The large completed LBO deals of the past two weeks were Hellman & Friedman LLC’s $2 billion acquisition of Getty Images Inc., a provider of visual content services, and Lone Star Funds’s acquisition of CIT Group Inc.’s home lending business for $1.5 billion. These closings help make up for the anemic deal totals the industry rang up in the second quarter. Looking ahead, private equity firms might find opportunities in General Electric Co.’s exploration of options for its entire consumer and industrial business.
Fundraising by U.S.-based buyout and mezzanine firms held steady. Welsh Carson Anderson & Stowe held a first close on $2.5 billion for its eleventh fund, which has a $4 billion target. The New York-based firm has committed about $400 million of its own money to the vehicle. HM Capital Partners LLC also reported collecting $780 million for HM Capital Partners Sector Performance Fund, including $180 million this year. Buyout and mezzanine funds have amassed $153.3 billion in commitments so far this year.