Clairvest nears first close for Fund V

The Toronto-based firm's Fund V has a C$500m target and C$600m hard-cap.

Canadian mid-market firm Clairvest Group is expected to hold a first close on C$300 million (€194 million; $269 million) by the end of April, according to a source familiar with the matter. 

Clairvest declined to comment. 

Fund V launched in February with a C$500 million target and C$600 million hard-cap. Upon hitting a first close, roughly C$180 million of the capital will come from the firm, which is always the largest investor in its own funds, typically committing more than 25 percent of total capital raised. Fund V will invest using the same strategy as Clairvest’s previous vehicles, investing between C$15 million and C$50 million of equity in mid-market companies in North America. 

Atlantic-Pacific Capital is acting as the fund’s placement agent.  

Clairvest has not made any investments from the fund to date. The firm’s fourth fund collected C$467 million in early 2011. That fund is roughly 75 percent invested.  

Led by co-chief executive officers and managing directors Jeff Parr and Ken Rotman, Clairvest’s management team has initiated investments in 38 different companies. The firm invests in sectors including gaming, healthcare, equipment rental, oilfield services, waste management and defence and has roughly C$1 billion of capital under management.