The recent heat wave hasn’t slowed U.S.-based buyout and mezzanine fundraising, which had another scorching surge. Since the last issue of Buyouts, fundraising added $18 billion to its year-to-date total, which surpassed the $200 billion threshold four months sooner than it did in 2018.
Platinum Equity led the round. The California-based firm, founded by Tom Gores, raised more than $7.1 billion of a targeted $8 billion for its fifth fund. The firm closed its fourth flagship at $6.5 billion in 2017.
Providence Equity Partners was busy in the market, raising more than $3 billion across two funds. The firm raised $2 billion, hitting its hard cap, for its fourth strategic growth vehicle, according to sister publication PEI. The fund also brought in another $1.2 billion for its eighth flagship, which has amassed $5.7 billion. Buyouts previously reported the fund had a cap at $6 billion.
Searchlight Capital raised the third most, raking in $2.76 billion, surpassing its $2.75 billion target. Buyouts previously reported that the firm has a hard cap of $3.25 billion.
Great Hill was next, with $2.5 billion for its seventh buyout fund, beating its original target of $2 billion. The fund, which hit the market in February, was oversubscribed.
Dealmaking finally crawled over the $100 billion threshold, adding $8.2 billion to its year-to-date total, which now stands at $106 billion, $34 billion behind its 2018 year-to-date total. Two deals surpassed $1 billion.
The largest deal belonged to Siris Capital Group, which acquired Electronics For Image Inc for $1.8 billion. EFI is a manufacturer and wholesaler of digital printers. On completion EFI shares were delisted from NASDAQ.
ArcLight Capital Partners acquired the remaining shares of American Midstream Partners for $1.5 billion. The pipeline transportation services of natural gas was delisted from NYSE upon completion.