BRENTWOOD CLOSES ON FUND RAISE: Brentwood Associates closed on Brentwood Associates Private Equity V, LP, raising $688 million in total commitments. The raise surpassed its initial target of $500 milllion, as well as the $439 million raised for Fund IV.

The firm, which counts Allen Edmonds, Soft Surroundings, Sundance, Marshall Retail Group, as current investments, now manages over $1.2 billion in total assets. Investments it has made and sold include Filson Holdings, Ariat, Zumiez and Chamilia.

William Barnum, partner, said, “The fund has invested $205 million so far from [earlier] commitments to the fund.” Barnum said because the market has “come back a little,” it’s been easier to raise funding, compared with in 2009 when it was hard for any firm to have an oversubscribed fund. He sees the mergers and acquisitions landscape similar to a “Goldilocks” type of economic backdrop, not too hot and not too cold. “That should make it a robust year for deal market activity,” he concluded.

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