Swander Pace raises $350m

The mid-market firm has made three investments from the fund. 

Swander Pace Capital has closed its SPC Fund V on $350 million, making it the firm’s largest fund to date, according to a statement.

Fund V launched in 2012 with a $450 million target. The fund had collected roughly $254 million as of last May, according to documents filed with the US Securities and Exchange Commission, and held a final close on 31 December. Lazard will receive sales compensation from the fund, according to the SEC documents.

Fund V has already invested in minerals-based cosmetics producer glo Professional, infant and children’s apparel company Aden & Anais, and Recochem, which produces windshield wiper fluid and engine coolants, according to the statement. The firm declined to comment on how much capital from Fund V has been deployed. Additional investments will be made in consumer goods manufacturers and marketers with revenues up to $400 million.

Swander Pace invests in consumer companies that manufacture and market food and beverages, health and wellness products, natural and organic goods, beauty and personal care products, yoys and household products.

Fund V received commitments from limited partners including The School Employees’ Retirement System of Ohio, which also invested in Swander Pace’s prior fund, endowments and family offices.

Swander Pace’s prior fund launched in 2008 and raised $340 million on a $500 million target, according to Private Equity International’s Research and Analytics division.

Swander Pace is led by managing partners Andrew Richards, Shawn Hecht, Mark Poff, Corby Reese and Morris Stout. Richards and Hecht co-founded the firm in 1996. Swander Pace has offices in San Francisco; New Jersey; and Ontario according to its website.