The Greenwich, Conn.-based firm, which last year was expected to come to market with a seventh fund, is now seeking to “top off” its sixth fund with an additional $200 million, according to a regulatory filing.
The capital raised for Catterton Partners VI-B will not be used to support existing investments from the sixth fund; rather, the firm will make new investments alongside the fund’s remaining capital, according to a person familiar with the situation. Catterton had invested almost 60% of fund VI as of August 2008.
Catterton Partners’ seventh fund will be raised “in the future,” a person familiar with the situation said. PE Week previously reported that the firm was preparing to launch a fund-raising campaign for its seventh fund with an expected target of between $1.25 billion to $1.5 billion.
Raising “top-off” capital for an existing fund has become more popular in the past year with the decline in the fund-raising market. A number of firms have successfully raised top-off funds with the aim to invest the capital in new investments.
Quantum Energy wraps up fund near target
The Houston-based shop launched its fund-raising efforts in spring 2008 and held a first close of $2 billion in July last year. The firm raised nearly $1.2 billion for its fourth fund, which closed in 2006.
Limited partners in the new fund include the Australia Post Superannuation Scheme;
Quantum Energy, founded in 1998, invests in companies involved in exploration and production in the oil and gas sectors, with a secondary emphasis on the midstream, oil-field service, coal, power and alternative energy sectors. Typical investments range in size from $100 million to $400 million. —Nancy Gordon
GI Partners raises $1.9B
First Reserve adopts best practices