U.S.-based buyout and mezzanine fundraising continued to surge, with three funds closing on at least $2 billion since the last issue of Buyouts. The YTD 2019 total sits at $51 billion, nearly double its YTD 2018 total.
TPG led the pack with the close of its seventh Asia fund at $4.6 billion. The fund exceeded its initial target of $4.5 billion and was the firm’s largest to date for that region.
Lone Star raised $2.7 billion to close its 11th flagship at $8.2 billion, beating its initial target of $7.5 billion. The firm closed its previous fund at about $5.5 billion.
Oak Hill Capital held its first close for its fifth flagship at $2 billion. The fund is targeting $3 billion.
Silver Point Capital added $732.8 million for its distressed opportunities fund, bringing its total to more than $1.5 billion.
On the mezzanine side, AEA Investments raised $570 million for its fourth fund.
Dealmaking also continued its late winter bloom by adding more than $18 billion to the YTD 2019 total. It is now $10 billion more than its YTD 2018 total.
The largest deal came from an investor group made up of CC Capital Management, Cannae Holdings and Thomas H Lee Partners, which acquired Dun & Bradstreet for $6.5 billion. D&B is the New York financial-information provider.
Not far behind was the $5.6 billion acquisition of software publisher Athenahealth by a specialty purpose vehicle composed of Evergreen Coast Capital and Veritas Capital Partners.