Brentwood Associates, a mid-market specialist with several popular restaurants and consumer brands in its portfolio, is out in the market with its seventh flagship fund, seeking $1.25 billion.
Many managers over the past few years have returned to market at quicker paces than expected, and with larger targets. Brentwood Associates took a different route, having closed its last flagship fund in 2017 after hitting its hard cap of $1.15 billion.
Brentwood’s seventh flagship hit the market five years later, having registered the fund with the SEC in March. Missouri Local Government Employees Retirement System is an investor in the fund, having committed $65 million to Brentwood Associates Private Equity VII at its last meeting, according to a spokesperson.
Brentwood describes itself as an investor focused on mid-market consumer and business services companies.
Current portfolio companies include restaurant chains Blaze Pizza, Lazy Dog and Pacific Catch. Other investments include retail clothing companies Boston Proper and J McLaughlin, according to Brentwood’s website.
Realized investments include Paper Source, Oriental Trading, Zoe’s Kitchen and Zumiez, according to the website.
While Brentwood took five years to kick off its next fundraising, it closed on the $190 million Brentwood Associates Opportunity Fund in 2021, according to a press release.
Sister publication Secondaries Investor reported that Spring Bridge Partners led a restructuring of assets Brentwood held in its sixth and fourth funds.
Brentwood Associates Private Equity VI has earned a 30.1 percent Net IRR as of June 30, 2022, according to Los Angeles City Employees Retirement System documents.
LA City committed $25 million to the fund in 2017 and has received $11 million in distributions as of June, the documents said.
Brentwood Associates did not return a request for comment by press time.
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