Market at a glance – Warburg goes to China

U.S.-based buyout and mezzanine fundraising added $8.5 billion since Buyouts last went to press. The total now sits at $176.8 billion and trails the year-earlier total by $36.3 billion, or 17 percent.

Warburg Pincus reached the $2 billion goal on its first fund dedicated solely to Chinese buyouts. The China Fund completed its fundraising campaign in six months.

Solace Capital Partners had a successful first fundraise, wrapping up its maiden fund on $576 million, above the $500 million target. KarpReilly hit the $200 million target and closed its third primary fund.

EnCap Investments returned to the fold just two years after its previous flagship. Its Energy Capital Fund XI seeks $6.5 billion in commitments. Another firm back on the fundraising trail is Brentwood Associates. The consumer-focused shop is aiming for $750 million for Fund VI. Emerging manager Astra Capital Management, based in Washington, is targeting $250 million for its debut fund focused on communications and technology.

Deal-making surged, adding $13.4 billion to its yearly total. The year-to-date figure is now $152.6 billion, which is $17.1 billion – or 10.1 percent – behind this time in 2015.

Of the deals with disclosed value, a pair reached the $4 billion level.

Riverstone Holdings acquired Talen Energy, an electric-power distributor, for $4.3 billion.

Emerson Network Power, which makes communications and network products, was bought out by Platinum Equity for $4 billion.


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