A few first-time funds, however, are braving the current frosty climate, including Yukon Partners, a Minneapolis-based firm seeking $300 million for its debut mezzanine fund. Also, Mount Kellett Capital Partners held an interim close for its first fund at more than $1.5 billion, which is about $400 million above the estimated $1.1 billion in pledges the firm disclosed in a regulatory filing from September. Mount Kellett Capital Partners LP has a target of $5 billion. The New York-based firm is managed by Mark McGoldrick, who was previously a partner at Goldman Sachs.
Year-to-date fundraising is hovering slightly above $1.3 billion, while the total for 2008 is now at $264.5 billion.
There were 20 control-stake transactions during the past two weeks, according to Buyouts publisher Thomson Reuters, bringing the year-to-date deal count to 34. The three transactions with disclosed financial terms boosted the known value of deals completed in 2009 to $774.2 million.
The largest acquisition involved Kohlberg & Co. LP. The Mount Kisco, N.Y.-based firm completed its purchase of catering company Centerplate Inc. The leveraged buyout has a rank value of $246.8 million.