U.S.-based buyout and mezzanine fundraising heated up in the past two weeks, as the year-to-date total climbed from $13.9 billion to $25.5 billion. Despite the big jump, fundraising trails 2015’s start by about is about $20 billion.
Oaktree Capital Management shot above the combined $10 billion target for its Opportunities Fund X and Xb. The pair of turnaround vehicles has now raised $10.5 billion combined. TPG Capital is inching closer to the $10 billion it’s seeking for TPG Partners VII, having now collected $9.8 billion. BDT Capital Partners closed its sophomore fund at $6.2 billion.
Several firms also wrapped up funds above target. Waud Capital Partners finished its largest fund to date, at just over $1 billion. Waud originally sought $750 million for Fund IV. CVC Capital Partners was also looking for $750 million and hit $1 billion exactly for its latest growth equity fund, CVC Growth Partners. Shamrock Capital Advisors finalized its fourth growth fund at $100 million over target. Shamrock Capital Growth Fund IV ended its fundraising at $700 million.
Mainsail Partners docked its fourth flagship at $384 million, above its $325 million target. Ecosystem Investment Partners surpassed its $200 million goal and collected $303 million for its third primary fund. Also closing its third main fund, Alliance Consumer Growth finished at $210 million for retail-focused Fund III.
Two firms made headway on debut funds. ATL Partners launched Aerospace, Transportation & Logistics Fund LP and collected $516.8 million for the debut. Gamut Capital Management held a first close at $485 million for its eponymous maiden fund.
Deal-making remained slow. The lone deal with disclosed value in the last two weeks involved APR Energy PLC. An investor team composed of Fairfax Financial Holdings, ACON Investments and Albright Capital Management bought the Jacksonville-based generator of electric power for $365 million.
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Correction: This report incorrectly stated that ACON Investments was a unit of TPG Capital. It is not. The report has been corrected.