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Market at a glance

U.S.-based buyout and mezzanine fundraising surged over the past two weeks, with the year-to-date total growing from $27.8 billion to $42.2 billion. It still trails where it was at this time last year by $11.2 billion.

Advent International spearheaded the charge by closing Advent Global Private Equity VIII. The mega-fund set a $12 billion target and reached a $13 billion final close. Tenex Capital Management held a final close on its second flagship fund. Tenex Capital Partners II exceeded its $600 million target, coming in at $814 million. Silver Oak Services Partners also came in above target on its third primary vehicle, closing on $335 million. Sverica International finalized Sverica Capital Partners IV LP at its hard cap of $275 million.

Several funds hit the fundraising trail. GSO Capital Partners opened its third mezzanine fund, GSO Capital Opportunities Fund III, with a $6 billion target. MBF Healthcare Partners is in the market with its sophomore growth equity fund, seeking $300 million to $500 million. Grain Management, which focuses on the telecom industry, is out raising $500 million for Grain Communications Opportunity Fund.

Deal-making continues to be active, adding over $10 billion to its year-to-date value over the past two weeks. The yearly total now sits at $55.9 billion, $17.5 billion ahead of the same time last year. The top deal was for LeasePlan Corp NV. The Dutch provider of car leasing services was acquired for nearly $4.1 billion by the LP Group BV, an investor group comprised of the Abu Dhabi Investment Authority, merchant banking division of Goldman Sachs Group, Stichting Pensioenfonds PGGM, GIC Pte Ltd and TDR Capital. Another noteworthy deal was for RealD Inc. The manufacturer of digital 3D motion picture systems was bought by Rizvi Traverse Management for about $521.2 million.

 

Additional Data

IPO AFTERMARKET REPORT FOR SELECT BUYOUT-BACKED COMPANIES THAT WENT PUBLIC IN 2015-2016

Market Insight

MARKET INTELLIGENCE

Ratings Wrap-Up (March 11, 2016 – March 24, 2016)

Recent LP Commitments