Clearview Capital has closed its second fund on its $250 million (€158 million) hard cap after exceeding its initial target by $50 million.
Clearview Capital Fund II is the Connecticut-based firm’s first vehicle raised with commitments from institutional investors, which included Credit Suisse, RCP Advisors, New York Life, Equity Partners and 747 Capital.
Clearview’s first fund, which closed on $70 million, was raised exclusively from individual and high-net worth family backers. The firm’s second fund held its first close in October 2006, according to Anthony Veith, a principal for Clearview.
Clearview has already invested between 15 and 20 percent of the fund, and is very close to securing another portfolio company, Veith said.
Fund II has invested in three platform companies: Hettinger Welding, a Wyoming-based provider of welding and construction services; Air Cooled Exchangers, an Oklahoma-based manufacturer of air-cooled heat exchangers; and Romark, a Ohio-based marketer and manufacturer of specialty plastic sheet products.
It has also made three add-on acquisitions to the Hettinger Welding platform: Eagle Excavation, a commercial excavation service for oil and gas companies; Dakota Line Contractors, a horizontal oil and gas driller; and Mayo Industries, an engineering and design firm.
The firm was formed in 1999 after co-founders Andersen, Calvin Neider and Harold Doolittle spun out from Capital Partners, another Connecticut mid-market firm. Clearview pursues majority control in manufacturing, specialised services, and branded products businesses with operating profits between $4 million and $20 million.