In the waning days of 2014, Welsh Carson Anderson & Stowe held a $1.7 billion first close on its twelfth flagship fund, Welsh Carson Anderson & Stowe XII LP. The firm is targeting $3 billion and expects to have additional closes in 2015. A notable fund that hit the fundraising trail was Kayne Anderson Capital Advisors’s Kayne Anderson Energy Income Fund, with a target of $1.5 billion. Ohio Highway Patrol Retirement System and Orange County Employees Retirement System are two limited partners that have already been linked to the fund.
Deal-making finished the year strong as well, as U.S. sponsors added nearly $25 billion to the 2014 aggregate over the final two weeks of December. However, overall the deals-completed total finished about $6.5 billion behind 2013’s mark of $160 billion.