Fundraising punched its way through the second century mark this past week, getting a big boost from TPG, which closed its sixth flagship fund, TPG Partners VI, at $19.8 billion. The Fort Worth, Texas-based firm surpassed an $18 billion target for the fund. It also captured about $6 billion for TPG Financial Partners LP.
In addition, Crestview Partners LP of New York raised $2.2 billion towards the $2.5 billion target of its second fund, Crestview Partners II LP.
Adding to the activity was technology- focused private equity firm Accel-KKR, which closed its third fund Accel-KRR Capital Partners III LP at $600 million. The target was originally $450 million, but was raised to $500 million after the fund hit the initial goal with its first close. So far this year, buyout and mezzanine funds have collected $226 billion in capital commitments.
On the deals front, there were 12 LBO transactions during the past week. The two with disclosed prices had an aggregate value of about $1.5 billion, according to Buyouts publisher Thomson Reuters.
The lion’s share of that total came from Vestar Capital Partners’ acquisition of Unilever PLC’s laundry business in the U.S., Canada and Puerto Rico. The $1.45 billion purchase includes Unilever’s All, Wisk, Sunlight, Surf and Snuggle brands. Upon completion, the laundry business was renamed Sun Products Corp.
The other LBO carrying a disclosed price was PC Capital Partners Inc.’s acquisition of Componus Inc., a maker and wholesaler of vehicle parts, for $7.12 million. These two transactions brought the year-to-date disclosed deal volume to $104.1 billion.