Hicks Muse Tate & Furst Fund V raises $1.2bn

A final closing of the fund is expected to take place next year.

US Private equity firm Hicks Muse Tate & Furst has completed the first closing of its Equity Fund V at $1.2bn (E1.34bn). The fund will be targeted at investment opportunities in the US and Europe in the consumer branded, manufacturing and media sectors.

“A final closing of Fund V is expected to take place in mid to late 2001”, the company said in a statement.

Chairman and CEO of the firm, Thomas Hicks, said that the fund had been raised in one of the toughest fund-raising environments in many years, with considerable competition for funds from other private equity firms and banks.

The company has also named Eric C. Neuman as one of its nine partners.

Hicks Muse has most recently been in the news when Allied Domecq, the spirits and wine group, agreed to pay E575m to acquire French champagne houses Mumm and Perrier Jouet from the firm.