Brentwood Associates, with assistance from legal adviser Kirkland & Ellis LLP, has clinched its largest-ever fund after receiving $1.15 billion from investors, the Los Angeles-headquartered private equity firm said Thursday, with plans to make investments in middle-market companies based in North America.
The fund, billed as Brentwood Associates Private Equity VI LP, eclipsed its original target of $750 million and marks the largest fund in firm history, according to a statement. The firm’s previous fund closed at $688 million in November 2014.
Brentwood Associates Private Equity VI will primarily look to make control-oriented equity investments in companies valued at between $50 million and $500 million, with an emphasis on buyouts, growth equity investments and minority recapitalizations in the North American middle market.
Bill Barnum, a partner at Brentwood Associates, said in a statement that the firm is “delighted with the results of our fundraising process.”
“Our team is very appreciative of the long-term support we’ve received from our existing limited partners, and we are excited to welcome new investors to Fund VI,” Barnum added. “We value these relationships and the confidence our partners have shown in our team and investment strategy.”
Formed in 1972, Brentwood Associates boasts more than $2.4 billion of assets under management. It invests in a wide range of business types, including segments like branded consumer products, multi-location strategies, direct-to-consumer marketing, niche brands with specialty distribution, education and business services.
The firm’s portfolio includes the likes of women’s high-end apparel retailer Boston Proper, chain Lazy Dog Restaurant & Bar, home goods retailer Z Gallerie, and Excelligence Learning Corp., which develops and sells educational products for child care programs, preschools, elementary schools and others.
In May, Brentwood Associates acquired Jefferson Dental Care, a dental support organization that is affiliated with 53 clinics in Texas, according to the firm’s official website. In total, there are currently 15 portfolio companies listed on the Brentwood Associates website.
In December, Brentwood Associates sold upscale shoemaker Allen Edmonds for $255 million, marking the end of roughly three years of ownership.
Park Hill Group LLC acted as an adviser and exclusive placement agent for Brentwood Associates Private Equity VI, with Kirkland & Ellis providing legal advice.
The Kirkland & Ellis team was led by corporate partners Bruce Ettelson and Jeffery Kaplan and associate Brian Delaney.
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