The firm has not sent out a placement memoranda, but has had initial correspondence with prospective investors.
The target size is the same amount Battery raised for its eighth fund in July 2007, but that fund was later supplemented with a $250 million “overage” fund. The idea was that Battery wanted the flexibility to do larger, non-syndicated growth equity or buyout deals, without destroying the concentration diversity of the main fund.
No plans to raise an overage fund this time around, which means Battery will climb back down from the billion-dollar club. —Dan Primack
Perseus seeks fresh capital
The firm plans to hold a first close on fund VIII sometime in the fourth quarter.
A source familiar with the situation says that all, or almost all, investors in fund VII are expected to re-up for the new vehicle.
“It’s not so much a question of ‘if’ but of ‘how large’ their commitments will be given the liquidity constraints of some investors,” the source said.
Investors in fund VII include the New Mexico Educational Retirement Board, the North Carolina Retirement System, the Massachusetts-based Public Employee Retirement Administration Commission and the University of California, according to public documents. — Ari Nathanson
Hellman & Friedman raises $8.8B
Hellman & Friedman
The San Francisco-based firm also announced that Warren Hellman will step down as chairman of the firm, but he will remain as an investment committee member.
Also, Philip Hammarskjold will succeed Brian Powers as CEO.
Quantum Energy raises $2.5B
The Houston-based firm raised about $1.2 billion for its fourth fund, which closed in 2006. Known LPs in that fund include UniSuper Management Pty Ltd.Champlain Advisors served as placement agent.