CCMP Capital Advisors LLC, the former private-equity unit of JPMorgan Chase & Co. (JPM), gathered $1.1 billion in the first stage of fundraising for its latest private-equity pool, which has a $3.5 billion target, according to two people familiar with the matter.
The initial closing for CCMP Capital Investors III LP includes a $200 million commitment from the New York-based firm, said one of the people, who asked not to be identified because the information is private. Canada Pension Plan Investment Board, Alberta Investment Management Corp. and Goldman Sachs Group Inc (GS). are among investors who have committed money to the fund, the person said.
Brooke Gordon, a spokeswoman at Sard Verbinnen & Co., declined to comment on behalf of CCMP.
CCMP Capital, which was founded in 2006 by professionals who spun off from the buyout unit of JPMorgan Chase, is competing for capital in a crowded fundraising market. About 1,958 private-equity funds are seeking $770 billion, according to data from London-based research provider Preqin Ltd.
CCMP Capital makes buyout and growth-equity investments in the U.S. and Europe. Sectors of focus include consumer and retail, industrial, health care and energy, according to the firm’s website. The firm typically invests $100 million to $500 million of equity in companies. CCMP Capital earlier this year agreed to acquire Pure Gym Ltd., a gym operator in the U.K.
The firm’s prior fund closed in 2007 with $3.4 billion in commitments. CCMP Capital Investors II LP was producing a 14 percent net internal rate of return and a 1.5 times multiple on invested capital as of June 30, according to one of the people.
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