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GLOBAL - CD&R holds $5bn final close of eighth fund

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US-based private equity firm Clayton, Dubilier & Rice (CD&R) has held a final close on its latest fund, Clayton Dubilier & Rice Fund VIII, on approximately $5bn, $1bn more than its predecessor vehicle which closed in 2006.

The firm's original target for the fund was $7.5bn, but this was reduced to $5bn last March in the wake of the credit crisis.

Deals made from Fund VIII include CD&R's £400m secondary buyout of car reseller British Car Auctions from Montagu Private Equity, bringing the fund to 20% invested.

LPs in the vehicle include Yale University, New York City Retirement Systems, South Carolina Retirement Systems, Adams Street Partners, Teacher Retirement System of Texas, Ireland's National Pensions Reserve Fund and Partners Group.

According to reports, CD&R announced a plan in its year-end letter to investors to hire at least one operating partner in 2010 in addition to Ed Liddy, who will rejoin the buyout house early this year after serving as CEO of American International Group.

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