GREENWICH, Conn.- After initiating fund-raising in April, Catterton Partners L.P. recently made a first close on its fourth fund, Catterton Partners IV LP.
Catterton IV, which was targeted at $350 million, will have a final close “substantially north” of that target later this year, said General Partner J. Michael Chu.
The fund has raised more than $200 million from pensions, funds-of-funds, gatekeepers and strategic investors. Chu said he would disclose the identity of limited partners when the fund holds its final close.
Formerly known as Catterton-Simon Partners L.P., the firm invests in companies in the consumer products and services industries. The firm removed “Simon” from Catterton IV because it was raised independently from William E. Simon & Sons, the later-stage investment firm that was both a principal and an investor of Catterton III. William E. Simon will remain an investor in Catterton IV.
The fund made its first investment in on-line home furnishings retailer, HomePoint.com. As part of the deal, Catterton Partner George Kollitedes joined the company’s board of directors. BT Alex. Brown is placing the fund.