U.S.-based buyout and mezzanine fundraising started off the fourth quarter of 2019 as aggressive as it has been all year. Since the last issue of Buyouts, fund managers added $5.1 billion to the year-to-date total, which is now more than $251 billion.
Paine Schwartz led the latest round of fundraising with the close of its fifth food-chain fund, which exceeded its hard cap of $1.4 billion. The fund will focus on food and agribusiness.
Tailwater Capital narrowed in on the $1 billion target for its fourth energy fund, raising more than $800 million. The fund will invest in lower-mid-market midstream energy companies and is expected to hit its $1.1 billion hard cap in early 2020.
Kimmeridge Energy Management Co. also raised $800 million as it hit the hard cap of its fifth fund. The fund will focus on acquiring and developing unconventional assets in top-tier basins.
Sverica Capital Management also closed its fifth fund at its hard cap with $450 million. The fund will invest in technology, business services, healthcare and high-value industrial sectors.
Dealmaking finally showed some life, clocking in its strongest two-week performance this year. Since the last issue of Buyouts, it added $24.6 billion to its year-to-date total, which now stands at $148.1 billion.
The bulk of that addition came from Blackstone Group. Through an investor group composed of several of its own units, Blackstone acquired the U.S. logistics assets of GLP Pte Ltd, a Singapore-based lessor of real estate property for $18.7 billion.