London and Los Angeles-based consumer specialist Lion Capital is understood to be aiming to complete fundraising for its fourth fund, targeting $2.25 billion, around the summer.
Lion Capital Fund IV is understood to have already amassed about $1 billion in commitments as of December.
The firm declined to comment on fundraising.
Lion Capital is targeting investors in US, Europe and Asia and is working with New-York based placement agent Mercury Capital Advisors, Barcelona-based Sabertia Capital Partners and Zhe Zhang in China, according to a December filing with the US Securities and Exchange Commission.
Terms on the new vehicle include a 1.75 percent management fee on commitments up to $2 billion and 1.5 percent thereafter, declining to 1.25 percent after the investment period, according to the filing.
Lion began marketing the fund in March 2015, according to PEI Research & Analytics. Its previous vehicle, a 2010-vintage, closed in 2012 on €1.55 billion, below its €2 billion target. Its investors include Aberdeen Private Equity, the Canada Pension Plan Investment Board, CDPQ, and the Teacher Retirement System of Texas.
Through Fund III it acquired Canadian jewellers Spence Diamonds in April last year, which followed the fund’s partial exit of French frozen food company Picard in March, as reported by Private Equity International.
Other Fund III investments include Bumble Bee Foods, clothing retailer AllSaints, men’s clothing company John Varvatos, eye glasses retailer Alain Afflelou, hair styling product manufacturer ghd and skincare company Perricone MD.
In November, the brand-focused firm acquired US luxury casual shoe retailer Buscemi, according to a statement.