Harvest hits $1.1bn hard-cap for Fund VI

The mid-market firm made two investments from the fund last December but has yet to deploy any capital this year.

New York-based mid-market firm Harvest Partners has closed its sixth buyout fund on its $1.1 billion hard-cap.

Fund VI, which had a $800 million target, will continue the firm’s strategy of making buyout and growth capital investments in the business and industrial services, manufacturing and distribution, healthcare, energy, consumer products and retail sectors. The firm has made two investments from the fund, acquiring automotive business Driven Brands and recapitalising litigation services company Document Technologies last December. Harvest typically invests in companies with enterprise value between $100 million and $600 million.

The firm was unavailable for comment at press time.

Investors in Harvest’s funds are typically pension funds and insurance companies, though the firm has attracted commitments from a small number of high-net worth individuals and family offices. Fund VI received commitments from “many existing investors”, according to a statement, and one sovereign wealth fund.

Credit Suisse acted as placement agent for Fund VI.

Harvest Partners’ previous fund collected $816 million in 2007. Fund V was producing a 1.3x multiple of invested capital and 52.5 percent gross IRR as of 30 September 2011, according to an industry source.

Harvest Partners was founded in 1981 and has approximately $2 billion of capital under management.