Research

Market at a glance

February 12 2016

U.S.-based buyout and mezzanine fundraising still lags behind the same period last year, but it has more than doubled since Buyouts last went to press. Compared to the rapid start of 2015, 2016’s year-to-date total of $13.9 billion is way behind.

The Carlyle Group was very busy in the last two weeks. It announced that it raised at least $3 billion for its first long-term fund, Carlyle Global Partners LP. It also wrapped-up its latest domestic middle-market fund, Carlyle U.S. Equity Opportunity Fund II, at the hard cap of $2.4 billion.

Vista Equity Partners set an $8 billion target for Fund VI, and has already secured a $500 million commitment from the Oregon Investment Council.

Another firm on the fundraising trail is Savano Capital Partners, which is looking for $100 million for its sophomore fund.

Mason Wells overshot its original target for its fourth primary fund. The Midwest-focused firm closed Mason Wells Buyout Fund IV at $615 million. Also hitting a close was Speyside Equity with its debut fund. The eponymous Fund I hit its $130 million target.

Elsewhere, PPM America raised $220 million for co-investment vehicle PPM America Private Equity Fund VI LP, and Atlantic Street Capital Management pulled in $102 million for Atlantic Street Capital III LP.

On the deal-making front, completed deals spiked in the past two weeks, jumping ahead of last year’s pace. An investor team comprised of The Carlyle Group and GIC PTE did the largest deal of the period, buying software maker Symantec Corp for $7 billion.

In another large deal, Silver Lake Management and Thoma Bravo created a special purpose acquisition to buy networking software maker SolarWinds Inc for nearly $4.4 billion. The third-largest deal was done by Arclight Capital Partners, which bought crude oil pipeline transporter TransMontaigne GP for $350 million.