Middle market private equity firm Freeman Spogli & Co has held the closing of FS Equity Partners VIII (Fund VIII) at its hard cap of USD1.85 billion in capital commitments.
Fund VIII is the successor fund to FS Equity Partners VII, which closed on total commitments of USD1.3 billion. Commitments to Fund VIII came from a diverse group of public and private pension funds, insurance companies, endowments, foundations, financial institutions and family offices.
“We are grateful and humbled to have received such a high level of interest for Fund VIII,” says Freeman Spogli Co-Founder and Co-Chairman, Ron Spogli. “Our team is deeply appreciative of the long-term support from existing limited partners and we are excited to welcome new investors to Fund VIII. We value these relationships and the continued support our limited partners have shown us.”
“Fund VIII will build on Freeman Spogli’s proven investment strategy of partnering with experienced management teams and providing the capital and strategic resources to help these companies create significant post-acquisition value for shareholders,” says John Roth, CEO. “We look forward to continuing our long history of partnering with strong management teams in market-leading and differentiated businesses with transformative opportunities.”
Consistent with its predecessor funds, Fund VIII will target investment opportunities in established middle market consumer and distribution companies in North America. Fund VIII will seek to deploy USD75 to USD300 million of capital per investment, with significant additional investment capacity available through its limited partner relationships. Freeman Spogli seeks to invest in companies with differentiated business models, defensible market positions, strong foundations for growth, attractive free cash flow characteristics, experienced operators, and opportunities for investment in strategic value creation initiatives and operating enhancements.
Lazard acted as lead placement agent and Triago acted as placement agent for several European investors. Ropes & Gray LLP served as legal counsel.
