Brentwood Associates, a Los Angeles-based private equity investment firm, has held the final closing of Brentwood Associates Private Equity VI (Fund VI), with USD1.15 billion of capital commitments. Fund VI closed at its hard cap and exceeded its target of USD750 million.
Fund VI is the largest fund raised by Brentwood to date, and the firm now has over USD2.4 billion in assets under management. The new fund follows the strategy of its predecessor, Brentwood Associates Fund V, L.P. and parallel funds, which closed at its hard cap in November 2014 with total commitments of USD688 million.
“We are delighted with the results of our fundraising process,” says Brentwood partner, Bill Barnum. “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. We value these relationships and the confidence our partners have shown in our team and investment strategy.”
Brentwood’s investment strategy focuses on partnering with growing category-defining brands, with exceptional customer loyalty and growth prospects, where Brentwood can utilise its experience and resources to realize untapped value. Brentwood is a value-added partner with management in driving growth through improved branding, marketing optimisation, new product development, direct-to-consumer growth, distribution expansion and optimisation, and acquisitions.
Fund VI generally will seek to make control-oriented equity investments in companies with enterprise values between USD50 million and USD500 million, with a focus on buyouts, growth equity investments and minority recapitalisations in the North American middle market. The firm is led by its partners Bill Barnum, Roger Goddu, Steve Moore, Eric Reiter and Rahul Aggarwal.
Kirkland & Ellis LLP provided legal counsel, and Park Hill Group LLC acted as an advisor and exclusive placement agent.
