The fund-raising numbers took a huge leap recently, led by the first close of Blackstone Capital Partners VI at $7.1 billion. The Blackstone Group didn’t meet its original plan to complete an $8 billion initial close in April, but the commitments received helped buyout and mezzanine firms elevate fund-raising levels to about $176.5 billion so far this year.
Meanwhile, Greenwich, Conn.-based First Reserve Corp. also boosted fund-raising levels. First Reserve raised more than $4.5 billion for its 12th fund. The firm, which invests in the energy industry, has a $12 billion target and a $16 billion hard cap for First Reserve XII. First Reserve raised $7.8 billion for its 11th fund, which closed in 2006.
In addition, Dallas-based Brazos Private Equity Partners has raised $526.6 million towards Brazos Equity Fund III’s $600 million goal, and New York-based Fortress Investment Group held a $500 million close for its sixth fund that has a $6 billion target.
Primus Capital Partners Inc. also closed its sixth fund at $275 million. The Cleveland-based firm has raised more than the fund’s $250 million target.
Deal activity slows
While fund-raising was working on all gears, deal-making didn’t get any traction during the past week. Thomson Reuters (publisher of PE Week) tracked only six control-stake transactions during the past week.
Year-to-date deal flow stands at $97.5 billion.
Leeds Equity Partners paid $200 million to acquire Ex Libris Group, a developer of library software, from a wholly-owned unit of Francisco Partners. This was the only LBO of the latest period with a disclosed price.