Market at a glance

Market at a glance_10122015

U.S.-based buyout and mezzanine firms had a busy two weeks period of fundraising.  Since Buyouts last went to press, the 2015 total grew by $5.5 billion to $159.6 billion, about $14 billion more compared to this time in 2014.

KSL Capital Partners wrapped up fundraising on its fourth flagship fund, closing on nearly $2.7 billion in commitments. Accel-KKR reached the end of the fundraising trail for its latest technology-focused flagship as well. Accel-KKR Capital Partners V finished at $1.3 billion, or $100 million more than it had originally set out for. Another firm that finalized a fund was the up-and-comer Dallas-based Trive Capital Management. Trive closed its second fund at an oversubscribed $500 million. Cohesive Capital is in the process of pooling capital for its sophomore fund and has collected $327.7 million, according to its latest Form D filing. Kohlberg Kravis Roberts & Co has raised $250.1 million for KKR Global Special Situations II, a distressed debt vehicle. The CapStreet Group filed a Form D for its third fund indicating it now has $216.1 million in commitments.

After a very slow period, the completed deals side picked back up, with firms adding $2.8 billion to the yearly total over the last two weeks. Of the deals with disclosed values, a machinery company led the way. Tecumseh Products Cowas bought by MA Industrial JV LLC for about $120 million. MA Industrial is jointly owned by Mueller Industries and Atlas Holdings. In second place by value came the failed loans real estate portfolio of Spanish bank, Bankia SA.The portfolio was acquired by an investor team of Chenavari Credit Partners and Oaktree Capital Management for $102.7 million. Battery Ventures took the bronze in deal value with its deal to acquire the physical security business unit of NICE Systems Ltd. The unit of the Israeli-based software publisher went for an even $100 million.