Clayton, Dubilier & Rice (CD&R) has raised approximately $20bn for its latest flagship private equity fund within six months of launching fundraising, putting the US buyout firm on course toward its $26bn target, according to Private Equity Wire. The report says the update was attributed to a Bloomberg report.
Fund XIII fundraising pace and target
The fundraising is for Clayton, Dubilier & Rice Fund XIII, according to Private Equity Wire. Private Equity Wire reports that Fund XIII’s fundraising has progressed significantly faster than its predecessor, which attracted approximately $10bn over a comparable period in 2023.
Several existing limited partners are reportedly understood to have increased their commitments to the new vehicle, according to the report.
Hard cap and a disclosed LP commitment
Fund XIII has a hard cap of $28.5bn, according to documents from the Pennsylvania Public School Employees’ Retirement System, according to Private Equity Wire. Those documents also show the Pennsylvania Public School Employees’ Retirement System has committed up to $200m, the report says.
Timing and manager strategy focus
CD&R is reportedly targeting a final close in the first quarter of 2027, according to the report. Private Equity Wire adds that this timeline could place Fund XIII among the largest buyout vehicles ever raised.
Unlike many competing alternative asset managers, CD&R has maintained an exclusive focus on private equity rather than expanding into private credit or private wealth, according to the report.
Widely known context: “LP” refers to limited partner investors that commit capital to private equity funds managed by a general partner.
