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Clayton, Dubilier & Rice gathers $9.35 billion for latest buyout fund

Clayton, Dubilier & Rice closed its latest buyout fund, the $9.35 billion Clayton Dubilier & Rice X, at its hard cap, after launching the fund in November, according to sources familiar with the situation.

There was $20 billion of demand for the fund, the sources said. Fund terms included an 8% internal rate of return hurdle — the return the fund must earn before CD&R can share in the fund’s profits, and a 100% fee offset.

Clayton, Dubilier & Rice’s prior fund closed with $6.25 billion in 2014.

More than 90% of the fund’s investors have invested with Clayton, Dubilier & Rice in the past, these sources said.

Investors in the new fund include the $316 billion California Public Employees’ Retirement System, Sacramento; $133.2 billion Texas Teacher Retirement System, Austin; and $661 million endowment trust fund of the Oklahoma State Regents for Higher Education, Oklahoma City.