Huge news in the past fortnight in fundraising. The top news is a report that Providence Equity Partners has closed on $12 billion for its sixth buyout fund, which puts it among the biggest funds ever raised. Meanwhile, GS Capital Partners has raised more than $8.7 billion for its sixth general fund and technology buyout shop Silver Lake Partners has held a first close on $3.5 billion for its third fund. The LBO fundraising total for 2007 so far is a stunning $29.9 billion.
On the deal side, it’s been a rough couple of weeks for buyout firms looking to take public companies private. Fidelity Investments, an 11 percent shareholder of radio broadcaster Clear Channel Communications Inc. (NYSE:CCU), reportedly plans to oppose Bain Capital’s and Thomas H. Lee Partners’ planned $26.7 billion delisting of the company. The Carlyle Group has been repeatedly trumped in its bid for Building Materials Corp. of America as Carlyle has tried to take private roofing products supplier ElkCorp. (NYSE:ELK). Meanwhile, Veritas Capital Partners’s $518.6 million offer to buy prison operator Cornell Cos. was rejected by shareholders. The year-to-date closed deal total is $10.5 billion.