Key Takeaways
- • Clayton, Dubilier & Rice has gathered about $20 billion in commitments for Fund XIII within roughly six months of launching fundraising, according to Bloomberg citing people familiar with the matter.
- • The firm is targeting $26 billion for its 13th flagship private equity fund, with a reported hard cap of $28.5 billion per Pennsylvania Public School Employees' Retirement System documents.
- • The pace is markedly faster than Fund XII, which had amassed about $10 billion over a comparable span in 2023.
- • CD&R is reportedly aiming for a final close in the first quarter of 2027, which would place the fund among the largest buyout vehicles ever raised.
- • The raise underscores buyout capital concentrating in established franchises even as broader private equity fundraising remains slow.
Summary
Clayton, Dubilier & Rice has gathered about $20 billion of commitments for Clayton, Dubilier & Rice Fund XIII within roughly six months of launching fundraising, Bloomberg reported, citing people familiar with the matter. The New York buyout firm is targeting $26 billion for its 13th flagship private equity fund.
The pace is markedly faster than the firm's last campaign. Over a similar span in 2023, CD&R had amassed about $10 billion toward the same target for Fund XII, according to the report, and several existing limited partners have committed more to the new vehicle than they did to their predecessor commitments.
Documents from the Pennsylvania Public School Employees' Retirement System, which has committed up to $200 million, show a hard cap of $28.5 billion for Fund XIII. CD&R is reportedly aiming for a final close in the first quarter of 2027, which would place the fund among the largest buyout vehicles ever raised and in the same range as the close of roughly $27 billion Advent International gathered for its latest flagship.
CD&R reported about $87.35 billion of discretionary assets under management as of April 2026 in regulatory filings, according to the publisher summary. Unlike many peers, the firm has remained focused on its core buyout business rather than building out private credit or a dedicated private wealth platform. Its portfolio spans industrial, healthcare, consumer, technology and financial services companies.
For allocators, the raise adds to evidence that buyout capital is concentrating in a small group of established franchises even as fundraising across the broader private equity market remains slow. Larger re-ups from existing LPs suggest investors are rewarding managers with consistent distributions and a narrow strategic focus.
The pace is markedly faster than the firm's last campaign. Over a similar span in 2023, CD&R had amassed about $10 billion toward the same target for Fund XII, according to the report, and several existing limited partners have committed more to the new vehicle than they did to their predecessor commitments.
Documents from the Pennsylvania Public School Employees' Retirement System, which has committed up to $200 million, show a hard cap of $28.5 billion for Fund XIII. CD&R is reportedly aiming for a final close in the first quarter of 2027, which would place the fund among the largest buyout vehicles ever raised and in the same range as the close of roughly $27 billion Advent International gathered for its latest flagship.
CD&R reported about $87.35 billion of discretionary assets under management as of April 2026 in regulatory filings, according to the publisher summary. Unlike many peers, the firm has remained focused on its core buyout business rather than building out private credit or a dedicated private wealth platform. Its portfolio spans industrial, healthcare, consumer, technology and financial services companies.
For allocators, the raise adds to evidence that buyout capital is concentrating in a small group of established franchises even as fundraising across the broader private equity market remains slow. Larger re-ups from existing LPs suggest investors are rewarding managers with consistent distributions and a narrow strategic focus.
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