Juul Labs And L Catterton Tried To Sneak Billions Under Friday’s Form D Deadline

It’s the Friday afternoon before the Labor Day weekend. Lots of people are at Burning Man. Seems like a perfect time to disclose intentions to raise a multi-billion dollar investment vehicle and to confirm hundreds of millions in new funding, right?

That’s what L Catterton and Juul Labs did and we’re here for it.

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L Catterton

The Greenwich, CT-based consumer-focused private equity firm filed paperwork with the SEC signaling its intent to raise up to $4 billion for its ninth flagship investment fund.

It will be the firm’s biggest fund raised to date. Fund VIII topped out at $2.75 billion, which was closed in 2016. An unnamed source told PEHub that Catterton Partners VII LP, a $1.68 billion fund closed back in 2013, is generating a net IRR of 17 percent and has already returned $1.7 billion back to its limited partners.

The firm recently invested in rounds raised by the likes of same-day delivery service provider Enjoy and direct-to-consumer bedding company Boll & Branch. The firm also led Peloton’s Series D round back in December 2015, which raised $75 million for the at-home fitness unicorn. This week, Peloton filed its IPO paperwork with the SEC.

L Catterton also submitted a Form D for a new entity called L Catterton Latin America III, L.P., however the firm did not disclose how much it intended to raise for that particular fund.

Juul Labs

Last week, Crunchbase News was among the first to cover an SEC filing made by Juul Labs (“Juul”), which indicated that the electronic cigarette manufacturer had raised $325 million in an unspecified blend of equity and debt financing. We reported it was likely earmarked to help the company expand into international markets as U.S. regulators mull options to clamp down on nicotine vaporizers.

Well, as if nearly a third of a billion dollars wasn’t enough, an amended filing submitted right before close-of-business at the SEC today suggests that Juul has raised $460 million more.

The Friday filing discloses that Juul has now raised roughly $785.2 million out of a targeted $800 million financing round. Whereas the filing from last week said Juul had originally secured the $325 million from four investors, today’s filing says the company has sourced capital from 14 investors in total. Also disclosed in this filing is involvement from J.P. Morgan Securities, which acted as a broker or placement agent in this offering. J.P. Morgan received $4 million in compensation for its role in selling offered securities to investors.

Illustration: Li-Anne Dias

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