse, which had helped raise previous Harvest Partners funds, is pitching in again on this fund, according to the filing. The minimum commitment is $100,000.
The firm appears to have lowered its sights for its latest partnership. Ira Kleinman, a senior managing director at the firm, told Buyouts last year that the firm would likely seek more than the $815 million it secured for its fifth fund, which closed in 2007, though at the time the firm was still deciding on a target. Harvest certainly wouldn’t be alone among its peers in lowering its fundraising expectations. Cerberus Capital Management, for example, is reportedly seeking $4 billion for its next fund, which is $3.5 billion less than the previous fund it raised.
Kleinman did not return calls seeking comment.
Founded in 1981, Harvest Partners makes equity investments of up to $100 million in companies with enterprise values of $100 million to $600 million. The firm targets deals in the general industrial, consumer and retail, and business services sectors.
Harvest Partners’s most recent investment came late last year, when it bought Bartlett Holdings Inc., a company that provides daily maintenance and other services for nuclear, fossil and renewable power facilities under the name BHI Energy. The sellers were fellow buyout shops Berkshire Partners LLC and Summit Partners.
Other companies in Harvest Partners’s portfolio include Encanto Restaurants, a San Juan, Puerto Rico-based franchisee of Yum Brands Inc. fast-food restaurants such as KFC and Pizza Hut; Green Bancorp, a Houston-based holding company for Green Bank N.A., a community bank; and Regency Energy Partners LP, a Dallas-based midstream natural gas services provider.