U.S.-based buyout and mezzanine funds enjoyed a fundraising frenzy since the last issue of Buyouts, nearly tripling the YTD 2019 total to $39.2 billion. Big firms with big funds helped push the 2019 year-to-date tally past the same-time 2018 total by $16.9 billion.
Thoma Bravo outraised all active fundraisers, closing its 13th flagship at $12.6 billion. This was Thoma’s largest fund.
TCV closed its 10th growth equity fund with $3 billion. The fund exceeded its original target by $500 million.
More growth-equity fundraising came from General Atlantic, which added $2.4 billion to its fourth fund. The fund now stands at more than $3.3 billion.
Carlyle Group raised $1.55 billion (€1.35 billion) for its CETP IV fund – in only three months. The fund will target midsized tech companies in Europe and the U.S.
Edgewater Funds raked in $1.3 billion for its fourth growth-equity fund, focused on the middle market.
Apollo Global’s third natural resources fund brought in $1.2 billion. The fund is targeting $4 billion.
Dealmaking also had its best boost this year, adding more than $12 billion. It surpassed its YTD 2018 total by $1.3 billion.
Two deals crossed the billion-dollar threshold.
Global Infrastructure Partners acquired the shares it did not own of EnLink Midstream Partners for $8.8 billion. EnLink is the Dallas pipeline transportation service for natural gas.
Kai Rong, ultimately owned by KKR, acquired LCY Chemical for $1.2 billion. LCY makes chemical products.