Newport Beach-based private equity firm ClearLight Partners LLC has raised $300 million for its third fund, according to a document filed with the Securities and Exchange Commission.
The new fund, ClearLight Partners III LLC, is backed by ClearLight’s sole investor, Secom Co. Ltd., a security services provider in Tokyo.
Secom has been funding ClearLight in increments of $300 million, the first which came when the firm launched in 2000, with another in 2007.
ClearLight Managing Partner Michael Kaye began working with Secom in 1985, when he became chief executive of then Newport Beach-based Westec Security Group Inc., which was owned by the Japanese company and later sold.
ClearLight currently has nine companies in its portfolio and has exited five over the years. The firm targets companies with revenue between $20 million and $250 million. It specializes in leveraged buyouts and typically invests between $10 million to $50 million in companies.