Berkshire Partners Raises Sixth Investment Fund.

Business Editors

BOSTON--(BUSINESS WIRE)--Oct. 23, 2001

Berkshire Partners LLC ("Berkshire") announced today the final closing of the Boston-based private equity firm's sixth investment fund, Berkshire Fund VI, L.P. ("the Fund"). The Fund, with total commitments of $1.7 billion, was oversubscribed by Berkshire's prior investors and a limited number of new entrants.

"The swiftness with which the new Fund was raised was gratifying, particularly in this challenging economic environment," said Kevin Callaghan, a Berkshire Partners Managing Director. "We share our investors' view that the next several years will be a rewarding period to invest in established private companies and fill a void created by the uncertainty of the public equity capital markets."

Capital commitments for the Fund were primarily drawn from Berkshire's prior investors and a limited number of new institutional participants. These investors include many of the world's largest endowments, foundations, pension funds and insurance companies.

Berkshire Partners' current investment focus is on private equity investments of $20 million to $200 million in well-managed, middle market growth companies. Berkshire's private equity transactions are typically in the form of leveraged buyouts, recapitalizations, growth capital investments, including capital for financially over-leveraged businesses, privatizations and industry consolidations. The firm's historical and current investments are concentrated in five areas: growth manufacturing, business services, transportation/logistics, telecommunications, and retailing and related services. Berkshire's most recent transaction was the acquisition of The William Carter Company, a marketer of infants' and children's apparel, which closed in August 2001.

Berkshire Partners' initial fund was raised in 1984. The firm has invested in over 70 companies, representing more than $7 billion in transaction value and more than $10 billion in revenues.