Clairvest closes fifth fund on C$600 million

The Canadian private equity firm is focusing on industrials in its latest vehicle

Clairvest has closed its fifth fund – Clairvest Equity Partners V – on C$600 million, beating its C$500 million target. The announcement follows a first close on C$300 million in March, PEI reported at the time. Clairvest’s commitment to the fund is C$180 million alongside C$420 million from third party investors.

The vehicle includes a parallel partnership – Clairvest Equity Partners V-A for US fund investors.

CEP V is a successor fund to Clairvest Equity Partners IV Limited Partnership, a C$467 million investment fund pool that closed in January 2011. As with all funds, Clairvest itself will be the largest investor in the fund.

The fund will focus on Canadian industrials, and will make investments in the C$15-20 million range. The fund targets growth capital investments, using a significant amount of its own capital.

Sources familiar with the firm say the fund will be looking for “buy and build” companies that can grow through acquisition.

Clairvest is led by co-chief executive officers and managing directors Jeff Parr and Ken Rotman.

Atlantic Pacific Capital acted as Clairvest’s exclusive placement agent to market the Fund outside of Canada.