CD&R’s latest PE fund collects $10bn in initial closing

Clayton Dubilier & Rice Fund XII LP collects around $10bn in its initial closing, halfway toward its $20bn goal 

Buyout shop Clayton, Dubilier & Rice has collected around $10bn in an initial closing of its latest private-equity fund, raising the money in around four months, according to people familiar with the effort, as investors funnel more of their private-equity commitments to experienced managers.

The amount raised so far puts the New York firm roughly halfway toward a $20bn goal for the Clayton Dubilier & Rice Fund XII LP and comes as the overall fundraising market for private-equity firms has grown more challenging.

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Through this year’s first half, firms worldwide raised $247bn for new funds, 43% less than in the same period last year.

Investors that have backed the new fund so far include the Tampa, Fla., General Employees’ Retirement Fund and the Oklahoma State Regents for Higher Education, according to public disclosures.

Earlier this year, the firm acquired a majority stake in certain hospice and personal-care divisions of healthcare giant Humana Inc., which CD&R has combined into a stand-alone company called Gentiva Health Services Inc.

Source: Private Equity News

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