U.S.-based buyout and mezzanine fundraising finished 2018 strong, closing with $244.5 billion, edging out 2017’s $241.7 billion.
Fundraising kicked off 2019 by adding $3.3 billion since the last issue of Buyouts, a far slower start than the YTD 2018 total of $14.5 billion.
Lone Star started the year by adding more than $914 million to its 11th flagship. The fund now has more than $5.5 billion of a targeted $7.5 billion.
Healthcare-focused WindRose Health Investors closed its fifth fund at its $705 million cap. The fund was oversubscribed.
New Energy Capital, which is targeting $500 million for its sophomore energy-infrastructure fund, raised more than $474 million.
Levine Leichtman Capital Partners added more than $464 million to close its sixth flagship. That brought the fund’s final close to $2.5 billion, surpassing its $2.2 billion total.
Dealmaking finished 2018 even stronger, with more than $289 billion, $89 billion more than the prior year. But it also had a slow open to 2019, adding only $1.3 billion.
The largest deal was Thoma Bravo’s $950 million buyout of Veracode. Thoma Bravo bought the Burlington, Massachusetts, software provider from Broadcom.
Two deals involved Italy’s Banca Monte Dei Paschi. The larger was an investor group’s acquisition of the bank’s nonperforming-loans portfolio. The group, which included Balbec Capital, paid $176 million.
Bain Capital acquired the Siena commercial bank’s nonperforming-loans portfolio for $72 million.