Market at a glance – fundraising boosted by fresh batch of closings

U.S.-based buyout and mezzanine fundraising added $5.8 billion to its yearly total over the past two weeks. That total now sits at $168.3 billion and trails the year-earlier period by $19.5 billion, or 10.4 percent.

A recent cavalcade of fund closings are led by L Catterton. The Greenwich, Connecticut, firm wrapped up its eighth flagship fund with $2.75 billion in commitments, surpassing its original $2.5 billion goal by 10 percent.

Another firm that exceeded target was Gryphon Investors. After adjusting the target on its fourth primary fund to $875 million from $600 million, expectations were still exceeded. Gryphon Partners IV held a final close at the $1.1 billion hard cap.

Pamlico Capital, which focuses on growth businesses in the lower middle market, also hit the hard cap on its fourth vehicle, with $910 million.

ParkerGale Capital blew by the $200 million target on its inaugural fundraise, closing on $240 million.

Deal-making wasn’t quite as lively, adding $3.9 billion to its yearly total since Buyouts last went to press. The year-to-date figure is $15.4 billion – or 10 percent – behind this time in 2015.

The top two deals with disclosed value took place in the real estate sector. The largest was Blackstone Group acquiring the West Coast assets of Hines Real Estate Investment Trust, a Houston property lessor, for $1.2 billion.

Saban Capital Group, in tandem with Campus Advantage, bought 19 student-housing properties from American Campus Communities for $508 million.  



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