Clearview Capital, a lower middle-market private equity firm based in Old Greenwich, has closed its debut private equity fund with $250 million in capital commitment, well in excess of its $200 million target.
“With the completion of this fundraising we can now focus all of our efforts on finding, acquiring and developing great lower middle-market businesses,” said Calvin Neider, Clearview’s co-managing partner. “By putting in place committed capital and by reaching our hard cap, we have dramatically improved our ability to support all of Clearview’s investing efforts.”
The majority of the fund’s capital was provided by institutional investors, but also by many of Clearview’s original backers, who have been part of the firm since its founding in 1999.
Notable institutional investors include several accounts managed by Credit Suisse, RCP Advisors, Hartford Investment Management, Muller Monroe Asset Management, New York Life, National City Equity Partners, Portfolio Advisors, Equity Partners GmbH and 747 Capital.
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“We are very pleased with our investor base, which consists of a balanced mix of individual, institutional and overseas investors,” said James G. Andersen, Clearview’s co-managing partner. “In addition to high-quality and well-respected institutional investors, we are fortunate to have the continued support of a broad group of individuals and families who have provided us excellent insight and advice over the past nine years.”
Clearview has already completed three platform and three add-on investments and says it expects to maintain an aggressive investing pace.
The portfolio consists of Hettinger Welding, a provider of welding and facilities construction services for natural gas infrastructure in the Rocky Mountain region. The company has made two add-on acquisitions during the past year: Rowmark, an international manufacturer of specialty plastic sheet and related products; and Air Cooled Exchangers, a manufacturer of air exchangers used to cool gases and liquids in various industrial applications.
Atlantic Pacific Capital served as placement agent for the fund.
