Friedman Fleischer & Lowe announced Wednesday the closing of its fourth fund at slightly more than $2 billion, hitting its hard cap and surpassing its $1.5 billion fundraising target.
Friedman Fleischer & Lowe Capital Partners IV is a middle-market private equity fund. It targets four sectors: consumer products, financial services, health-care services and business services, said Spencer Fleischer, co-CEO and president, in a telephone interview.
The fund already has made three investments representing about 25% of raised capital, Mr. Fleischer said. The fund invested in Enjoy Beer, a holding company for craft breweries, and optical retailers Clarkson Eyecare and Eye Mart.
Predecessor fund Friedman Fleischer & Lowe Capital Partners III closed at $1.5 billion in 2008.
Investors in Friedman Fleischer & Lowe Capital Partners IV include the $34.7 billion Arizona State Retirement System, Phoenix; $104.5 billion Washington State Investment Board, Olympia; and C$264.6 billion ($212.2 billion) Canada Pension Plan Investment Board, Toronto.