U.S.-based buyout and mezzanine fundraising slowed over the past two weeks, adding $2.9 billion to 2016’s total. This year’s sum continues to pale in comparison to 2015, and now sits $22.6 billion – or 14.2 percent – below this time last year.
Warburg Pincus launched its first China-focused fund, seeking $2 billion. It already received commitments from Minnesota State Board of Investment and Washington State Investment Board.
Wasserstein & Co reached an oversubscribed $790 million final close, beating its $750 million target, for Wasserstein Partners IV – nearly doubling the size of its Fund III.
The Riverside Company also wrapped up Riverside Micro-Cap Fund IV on its hard cap of $650 million. Align Capital Partners hit the $325 million hard cap on its debut fund, which will be focused on manufacturing and business services.
Deal-making continued to build at a solid pace. Over the last two weeks, the year-to-date closed deals total grew by $4.9 billion, climbing to $121.7 billion. This year’s aggregate sits $17.9 billion behind 2015’s deal efforts – or 12.8 percent lower.
Two deals eclipsed the billion dollar threshold. First, Apollo Global Management again had the largest deal of those with disclosed value. The New York firm acquired Outerwall Inc, a provider of automated retail solutions, for almost $1.5 billion. Following was Polycom Inc, a communications equipment manufacturer based in the heart of Silicon Valley, which was acquired by Siris Partners for $1.2 billion.
Photo: Leon Black, chairman and CEO of Apollo Global Management LLC, takes part in the Private Equity: Rebalancing Risk session during the 2014 Milken Institute Global Conference in Beverly Hills, California, on April 29, 2014. REUTERS/Kevork Djansezian