L Catterton gears up for fifth European fund

The firm filed a registration document for "L Catterton Europe V SLP" with Luxembourg's Registre de Commerce et des Sociétés on 22 March.

The fund is expected to follow the same strategy as its predecessor, L Catterton Europe IV, which was understood to have reached a final close on more than €600m in 2019, surpassing its €500m target, according to press reports.

The vehicle makes majority investments in companies operating across the consumer industry in Europe, deploying equity tickets in the €30-100m range.

L Catterton Europe IV's portfolio includes Italian bicycle manufacturer Pinarello; Spanish casual dining restaurant chain Goiko Grill; Italian packaging specialist Pibiplast; and French casual outerwear brand Just Over The Top (JOTT), among others.

L Catterton is also investing its ninth flagship buyout fund, L Catterton Partners IX, a $4bn vehicle launched in 2019 that has raised $3.71bn so far, according to an SEC filing. The fund deploys tickets of $60-500m in mid-market companies across North America and Europe. It targets controlling investments in businesses growing strongly in attractive consumer segments.

The fund is larger than its predecessor, L Catterton Partners VIII, which held a $2.75bn final close in August 2016, surpassing its target of $2.5bn.

In addition, the GP is managing L Catterton Growth IV, which makes growth investments of $10-75m in companies based in North America and Europe. The fund held a final close on $641m in October 2020, exceeding its $625m target, according to an SEC filing.

Established in 2016 through the partnership of Catterton, LVMH and Groupe Arnault, L Catterton specialises in investments in mid-market companies with high-growth potential across the consumer sector in Europe, Asia and the Americas.

The GP invests in all major consumer segments, including food, beverages, retail, restaurants, beauty, wellness, fashion, consumer services, media and marketing, as well as real estate projects anchored by luxury retail.

The firm is headquartered in Greenwich, in the US, with additional offices in 16 cities around the world. It manages around $23bn in assets and has made more than 200 investments across various segments of the consumer industry since its inception.

L Catterton had not returned a request for comment at the time of publication.

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