CSFB Private Equity closes $5.4bn fund

CSFB Private Equity, the private equity unit of Credit Suisse First Boston, has closed its latest fund at $5.4bn.

DLJ Merchant Banking Partners III, LP will invest in companies operating across Europe and North America, focusing on businesses in the industrials, healthcare, energy, media communications and financial institutions. Around $1.5bn of the fund has already been committed to companies over the last 15 months.

“We are very gratified with our investors’ support in this extremely difficult fund raising environment. It is the crown jewel of the tiara of the $26bn of alternative assets that we currently manage,” said Lawrence Schloss, global head of CSFB’s private equity group and chairman of the fund.

Tom Dean, head of CSFB’s leveraged corporate private equity and managing partner of the fund, said the mandate included majority and minority investments in traditional leveraged buyouts, as well as investments in growth capital and structured equity securities. “We are especially excited about opportunities in Europe, where in the past year we have invested $275m and expect to invest an additional $800m,” he said.