Clarion Capital Partners Closes Oversubscribed $677 million Fourth Fund; Announces Private Equity Leadership Promotion
NEW YORK, NY, April 3, 2024 – Clarion Capital Partners, LLC (“Clarion” or the “Firm”) today announced it has closed its fourth fund, Clarion Investors IV, L.P. (“the Fund”) with $677 million in total capital commitments, exceeding its fundraising target of $600 million, as well as its $650 million soft cap. The Fund marks Clarion’s second oversubscribed fund in a row. The Firm seeks long-term investment outperformance primarily through partnering in buyouts of lower-middle market companies.
Additionally, Clarion announced the promotion of David Ragins to President of Private Equity. Marc Utay, Founder, will continue to serve as Managing Partner and provide the firm’s strategic vision and leadership. In addition to the private equity business, Clarion established a credit business focused on structured corporate credit in 2018, which will continue to be led by Robert Klein, President and Chief Investment Officer of Structured Credit.
“We deeply appreciate the support of existing and new limited partners, all of whom are placing their trust in Clarion’s culture and best-in-class team,” said Clarion Managing Partner Marc Utay. “We’re proud to have exceeded our initial target, and our developing leadership team looks forward to delivering more great results in the coming years.”
“Our firm is excited to announce the promotion of David Ragins to President of Private Equity,” commented Clarion Partner Eric Kogan. “David has spent nearly two decades at Clarion, has played a critical role in building our culture, and has led the development of our media, entertainment, and technology investing. He has built highly productive partnerships with growth companies and has been a terrific contributor to the success of our funds.”
“Clarion has experienced tremendous growth since I joined, and I am thrilled to take on this new role at such a positive inflection point in our firm’s development,” said David Ragins. “I appreciate the importance of continuing to drive the key pillars of our success—collaboration, engagement, creativity, and discipline—especially as we work to build on the success of our first three funds.”
Clarion generated top-quartile returns in its first two funds and was recognized by Pitchbook as the number two firm out of 414 buyout private equity firms with track records across multiple vintages. In addition, GCI Publishing announced in March that the firm was chosen as a 2024 Top 50 Private Equity Firm in the Middle Market. Clarion recently completed its final platform investment for Clarion Investors III, L.P. in Narrative Strategies LLC, an integrated public affairs and corporate reputation agency.
Clarion raised the Fund with the help of Paul, Weiss, Rifkind, Wharton, & Garrison LLP as legal counsel.
About Clarion
Founded in 1999, Clarion is a New York-based investment manager operating two primary business segments: Private Equity (launched in 2000) and Structured Credit (launched in 2018). Clarion’s private equity business seeks to make primarily control investments in a diversified portfolio of lower middle-market companies generating $7.5-30.0 million of EBITDA. Clarion focuses on growth companies in industries such as Media, Entertainment & Technology, Financial Technology & Services, Business, Healthcare & Industrial Services, and Consumer. Clarion’s structured credit business focuses mostly on CLO equity and mezzanine investments, sourced both in the primary and secondary markets. The structured credit team manages traditional private funds and an insurance dedicated fund. Additional information on Clarion can be found at www.clarion-capital.com.