In the past two weeks, buyout shops unloaded about $3.68 billion to build up their investment portfolios. To date, U.S.-based private equity firms have deployed $12.22 billion of dry powder to close control-stake transactions on a global basis. That figure represents a significant drop from this same time last year, when deal pros had already gone through $17.87 billion. Recent noteworthy transactions include the $2.425 billion acquisition of Dunkin’ Brands Inc. by Bain Capital, The Carlyle Group and Thomas H. Lee Partners, and Apollo Management’s $975 million carve-out of Tyco International’s plastics and adhesives business.
Additionally, Buyouts learned of another $2.45 billion raised by U.S.-based private equity firms over the last two weeks. Highlights were AIG Global Investment Group announcing a third and final close on AIG PineStar Capital, with $700 million in commitments. That fund that was used to finance last year’s secondary purchase of the assets of Dresdner’s Institutional Restructuring Unit. York Street Capital Partners, meanwhile, locked down $700 million for its York Street Mezzanine Partners II. The sole limited partner in the fund is Ontario Teachers’ Pension Plan, which will co-invest and was also the sole LP in York’s first mezz fund.