Over the past two weeks, U.S.-based buyout and mezzanine funds added $4.9 billion in commitments, bringing 2018’s sum to $83.5 billion. This year’s fundraising trails 2017’s tally at this time by $25.6 billion, or 23.4 percent.
Blackstone Group led the charge by closing its first Asian buyout fund. Blackstone Capital Partners Asia finished with $2.3 billion in commitments. Also eclipsing the $1 billion mark, LLR Partners closed its latest flagship. LLR Equity Partners V LP, focused on education, fintech, healthcare, security and software, wrapped up on $1.2 billion.
Cressey & Co, a healthcare specialist, hit its $950 million hard cap for Fund VI and kicked in $45 million more to bring its total to $995 million.
Making its debut, NextGen Growth Partners closed its maiden fundraise with $50 million. The Chicago shop invests in lower-middle-market companies with annual cash flows between $1 million and $5 million.
Since Buyouts last went to press, 2018’s dealmaking grew by $20.3 billion. The year’s aggregate now sits at $99.2 billion, ahead of this time a year ago by $13.6 billion, or 15.8 percent.
The largest deal with disclosed value was for Toshiba Memory Corp. Bain Capital was the private equity component at the lead of the investor group for the mammoth deal, valued at more than $17.9 billion.
Following was Voya Insurance & Annuity Co. Apollo Global Management, Crestview Partners, Reverence Capital Partners and Athene Holding acquired the insurance provider for $1.1 billion.