Brown Brothers Harriman overshoots Fund V target

BBH Capital Partners was eyeing $600 million for the oversubscribed fund that closed on $802m.

Brown Brothers Harriman’s private equity arm BBH Capital Partners closed its oversubscribed fifth fund on $802 million, with most of its existing investors upping their commitments by 30 percent.

BBH Capital Partners V beat its initial $600 million target. More than $110 million was from the general partner, the firm said.

Its limited partners are insurance companies, public and private pension funds, family offices, endowments, foundations, ultra-high-net-worth individuals and registered investment advisors from the US, Asia, Latin America, the Middle East and Europe. According to the firm’s August filing with the US Securities and Exchange Commission, there were 44 LPs in the fund.

The fund received its first commitment in July, and accepted a minimum commitment of $250,000 per investor. It held a first close on $447 million in September, as reported by Private Equity International.

BBH co-partners Jeffrey Meskin and JP Paquin, managing directors Bradley Langer, Michael Boylan and Ivan Pirzada, and senior vice president Richard Yeh are leading this fund.

Evercore served as the placement agent in the US, Canada and Europe, and Katten Muchin Rosenman was the legal advisor to the fund. The SEC document said Evercore received $1.3 million in sales commissions at the time of the filing.

The fund’s predecessor, BBH Capital Partners IV, raised $517.5 million in 2011, surpassing its $300 million target in nine months. Its investor base includes British pension fund Merseyside, New England Teamsters and Truckers Industry Pension Fund and Louis Calder Foundation, according to PEI Research & Analytics.

BBH seeks investments of between $30 million and $100 million in lower mid-market US-based companies in the healthcare and business products and services sectors. It manages $50 billion in assets, according to PEI Research & Analytics.

Paquin was not available to comment.