The latest vehicle is 60% larger than its predecessor, which raised $10bn including GP commitment in 2017

US buyout stalwart Clayton, Dublier & Rice has amassed around $16 billion for its latest flagship vehicle after returning to the fundraising trail early last year.

The firm exceeded the $13 billion target for Clayton, Dublier & Rice Fund XI in the third quarter of last year, according to a source familiar with the fundraise.

The New York-headquartered firm had a re-up of about 80 percent for Fund XI, the source added. Fifty-five percent of investors in the fund came from outside the US and more than $1 billion of the capital raised came from Latin American investors.

CD&R itself committed close to $1 billion, the California Public Employee’s Retirement System committed $500 million and the California State Teachers Retirement System committed $350 million. Cathay Life Insurance, China Life Insurance (Taiwan) and Alameda County Employee’s Retirement Association are also investors in Fund XI, according to PEI data.

Read more at: Private Equity International

By Carmela Mendonza

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