U.S.-based buyout and mezzanine fundraising slowed over the past two weeks. Since Buyouts last went to press, the yearly total grew by $3.4 billion, a low number for the year’s fervent pace. Thus far in 2017, $109.1 billion has been raised, ahead of this point last year by $20.1 billion, or 22.6 percent.
Lower-middle-market funds fueled the recent fundraising activity.
Carnelian Energy Capital wrapped its oversubscribed sophomore fund at its hard cap of $600 million. Carnelian focuses on the lower-to-middle-market North American oil-and-gas sector.
Alpine Investors also hit the hard cap, with the final close of its sixth fund. The San Francisco PE firm invests in lower-middle-market software companies and closed Alpine VI at $532 million.
River Associates Investments, another lower-middle-market firm, reached a final close on its latest oversubscribed vehicle. River VII finished with $285 million, exceeding its $250 million target.
Deal-making also took a step back in the past two weeks, with its total growing just $4.4 billion. The yearly aggregate now sits at $85.6 billion, ahead of 2016’s total by $1.2 billion, or 1.5 percent.
Vista Equity Partners commanded the largest deal in the period. Vista acquired DH Corp, a Toronto software publisher of financial solutions, for more than $3.4 billion.
New Mountain Capital was next up with its leveraged buyout of OneDigital Health & Benefits, buying out the Atlanta insurance brokerage for $560 million.
Jive Software, a developer of business communication and collaboration solutions, had its entire share capital procured by ESW Capital for nearly $302 million.
Additional Data
IPO REGISTRATIONS BY SELECT PRIVATE EQUITY H-BACKED COMPANIES IN 2017 YTD
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