Brentwood Associates Raises $1.15B For Sixth Fund

Jul 13 2017 | 10:19pm ET

Los Angeles-based private equity firm Brentwood Associates has raised a total of $1.15 billion for its sixth fund and associated parallel vehicles, exceeding its target and ranking as the company’s largest fundraise to date. 

The new fund, named Brentwood Associates Private Equity VI, L.P., closed at its hard cap and exceeded its target of $750 million, the company said in a statement. It will follow the same strategy as its predecessor, which, together with parallel vehicles, raised $688 million in total commitments in November 2014.

Fund VI will concentrate on control-oriented equity investments in companies with enterprise values between $50 million and $500 million, with a focus on buyouts, growth equity investments and minority recapitalizations in the North American middle market, Brentwood said. 

Kirkland & Ellis provided legal counsel, and Park Hill Group acted as an advisor and exclusive placement agent, the statement added. 

Launched in 1972, Brentwood Associates is led by Barnum, Roger Goddu, Steve Moore, Eric Reiter and Rahul Aggarwal. The company has more than $2.4 billion of assets under management and a 30-year history of investing in leading middle-market growth companies. Since 1984, Brentwood’s dedicated private equity team has invested in 53 portfolio companies with an aggregate transaction value of more than $6 billion. 

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