Clarion Capital Partners Closes 4th PE Fund at $677M

Clarion Capital Partners closed its fourth, and second consecutive oversubscribed, fund, Clarion Investors IV, L.P., at $677 million, beating its $600 million target, as well as its $650 million soft cap.

The firm raised $427 million for its prior fund, surpassing its initial target of $350 million $425 million hard cap.

Clarion Investors IV employs a buyout strategy focused on lower-middle market companies. Its private equity team looks to make control investments in lower middle-market companies generating $7.5 million to $30 million of EBITDA in industries such as media, entertainment and technology; financial technology and services; business, healthcare and industrial services, and consumer.

In addition, Clarion promoted David Ragins to president of private equity. Ragins joined Clarion Capital Partners in 2006 after having worked at Seaport Capital Merrill Lynch’s M&A group and Bank of America’s Leverage Finance Group.

“We deeply appreciate the support of existing and new limited partners, all of whom are placing their trust in Clarion’s culture and best-in-class team,” said Clarion managing partner Marc Utay. “We’re proud to have exceeded our initial target, and our developing leadership team looks forward to delivering more great results in the coming years.”

Clarion established a credit business focused on structured corporate credit in 2018, which will continue to be led by Robert Klein, president and CIO of structured credit. The business focuses mostly on CLO equity and mezzanine investments, sourced both in the primary and secondary markets. The structured credit team manages traditional private funds and an insurance dedicated fund.