Clairvest Completes First Close of Clairvest Equity Partners VII at Target Fund Size of US$1 Billion
Toronto, Ontario (June 30, 2023) – Clairvest Group Inc. (TSX: CVG, “Clairvest”) today announced it has held a first closing for Clairvest Equity Partners VII (“CEP VII”).
Marketing of CEP VII commenced late April 2023 with a target fund size of US$1.0 billion with a hard cap of US$1.2 billion. Clairvest completed the first closing of CEP VII on June 30 at approximately US$1.0 billion. At the first closing, Clairvest’s commitment to CEP VII is US$300 million alongside ~US$700 million from third-party investors. Consistent with the previous funds, Clairvest will be the single largest investor in CEP VII.
“I am grateful for the unwavering support from our existing investors and am pleased to see the strong investor demand in this volatile market environment. We have remained disciplined in growing our fund size within our capabilities and will continue executing our core investment philosophy of backing owner-operators in our active industry domains,” said Ken Rotman, CEO and Managing Director of Clairvest. “Our achievements over the last three decades are credited to our exceptional team at Clairvest, whom we have continued to build from the bottom up through our apprenticeship model.”
Goodmans LLP acted as fund counsel and Metric Point Capital assisted Clairvest as the placement agent.
CEP VII will be a successor fund to Clairvest Equity Partners VI, a US$850 million investment fund pool which is currently completing its investment program.
Over the last 30 years, Clairvest’s private equity investing generated a gross multiple of capital of 4.2 times, resulting in a 25% pooled gross IRR on its 41 realized and substantially realized investments.