In the past two weeks, Glendon Capital Management concluded its debut fund, Glendon Capital Management LP, by hitting its $1 billion hard cap. Glendon is a distressed debt specialist that launched in April. A notable LP investor in the fund was the Alaska Permanent Fund. Crestview Partners has raised $2.6 billion its third fund. The target was set at $3 billion, and they are expecting to hold a final close in January. Another sizeable fund that’s still in the middle of fundraising is Kelso & Co.’s Kelso Investment Associates IX LP. The first close on the ninth fund was held at $1.3 billion; the firm is aiming for $2.5 billion for its final close, projected to take place in the second quarter.
As far as completed deals go, the year-to-date total of $122.7 billion remains behind last year’s same-period tally. However, KKR & Co LP and Clayton, Dubilier & Rice LLC teamed up for a joint bid to buyout PetSmart for $7.5 billion, which will make the race closer. The deal is yet to be finalized and there is said to be interest and potential offers from other firms.