Clayton, Dubilier & Rice has held the initial closing of its latest private equity fund with around $10 billion in capital commitments, according to a report by Private Equity News.

The report cites unnamed sources as confirming that the funding was raised in around four months and puts the New York firm at the halfway point of it $20 billion goal for the Clayton Dubilier & Rice Fund XII LP

CD&R’s news comes as the overall market for private equity fundraising becomes more challenging. IN H1 2022, firms worldwide have raised $247 billion for new funds, some 43% less than seen in the same period last year, according to data from Preqin.

According to public disclosures, but the the Tampa, Florida, General Employees’ Retirement Fund and the Oklahoma State Regents for Higher Education, are among the investors to have backed the fund so far.

CD&R invests across North America and Europe, with a focus on businesses in sectors such as healthcare, consumer and retail, industrials, technology, and business as well as financial services.