Brentwood Associates closed its sixth fund last week with $1.2 billion in capital committed.
The fund exceeded its $750 million target and gives the Westwood firm more than $2.4 billion in assets under management, according to the private equity shop. Brentwood’s last fund closed in November 2014 with $688 million in commitments.
Partner Eric Reiter said that the firm’s new fund included commitments from 15 new limited partners as part of the raise while expanding its international investor pool as well.
“Our non-U.S. investor base increased from around 12 to 13 percent of our last fund to 30 to 35 percent,” Reiter said. “I think it represents where the market is right now, but also is part of our growing global reach.”
Brentwood said the firm would look to make acquisitions of companies valued between $50 million and $500 million out of the latest fund.
– Henry Meier
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