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Clairvest Closes 6th Private Equity Fund at Hard Cap Of US$850 Million
Toronto, Ontario (April 24, 2019) – 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.
Director, Investor Relations and Marketing
Clairvest Group Inc.
Tel: (416) 925-9270
Fax: (416) 925-5753