Seidler brings Fund V to market with $350 mln target

Executives at the firm declined to comment.

Fund V officially entered fundraising around mid-September and will likely go through a quick marketing process, according to two of the sources, both limited partners who have heard the pitch. The fund will likely hold at least one close, and stay open to allow for last minute LPs.

“They might do a courtesy rolling close to let big guys come in,” one of the LPs said.

The final close date is not exactly clear, but should come before year end, one of the sources said.

Seidler Equity Partners also will kick in around $20 million in a general partner commitment, the LP said, which is similar to what the firm invested in Fund IV.

Fund IV, which raised around $260 million in 2010, according to alternative assets data provider Bison, was generating a -11.4 percent net internal rate of return and a 0.8x multiple as of March 31, 2014, according to performance information from the California Public Employees’ Retirement System. Many investors consider performance numbers meaningful only after a fund has reached the five-year market.

Seidler Equity Partners was founded in 1992 by brothers Peter and Robert Seidler as The Seidler Company. From 1992 to 2000, the firm completed 25 investments and add-ons, according to the firm’s website.

The firm launched its debut institutional fund in 2000, the website said.

Seidler Equity Partners doesn’t focus on specific industries, but invests alongside owners and entrepreneurs who are looking for someone to help take the company to its next level of growth.

The firm invests along a range of strategies, including growth equity, management buyouts, owner-operator recapitalizations and partner buyouts, according to the firm’s website. One of its biggest investments was in gym chain L.A. Fitness.

Chris Witkowsky is editor of sister website peHUB.