Clayton, Dubilier & Rice Raises $20 Billion for Fund XIII
The private equity firm is nearing its $26 billion target for its latest flagship investment vehicle.
Updated on Oct. 29, 2026 in Corporate Finance
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Clayton, Dubilier & Rice has secured $20 billion in capital for its thirteenth flagship private equity fund. The firm is currently working toward a $26 billion goal with an established hard cap of $28.5 billion.
Why it matters
The successful fundraising highlights strong appetite for private equity as existing limited partners have increased their financial commitments. This surge in capital significantly surpasses the firm's previous fundraising efforts from the prior year.
The firm is targeting a $26 billion close for Fund XIII, significantly outpacing the $10 billion raised during the 2023 fundraising cycle for its predecessor. The Pennsylvania Public School Employees' Retirement System has already pledged $200 million.
The players
Clayton, Dubilier & Rice
This private equity firm manages large-scale investment vehicles and buyout operations across the United States.
Pennsylvania Public School Employees' Retirement System
This state-level institutional investor manages pension assets and recently committed funds to the latest investment vehicle.
The details
Existing limited partners have bolstered the new fund by increasing their financial contributions to the vehicle. The process, which began in April 2026, aims to reach a final close early next year.
Timeline
Fundraising for the previous fund occurred throughout 2023.
The fundraising process for Fund XIII launched in April 2026.
The firm targets a final close in the first quarter of 2027.
Market Dynamics
The current $20 billion haul marks a significant increase in momentum compared to the pace established during the 2023 fundraising period for Fund XII. This rapid capital accumulation reflects broader trends of institutional liquidity flowing toward established buyout firms.
Institutional investors like pension funds are signaling confidence in the current market by increasing their capital allocations to private equity managers. Individual investors monitoring broader market liquidity should note the scale of these multi-billion dollar private capital movements.
The takeaway
Large-scale private equity fundraising cycles continue to see increased participation from institutional limited partners. Investors should observe how these significant capital reserves are deployed in upcoming corporate acquisition cycles.
What happens next
The firm is scheduled to reach a final close for the fund in the first quarter of 2027.
Further reading
For more on the latest trends in the sector, visit Corporate Finance.
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