|
The
firm, based in San Francisco, usually makes equity investments
between $75 million and $250 million in companies in industries
ranging from consumer products to business services. It plans to
make 15 to 20 investments in the fund, co-CEO and President
Spencer Fleischer said in an interview.
With its new fund, FFL will stick to its strategy of buying or
investing in companies without using a lot of debt, borrowing
less than two times a company's annual earnings before interest,
tax, depreciation and amortization.
"We typically use less leverage than the rest of the industry in
the middle market. We think it's a less risky way to generate
returns," Fleischer said.
Investors in the new fund, which amassed more than its target of
$1.5 billion, include the Arizona State retirement system, the
Washington State Investment Board and the Canada Pension Plan
Investment Board.
It has already used about a quarter of the fund to invest in two
eye care companies and a craft brewery venture called Enjoy
Beer, started by a former Harpoon Brewery chief executive.
This is the firm's first fund since 2008, when it raised $1.5
billion.
(Reporting by Liana B. Baker in New York; Editing by Andre
Grenon)
[© 2015 Thomson Reuters. All rights
reserved.] Copyright 2015 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
 |
|
