Catterton closes two PE funds
Catterton Partners, a private equity firm that specializes in consumer brands like Restoration Hardware, Edible Arrangements, and Baccarat, has closed two of its funds to new investment.
The buyout-focused Catterton Partners VII and growth-focused Catterton Growth Partners II took in a combined $2.1 billion for the new funds. The fundraising brings the firm's assets under management to more than $4 billion.
Investor demand was strong and both funds were over-subscribed, according to the firm. Catterton Growth Partners II raised $400 million in three months and Catterton Partners VII raised $1.6 billion in just over a year.
(Read more: Restoration Hardware shares soar in market debut)
"I've invested with them for 20 years. They have a great process and great returns. I don't know what more you could ask for as a limited partner," said Scott Rooth, executive partner for private equity at investment manager PPM America. PPM America is an investor in Partners VII via a fund of private equity funds, $3.0 billion PPM America Capital Partners.
Partners VII has made three investments already: sandwich shop chain Primanti Brothers, kitchen and bath fixture and appliance company PIRCH and yoga company CorePower Yoga. Growth Partners II has taken one stake: meal delivery company Snap Kitchen.
Greenwich, Conn.-based Catterton launched in 1989 and is led by J. Michael Chu and Scott Dahnke.
"We are pleased to have closed two new funds at levels that exceeded our expectations," said Chu in a statement. "Our ability to close these funds in a short period of time is a testament to our strategy and solidifies our leadership in consumer-focused investing."
(Read more: Restoration Hardware: Another secondary?)
Recent exited investments by Catterton include Plum Organics, MonoSol, Heartland RV, and O.N.E Coconut Water. And three of Catterton's portfolio companies recently had initial public offerings: Restoration Hardware, Bloomin' Brands Inc., and Noodles & Company.
—By CNBC's Lawrence Delevingne. Follow him on Twitter @ldelevingne.