Market at a Glance: Soundcore makes transition from independent sponsor

It was another busy couple of weeks for U.S. buyout and mezzanine firms, which added more than $3 billion to their year-to-date fundraising tally and more than $14 billion to their year-to-date deal-making tally.

Through July 25, U.S. buyout and mezzanine firms had raised $112.4 billion year to date, trailing by 20 percent the year-earlier period’s tally of $141 billion.

At the same time they’ve closed $139.7 billion in deals, a third more than the year-earlier pace of $104.5 billion.

Soundcore Capital, making the transition from independent sponsor, closed its debut fund raised from institutional investors at its $350 million cap. Placement agent UBS pitched in its fundraising services.

The firm pursues buy-and-build investments in such fields as business services, specialty distribution and value-added manufacturing. The two founding executives had spent time at Sun Capital Partners.

Another firm with a Sun Capital pedigree and UBS as placement agent closed a fund in the past two weeks: Aterian Investment Partners, whose third fund closed at just over its $350 million target.

The firm pursues more complex transactions, such as turnarounds and companies in need of significant operational help.

More evidence of the popularity of industry-focused funds came from Lorient Capital, which reached the $122 million sought on its health-care-focused fund.

The firm backs companies requiring equity infusions of $10 million to more than $50 million in PPM, post-acute care, behavioral health and outsourcing.

Looking ahead, Buyouts reported this month that Platinum Equity, which recently sold a minority stake to Dyal Capital, would seek up to $8 billion for its fifth flagship fund.

The firm closed its debut small-cap fund at $1.5 billion in July. The Los Angeles buyout shop was founded by Tom Gores.

Market At A Glance_08062018


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