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Exclusive: FFL collects $1bn for Fund IV

The San Francisco-based firm is targeting $1.5bn for mid-market investments.

FFL has collected more than $1 billion for its FFL Capital Partners Fund IV, according to a source with knowledge of the situation.

FFL declined to comment.

Fund IV launched last year and is targeting $1.5 billion. The Washington State Investment Board committed $200 million to the vehicle, Private Equity International reported Thursday.

FFL’s third fund was raised under the firm’s former name Friedman Fleischer & Lowe and closed on its $1.5 billion target in 2007. Limited partners in the fund include the James Irvine Foundation, Princeton University Investment Company and the University of California San Francisco Foundation, according to PEI’s Research and Analytics division.

Friedman Fleischer Capital Partners II raised $750 million, surpassing its $600 million target in 2004. LPs include Netherlands asset manager Robeco, the YMCA Retirement Fund and the State Teachers Retirement System of Ohio, according to PEI data.

Most of the limited partners in FFL’s funds are public and private pension funds, endowments and foundations and financial institutions, according to the firm’s website. 

FFL makes investments of between $50 million and $200 million in mid-market companies. Portfolio companies include garage door manufacturer CHI Overhead Doors, quick services restaurant Church’s Chicken and Midwest Dental.

FFL was founded in 1997 by chairman and chief executive officer Tully Friedman, president Spencer Fleischer and David Lowe who reportedly left the firm in 2011. FFL is based in San Francisco.