Berkshire Partners LLC, the Boston-based investment firm, today announced the closing of the firm’s eighth private equity investment fund, Berkshire Fund VIII. The fund has total equity commitments of USD4.5 billion.
Fund VIII’s capital was subscribed primarily by institutional investors in previous Berkshire funds. Investors include many of the world’s largest endowments, foundations, pension funds, insurance companies and sovereign wealth funds. As with its previous funds, the firm engaged no intermediary to assist in fundraising. Berkshire seeks to invest in middle market growth companies in partnership with talented management teams. Fund VIII’s portfolio is expected to consist of companies with acquisition values between USD200 million and USD2 billion. The firm aims to invest USD50 million to USD500 million of equity capital in each portfolio company.
Berkshire’s initial fund was raised in 1984. Including Berkshire Fund VIII, the firm has raised over USD11 billion of private equity capital. Since inception, Berkshire has invested in over 100 mid-sized companies and developed specific industry experience in several areas including consumer products and retail, business services, industrial manufacturing, transportation and communications. Berkshire’s private equity investment staff of 46 professionals is led by 14 managing directors. Weil, Gotshal & Manges LLP served as fund counsel.