Market at a Glance: Vista, Lindsay Goldberg lead fundraising surge

U.S.-based buyout and mezzanine fundraising wasted no time in shaking off the summer rust. Since the last issue of Buyouts, fundraising added $10.8 billion to its year-to-date total, which is now at $238.6 billion— more than $100 million more than this time last year.

Vista Equity led the charge, adding another $4.6 billion to its seventh tech buyout fund, which has closed at $16 billion. Vista closed its predecessor fund at $10.6 billion in 2017.

Lindsay Goldberg was second in fundraising, raking in more than $2.8 billion for its fifth flagship. Its fourth fund closed at $3.6 billion in 2015, down from its third fund, which closed $4.7 billion in 2009.

Ford Financial Fund also hit the billion-dollar threshold with its third fund, which raised more than $1 billion. The fund is co-managed by Gerald J. Ford and Carl B. Webb and focuses on investments in community banks.

Freeman Spogli helped add to the frenzy. It added $742 million to its eighth fund, which closed at its hard cap of $1.85 million. Lazard was the lead placement agent, while Ropes & Gray LLP provided legal counsel.

Dealmaking also picked up from its summer sluggishness, but continues to underwhelm this year. Since the last issue of Buyouts it added $5 billion to its year-to-date total, which now stands at just $118.8 billion.

The largest deal belonged to Mechanics Bank, a unit of Ford Financial Fund, which acquired Rabobank NA, a unit of Cooperative Rabobank UA, for $2.1 billion. Rabobank NA is a provider of commercial banking services.

Oaktree Capital Group almost hit the billion-dollar mark. It acquired Solvia Desarrollos Inmobiliarios, a Madrid-based provider of land subdivision, from Banco de Sabadell for $979 million.