Kohlberg Kravis Roberts & Co. led the past week’s charge with an interim close of €4 billion ($6.2 billion) for KKR European Fund III LP. The fund has a target of €8 billion, and another interim close is expected next month. Meanwhile, Summit Partners finished up two funds: its first dedicated European private equity fund, Summit Partners Europe LP, with €1 billion in commitments, and the $825 million Summit Subordinated Debt Fund IV LP.
In addition, Catterton Partners closed on $300 million for its debut growth equity fund. Catterton Growth Partners LP, as first reported in Buyouts, will target control investments in high-growth consumer companies requiring between $10 million and $30 million in equity.
The year-to-date fundraising total by U.S.-based managers of buyout and mezzanine funds stands at $92.5 billion.
Deal-making, however, remained anemic during the last week. U.S.-based firms completed 11 control-stake transactions during the past seven days, according to Buyouts publisher Thomson Reuters. Two of these LBOs had a combined disclosed value of $491.5 million, bringing the year-to-date deal volume total to $48.1 billion.
First Reserve Corp.’s acquisition of Gamesa Corp Tecnologica SA’s Gamesa Solar unit was the largest transaction of the past week. First Reserve paid €261 million for the maker of photovoltaic panels.