Clayton Dubilier & Rice has closed its eighth buyout fund on $5 billion and has already made several investments from the fund, including the recently announced £390 million buyout of London-based used car dealership BCA.
The firm held a first close on Fund VIII in March 2008. A year later, the firm lowered its original target for the fund from $7.5 billion to $5 billion. A source close to the firm said Clayton Dubilier & Rice did not use one global placement agent for the fundraising.
Fund VIII includes several new limited partners, including the $32 billion Maryland Retirement System, which committed $75 million, the Teachers’ Retirement System of Texas, and the South Carolina Retirement System, which invested $100 million.
Clayton Dubilier & Rice also was able to attract new investors from the Middle East, Asia and Europe, according to a source.
The firm, founded in 1978, closed its prior fund on $4 billion in 2005.
On 24 December, the firm announced a deal to acquire BCA from Montagu Private Equity for an enterprise value of £390 million. Montagu bought the company in 2006 for roughly £450 million.
Last year, Clayton Dubilier & Rice also invested in JohnsonDiversity, a provider of cleaning products, and NCI Building Systems, a maker of metal products for the building industry.