Harvest nears $1.1bn hard-cap for Fund VI

The mid-market firm has made two investments from its sixth fund, which has collected about $1.03bn.

New York-based mid-market firm Harvest Partners has raised about $1.03 billion for its sixth buyout fund, above its $800 million target.

Fund VI, which has a $1.1 billion hard-cap, will continue the firm’s strategy of investing in leveraged buyouts and growth investments in companies in the business services and consumer/retail sectors, typically with enterprise value between $100 million and $600 million. The fund has received commitments from 57 investors, according to documents filed with the US Securities and Exchange Commission.

Harvest Partners declined to comment.

The firm made its first two investments from Fund VI last December, acquiring automotive business Driven Brands and recapitalising litigation services company Document Technologies. 

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.

Credit Suisse is acting as placement agent for Fund VI.

Harvest Partners’ previous fund collected $815 million in 2007. Fund V is 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 $1.3 billion of capital under management.