Clayton, Dubilier & Rice has closed its 10th flagship fund, Clayton, Dubilier & Rice X, on its $9.35 billion hard-cap, Private Equity International has learned.
The fund had limited partner demand of more than double that amount, at over $20 million, according to a source familiar with the matter, who added that the fund received re-up commitments from more than 90 percent of the firm's existing LPs. The fund, which launched in October, had an initial target of $8.5 billion.
Known investors in Fund X include the California Public Employees' Retirement System, which committed $150 million; Teacher Retirement System of Texas (TRS), which committed $325 million; and Oklahoma State Regents for Higher Education, which committed $7 million, according to PEI data.
This was CalPERS' first time investing with CDR, its February board meeting materials showed.
As PEI previously reported , Fund X has an 8 percent hurdle rate, 100 percent fee offset, a 1.5 percent management fee and a general partner commitment about 5 percent.
CDR deploys between $350 million and $500 million in equity per transaction in companies in the consumer, healthcare, industrial, business services and energy services sectors.
The source said Fund X has not made any investments to date and the size of investment will likely not change as a result of the larger fund size.
CDR's ninth fund closed on $6.43 billion, above its $5 billion target, in 2014 and was generating a net internal rate of return of 23 percent, as reported by PEI. Investors in the ninth fund include Swedish pension AP Foden 2, TRS, California State Teachers' Retirement System, French insurer CNP Assurances and The Denver Foundation, according to PEI data.
CDR declined to comment.
Earlier this month, CDR made a 3x return on its exit of Mauser Group, a supplier of industrial rigid packaging products and reconditioning services, as reported byPEI .