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Seidler brings Fund V to market with $350 mln target

We have a view into the fundraising of ultra-secretive private equity shop Seidler Equity Partners.

Seidler recently hit the market with its fifth private equity fund targeting $350 million with a $375 million hard cap, according to three people with knowledge of the process.

Seidler declined to comment.

[contextly_sidebar id=”Qr2EfQzOxoZM9zQSvXkBP9OPEGCeED8W”]Fund V officially entered fundraising around mid-September and will likely go through a quick marketing process, according two of the sources, both limited partners who have heard the pitch. The fund will likely hold at least one close, and stay open to allow for last minute LPs.

“They might do a courtesy rolling close to let big guys come in,” one of the LPs said.

Final close date is not exactly clear, but should come before year end, one of the sources said.

Seidler also will kick in around $20 million in a GP commitment, the LP said, which is similar to what the firm invested in Fund IV.

Fund IV, a 2010 vintage that raised around $260 million, according to alternative assets data provider Bison, was generating a -11.4 percent net internal rate of return and a 0.8x multiple as of March 31, 2014, according to performance information from the California Public Employees’ Retirement System.

Seidler was founded in 1992 by brothers Peter and Robert Seidler as The Seidler Company. From 1992 to 2000, the firm completed 25 investments and add-ons, according to Seidler’s website.

The firm launched its debut institutional fund in 2000, the website said.

Seidler doesn’t focus on specific industries, but focuses on opportunities to invest alongside owners/entrepreneurs who are looking for someone to help take the company to its next level of growth.

Seidler invests along a range of strategies, including growth equity, family business and estate planning, management buyouts, owner-operator recapitalizations and partner buyouts, according to the firm’s website. One of its biggest investments was in gym chain L.A. Fitness.

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