PSERS PRIVATE INVESTMENT PROGRAM
Recommendation for Investment in
Catterton Partners VI, L.P.
Charles J. Spiller
Director of Alternative Investments
January 19, 2006
PSERS Private Investments
Page 2 of 13
Catterton Partners VI, L.P.
EXECUTIVE SUMMARY
Introduction
Catterton Partners (“Catterton” or the “Firm”) is a group of affiliated private equity vehicles, the
first of which was founded in January 1990. Catterton is a pre-eminent U.S. private equity
investment firm making control and minority growth investments in leading middle market
companies in the consumer industry. Catterton has a disciplined and proactive approach to
investing in the following consumer verticals: Food and Beverage, Consumer Brands, Retail,
and Marketing Services (each a “Vertical” and collectively the “Verticals”). Catterton Partners
VI, L.P. (the “Partnership” or the “Fund”), Catterton’s sixth focused fund since 1990, is seeking
capital commitments of $850-$900 million, and is the successor to Catterton Partners V, L.P., a
$650 million fund formed in 2003.
Catterton has developed a highly analytic and proprietary investment process for identifying and
screening investment opportunities (the “Vertical Process”). This process includes the analysis
of each of its targeted Vertical segments against key consumer demographic and lifestyle
trends, economic and market fundamentals, and brand attributes. This process allows
Catterton the ability to prioritize the relative attractiveness of various sub-segments of each
Vertical and to develop a proactive list of targeted companies in the most attractive sub-
segments. The integration of this process with disciplined, risk-averse underwriting and highly
active portfolio management has enabled Catterton to produce superior investment results over
its 16-year history.
The Fund, through its general partner, will be actively managed by a team of seven partners
(the “Partners”) who have worked together in various