SK EQUITY FUND L P
SC 13G, 2000-02-14
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<PAGE>

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                  SCHEDULE 13G


                    UNDER THE SECURITIES EXCHANGE ACT OF 1934
                              (AMENDMENT NO._____)*


                          CHARLOTTE RUSSE HOLDING, INC.
     -----------------------------------------------------------------------
                                (NAME OF ISSUER)


                     COMMON STOCK, $.01 PAR VALUE PER SHARE
    -------------------------------------------------------------------------
                         (TITLE OF CLASS OF SECURITIES)


                                     161048
   --------------------------------------------------------------------------
                                 (CUSIP NUMBER)


                                 Not Applicable
   ---------------------------------------------------------------------------
             (Date of Event Which Requires Filing of this Statement)


Check the  appropriate box to designate the rule pursuant to which this Schedule
is filed:

/ /   Rule 13d-1(b)

/ /   Rule 13d-1(c)

/X/  Rule 13d-1(d)


*The  remainder of this cover page shall be filled out for a reporting  person's
initial filing on this form with respect to the subject class of securities, and
for any  subsequent  amendment  containing  information  which  would  alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the  Securities  Exchange  Act of
1934 ("Act") or otherwise  subject to the liabilities of that section of the Act
but  shall be  subject  to all other  provisions  of the Act  (however,  see the
Notes).

<PAGE>

- -----------------                                          ------------------
Cusip No.  161048                                          PAGE 2 OF 11 PAGES
- -----------------                                          ------------------
- -------------------------------------------------------------------------------
(1)    NAME OF REPORTING PERSON.
       S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY).

       The SK Equity Fund, L.P. (IRS  ID No. 061312136)
- -------------------------------------------------------------------------------
(2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                                                   (a) [_]
                                                                   (b) [X]
- -------------------------------------------------------------------------------
(3)    SEC USE ONLY

- -------------------------------------------------------------------------------
(4)    CITIZENSHIP OR PLACE OF ORGANIZATION

       Delaware
- -------------------------------------------------------------------------------

Number of Shares           (5)      Sole Voting Power
Beneficially
Owned by                            18,020,602
Each Reporting             ----------------------------------------------------
Person With:
                           (6)      Shared Voting Power

                                    186,746
                           ----------------------------------------------------

                           (7)      Sole Dispositive Power

                                    18,020,602
                           ----------------------------------------------------
                           (8)      Shared Dispositive Power

                                    186,746
- -------------------------------------------------------------------------------
(9)    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

       18,207,348
- -------------------------------------------------------------------------------
(10)   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
                                    [_]
- -------------------------------------------------------------------------------
(11)   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

       82.4%
- -------------------------------------------------------------------------------
(12)   TYPE OF REPORTING PERSON

       PN
- -------------------------------------------------------------------------------

<PAGE>

- -----------------                                          ------------------
Cusip No.  161048                                          PAGE 3 OF 11 PAGES
- -----------------                                          ------------------

- -------------------------------------------------------------------------------
(1)      NAME OF REPORTING PERSON
         S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

         SK Investment Fund, L.P. (IRS ID No. 061408409)
- -------------------------------------------------------------------------------
(2)      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                     (a) [_]
                                     (b) [X]
- -------------------------------------------------------------------------------
(3)      SEC USE ONLY


- -------------------------------------------------------------------------------
(4)      CITIZENSHIP OR PLACE OF ORGANIZATION

         Delaware
- -------------------------------------------------------------------------------
Number of Shares           (5)    Sole Voting Power
Beneficially                      186,746
Owned by                   ----------------------------------------------------
Each Reporting             (6)    Shared Voting Power
Person With:                      18,020,602
                           ----------------------------------------------------
                           (7)    Sole Dispositive Power
                                  186,746
                           ----------------------------------------------------
                           (8)    Shared Dispositive Power
                                  18,020,602
- -------------------------------------------------------------------------------

(9)      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

         18,207,348
- -------------------------------------------------------------------------------
(10)     CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

                                  [ ]
- -------------------------------------------------------------------------------
(11)     PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

         82.4%
- -------------------------------------------------------------------------------
(12)     TYPE OF REPORTING PERSON

         PN
- -------------------------------------------------------------------------------

<PAGE>

- -----------------                                          ------------------
Cusip No.  161048                                          PAGE 4 OF 11 PAGES
- -----------------                                          ------------------

- -------------------------------------------------------------------------------
(1)      NAME OF REPORTING PERSON
         S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

         SKM Partners, L.P. (IRS ID No. 061301330)
- -------------------------------------------------------------------------------
(2)      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                     (a) [_]
                                     (b) [X]
- -------------------------------------------------------------------------------
(3)      SEC USE ONLY


- -------------------------------------------------------------------------------
(4)      CITIZENSHIP OR PLACE OF ORGANIZATION

          Delaware
- -------------------------------------------------------------------------------
NUMBER OF SHARES         (5)    SOLE VOTING POWER
BENEFICIALLY                    18,207,348
OWNED BY                 ------------------------------------------------------
EACH REPORTING           (6)    SHARED VOTING POWER
PERSON WITH                     18,207,348
                         ------------------------------------------------------
                         (7)    SOLE DISPOSITIVE POWER
                                18,207,348
                         ------------------------------------------------------
                         (8)    SHARED DISPOSITIVE POWER
                                18,207,348
- -------------------------------------------------------------------------------
(9)      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

         18,207,348
- -------------------------------------------------------------------------------
(10)     CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
                                  [_]
- -------------------------------------------------------------------------------
(11)     PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

         82.4%
- -------------------------------------------------------------------------------
(12)     TYPE OF REPORTING PERSON

         PN
- -------------------------------------------------------------------------------

<PAGE>

- -----------------                                          ------------------
Cusip No.  161048                                          PAGE 5 OF 11 PAGES
- -----------------                                          ------------------

- -------------------------------------------------------------------------------
(1)      NAME OF REPORTING PERSON
         S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

         Saunders Karp & Megrue Partners, L.L.C. (IRS ID No. 061535862)
- -------------------------------------------------------------------------------
(2)      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                     (a) [_]
                                     (b) [X]
- -------------------------------------------------------------------------------
(3)      SEC USE ONLY

- -------------------------------------------------------------------------------
(4)      CITIZENSHIP OR PLACE OF ORGANIZATION

         Delaware
- -------------------------------------------------------------------------------
NUMBER OF SHARES         (5)    SOLE VOTING POWER
BENEFICIALLY                    18,207,348
OWNED BY                 ------------------------------------------------------
EACH REPORTING           (6)    SHARED VOTING POWER
PERSON WITH                     18,207,348
                         ------------------------------------------------------
                         (7)    SOLE DISPOSITIVE POWER
                                18,207,348
                         ------------------------------------------------------
                         (8)    SHARED DISPOSITIVE POWER
                                18,207,348
- -------------------------------------------------------------------------------
(9)      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

         18,207,348
- -------------------------------------------------------------------------------
(10)     CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

                                [ ]
- -------------------------------------------------------------------------------
(11)      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

          82.4%
- -------------------------------------------------------------------------------
(12)      TYPE OF REPORTING PERSON

          CO
- -------------------------------------------------------------------------------


<PAGE>

- -----------------                                          ------------------
Cusip No.  161048                                          PAGE 6 OF 11 PAGES
- -----------------                                          ------------------

- -------------------------------------------------------------------------------
(1)   NAME OF REPORTING PERSON
      S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

      Allan W. Karp
- -------------------------------------------------------------------------------
(2)   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                     (a) [_]
                                     (b) [X]
- -------------------------------------------------------------------------------
(3)   SEC USE ONLY

- -------------------------------------------------------------------------------
(4)   CITIZENSHIP OR PLACE OF ORGANIZATION

      United States of America
- -------------------------------------------------------------------------------
NUMBER OF SHARES         (5)    SOLE VOTING POWER
BENEFICIALLY                    5,500
OWNED BY                 ------------------------------------------------------
EACH REPORTING           (6)    SHARED VOTING POWER
PERSON WITH                     18,207,348
                         ------------------------------------------------------
                         (7)    SOLE DISPOSITIVE POWER
                                5,500
                         ------------------------------------------------------
                         (8)    SHARED DISPOSITIVE POWER
                                18,207,348
- -------------------------------------------------------------------------------
(9)    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

       18,212,848
- -------------------------------------------------------------------------------
(10)   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

                                [ ]
- -------------------------------------------------------------------------------
(11)   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

       82.4%
- -------------------------------------------------------------------------------
(12)   TYPE OF REPORTING PERSON

       IN
- -------------------------------------------------------------------------------

<PAGE>

- -----------------                                          ------------------
Cusip No.  161048                                          PAGE 7 OF 11 PAGES
- -----------------                                          ------------------

- -------------------------------------------------------------------------------
(1)    NAME OF REPORTING PERSON
       S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

       Thomas A. Saunders, III
- -------------------------------------------------------------------------------
(2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                     (a) [_]
                                     (b) [X]
- -------------------------------------------------------------------------------
(3)    SEC USE ONLY

- -------------------------------------------------------------------------------
(4)    CITIZENSHIP OR PLACE OF ORGANIZATION

       United States of America
- -------------------------------------------------------------------------------
NUMBER OF SHARES           (5)   SOLE VOTING POWER
BENEFICIALLY                     0
OWNED BY                   ----------------------------------------------------
EACH REPORTING             (6)   SHARED VOTING POWER
PERSON WITH:                     18,207,348
                           ----------------------------------------------------
                           (7)   SOLE DISPOSITIVE POWER
                                 0
                           ----------------------------------------------------
                           (8)   SHARED DISPOSITIVE POWER
                                 18,207,348
- -------------------------------------------------------------------------------
(9)    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

       18,207,348
- -------------------------------------------------------------------------------
(10)   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

                                 [ ]
- -------------------------------------------------------------------------------
(11)   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

       82.4%
- -------------------------------------------------------------------------------
(12)   TYPE OF REPORTING PERSON

       IN
- -------------------------------------------------------------------------------

<PAGE>

- -----------------                                          ------------------
Cusip No.  161048                                          PAGE 8 OF 11 PAGES
- -----------------                                          ------------------

- -------------------------------------------------------------------------------
(1)    NAME OF REPORTING PERSON
       S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

       John F. Megrue, Jr.
- -------------------------------------------------------------------------------
(2)    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                     (a) [_]
                                     (b) [X]
- -------------------------------------------------------------------------------
(3)    SEC USE ONLY

- -------------------------------------------------------------------------------
(4)    CITIZENSHIP OR PLACE OF ORGANIZATION

       United States of America
- -------------------------------------------------------------------------------
NUMBER OF SHARES           (5)    SOLE VOTING POWER
BENEFICIALLY                      0
OWNED BY                   ----------------------------------------------------
EACH REPORTING             (6)    SHARED VOTING POWER
PERSON WITH:                      18,207,348
                           ----------------------------------------------------
                           (7)    SOLE DISPOSITIVE POWER
                                  0
                           ----------------------------------------------------
                           (8)    SHARED DISPOSITIVE POWER
                                  18,207,348
- -------------------------------------------------------------------------------
(9)     AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

        18,207,348
- -------------------------------------------------------------------------------
(10)    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

                                  [ ]
- -------------------------------------------------------------------------------
(11)    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

        82.4%
- -------------------------------------------------------------------------------
(12)    TYPE OF REPORTING PERSON

        IN
- -------------------------------------------------------------------------------

<PAGE>

Item 1(a)           Name Of Issuer:
                    Charlotte Russe Holding, Inc.
                    -------------------------------------------

Item 1(b)           Address Of Issuer's Principal Executive Offices:
                    4645 Morena Boulevard, San Diego, California  92117

                    ----------------------------------------------

Item 2(a)           Name Of Person Filing:


                    This statement is filed on behalf of the persons identified
                    in Item 4 below. In accordance with Rule 13d-1(f) (1) under
                    the Securities Exchange Act of 1934, as amended (the
                    "Exchange Act"), each person filing this statement
                    acknowledges that he is responsible for the completeness and
                    accuracy of the information contained herein concerning that
                    person, but is not responsible for the completeness or
                    accuracy of the information concerning the other persons
                    making the filing, unless such person knows or has reason to
                    believe that such information is inaccurate.



Item 2(b)           Address Of Principal Business Office Or, If None, Residence:

                    For The SK Equity Fund, L.P., SK Investment Fund, L.P., SKM
                    Partners, L.P., Saunders Karp & Megrue Partners, L.L.C.,
                    Thomas A. Saunders, III, Allan W. Karp and John F. Megrue,
                    Jr.:

                            262 Harbor Drive
                            Stamford, CT  06902

Item 2(c)           Citizenship:

                    Each of the persons filing this statement is a United States
                    citizen or an organization created or governed under the
                    laws of the State of Delaware.

Item 2(d)           Title Of Class Of Securities:

                    This statement relates to the Company's common stock, par
                    value $.01 per share (the "Common Stock").

Item 2(e)           CUSIP Number:

                    161048
                    -----------

Item 3              If this statement is filed pursuant to Sections 240.13d-1(b)
                    or 240.13d-2(b) or (c)

                            Not  Applicable.

<PAGE>

Item 4              Ownership:

                    Incorporated by reference to Items (5) - (9) and (11) of the
                    cover page pertaining to each reporting person.

                    Note 1: SKM Partners, L.P. (the "General Partner") is the
                    general partner of each of The SK Equity Fund L.P. and the
                    SK Investment Fund, L.P. (the "Funds"). Saunders Karp &
                    Megrue Partners, L.L.C. (the "LLC"), is the general partner
                    of the General Partner and Messrs. Saunders, Karp and Megrue
                    are members of the LLC, and Messrs. Saunders, Karp and
                    Megrue may be deemed to have shared power to vote or direct
                    the vote and to dispose or direct the disposition of all
                    shares owned by the Funds.

                    Note 2: In addition to the above mentioned ownership, Mr.
                    Karp holds 5,500 shares directly.

Item 5              Ownership  Of Five Percent Or Less Of A Class:

                    Not Applicable

Item 6              Ownership Of More Than Five Percent On Behalf Of Another
                    Person:

                    Not Applicable

                    Item 7 Identification And Classification Of The Subsidiary
                    Which Acquired The Security Being Reported On By The Parent
                    Company:

                    Not Applicable

Item 8              Identification And Classification Of Members Of The Group:

                    See item 4 above.

Item 9              Notice Of Dissolution Of Group:

                    Not Applicable

Item 10             Certification:

                    Not Applicable

<PAGE>

                                   SIGNATURES

         After  reasonable  inquiry and to the best knowledge and belief of each
of the undersigned,  each of the undersigned  certifies that the information set
forth in this statement is true, complete and correct.

Dated:  February 14, 2000

                          THE SK EQUITY FUND, L.P.

                              By: SKM PARTNERS, L.P., as General Partner

                              By: SAUNDERS KARP & MEGRUE PARTNERS, L.L.C.,
                                     as General Partner

                              By:  /s/ Allan W. Karp
                                  ----------------------------
                                  Authorized Member

                          SK INVESTMENT FUND, L.P.

                              By: SKM PARTNERS, L.P., as General Partner

                              By: SAUNDERS KARP & MEGRUE PARTNERS, L.L.C.,
                                     as General Partner

                              By:  /s/ Allan W. Karp
                                  ----------------------------
                                  Authorized Member

                          SKM PARTNERS, L.P.

                              By: SAUNDERS KARP & MEGRUE PARTNERS, L.L.C.,
                                     as General Partner

                              By:  /s/ Allan W. Karp
                                  ----------------------------
                                  Authorized Member

                          SAUNDERS KARP & MEGRUE PARTNERS, L.L.C.

                              By:  /s/ Allan W. Karp
                                  ----------------------------
                                  Authorized Member


                          /s/ John F. Megrue
                          ----------------------------
                          John F. Megrue

                          /s/ Allan W. Karp
                          ----------------------------
                          Allan W. Karp

                          /s/ Thomas A. Saunders, III
                          ----------------------------
                          Thomas A. Saunders, III



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