Brentwood Associates has raised about $984 million toward a $1.1 billion target for its sixth flagship fund, according to an SEC filing. Reports from late 2016 indicated the firm was seeking $750 million for the vehicle. The fund is already the largest in firm history, surpassing its predecessor, which closed on $688 million in 2014.
The new pool of capital comes at a logical time: In the past 17 months or so, the firm has been busier than at any point in the past decade. Brentwood completed six new private equity investments last year, according to the PitchBook Platform, and has already sealed three new deals so far this year. Before 2016, the firm hadn't completed more than four investments in any single year since 2000, when 10 deals were recorded.
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