Clairvest's Fund V outperforms in first close, raising $518 mln

Canadian private equity firm Clairvest Group has completed the first closing of Clairvest Equity Partners V (CEP V), raising $518 million, or 86% of its $600 million hard-cap target. That share is even higher than the 75% recently reported by peHUB Canada. The first close included a $180 million commitment from Clairvest itself, though the firm has reserved the right to increase this to $200 million prior to the end of the fundraising period. Clairvest co-CEO and managing director Jeff Parr told peHUB Canada that the firm would not increase CEP V's hard cap, ensuring that investment activity continues to focus on partnerships with entrepreneurial, mid-market companies.

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