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Clarion raises $427m

The New York-based lower mid-market firm closes latest fund well above target.

Clarion Investors III has held a final close at $427 million, surpassing its initial $350 million target and $425 million hard-cap. The significantly oversubscribed fund invests in business services, healthcare, TMT, consumer goods and financial services.

Investors in the vehicle included pension funds, insurance companies, endowments, foundations, funds of funds and family offices.

The firm did not use a placement agent but sought legal counsel from Paul, Weiss, Rifkind, Wharton & Garrison.