Market at a Glance: Fundraising hits the brakes

The fundraising frenzy couldn’t last forever.

U.S.-based buyout and mezzanine fundraising drastically slowed. Since the last issue of Buyouts, fundraising added $1.3 billion to its YTD total, which now stands at $140 billion — $61 billion more than the 2018 YTD total.

Proterra Investment Partners outraised all firms. Its sustainable agricultural fund raised more than $303 million and will invest to help meet rising food demand, specifically in land conversion and development, land management and operations and related infrastructure.

Butterfly Equity also looks to invest in agriculture and food production. The Los Angeles firm added another $245.5 million to its sophomore fund, which now stands at $429 million.

Constitution Capital Partners makes direct equity investments in the lower-middle market, within consumer discretionary, industrial and healthcare. Its fifth fund added $209 million, bringing the total to more than $325 million.

On the mezzanine side, HPS Investment Partners continued to add to its fourth fund, which is targeting $8 billion. The firm added more than $166.9 million to the fund, which stands at $1.23 billion.

Dealmaking had a slower two-week period, adding $400 million to the YTD 2019 total. It now stands at $87.5 billion, $8.6 billion above the YTD total for 2018.

The largest deal belonged to Sumeru Equity Partners. The firm acquired a majority interest in Criteria Corp, the Los Angeles software provider, for $56 million.