Market at a Glance: $1.7 bln is the magic number

U.S.-based buyout and mezzanine fundraising continues its surge. Since the last issue of Buyouts, fundraising added $6.8 billion to its YTD total, which now stands at $169.1 billion. Three separate firms raised at least $1.7 billion apiece.

Leading the charge was Aquiline Financial Services. The New York-based firm, which focuses on companies within the financial sector, raised more than $1.7 billion.

Meanwhile, Hamilton Lane’s Hamilton Lane Co-Investment Fund IV closed at $1.7 billion, which was above its initial target. The fund will make buyout and growth transactions alongside leading general partners.

Finally, Arlington Capital Partners hit the hard cap for its fifth fund at $1.7 billion. Evercore acted as placement agent while Kirkland & Ellis served as fund counsel.

Joining the fundraising frenzy was A&M Capital Partners, which raised more than $1 billion for its sophomore fund. The Connecticut-based firm makes control investments in the industrial and manufacturing sectors in North America and Western Europe.

Deals still lag 2018

Deal-making added $2 billion in the past two weeks, bringing the year-to-date total to $92.5 billion. That is down from the same period last year, when deal-making topped $100 billion.

One deal crossed the billion-dollar threshold. Apollo Global Management acquired the entire share of commerce-based retailer Smart & Final Stores for $1.1 billion.

The next-largest deal was Butterfly Equity’s acquisition of vegetable farming company Bolthouse Farms from Campbell Soup Co for $510 million.