In the past two weeks U.S.-based buyout and mezzanine fundraising picked up its summer slack and added $7.8 billion to the 2018 total, six times the previous two-week amount reported in Buyouts. Despite the surge, funding still trails its YTD 2017 total by $26 billion.
Audax Private Equity led the pack, closing its sixth fund above the $3 billion target at its hard cap of $3.5 billion. Audax invests in middle-market companies with headquarters in North America.
Exceeding its initial target of $650 million, Webster Capital closed its fourth fund at its hard cap of $875 million. The fund was oversubscribed and received commitments from new and returning LPs, a news release shows.
Raine Group added at least $653 million of commitments to its third fund, which is still in the market.
Center Rock Capital Partners closed its debut at $580 million, well above its target of $450 million. The fund will invest in the lower-middle market.
Deals completed during these two weeks were even stronger, adding $12.3 billion since the previous Buyouts issue. The YTD 2018 total now surpasses $162 billion, 17 percent more than the YTD 2017 total.
Only one deal disclosed broke the billion-dollar mark: the acquisition of Zephyr Renewable by Global Infrastructure Partners, which is jointly owned by GE Infrastructure and Credit Suisse. Global Infrastructure acquired the provider of electric services for an estimated $7.8 billion.
The next largest deal disclosed was in retail. Brynwood Partners acquired JM Smucker Co, the Orrville, Ohio, producer of canned fruits and vegetables, for $375 million.