A couple of firms helped to brighten fund-raising activity during the past week, but the climate remains difficult for buyout and mezzanine shops to secure pledges.
Year-to-date, buyout firms have raised about $39.5 billion in commitments.
One of the firms that lifted the fund-raising total during the past week was The Blackstone Group. The New York-based firm raised $8.6 billion for its sixth buyout fund, Blackstone Capital Partners VI LP. Meanwhile Boston-based TA Associates Inc. secured $4 billion for its latest investment vehicle, TA XI, which was targeted at $3.5 billion.
However, Kohlberg Kravis Roberts & Co. pushed back its plans to market its next North American buyouts fund until next year because of market conditions. It had planned to launch the vehicle in early 2009.
Thomson Reuters (publisher of PE Week) tracked eight LBO transactions during the past week. Year-to-date deal flow was nudged a bit higher to about $7.85 billion.
American Industrial Partners was involved in the only deal with disclosed financial terms. Its American Industrial Partners Capital Fund IV purchased Fleetwood Enterprises Inc.’s motor homes business. The transaction has a rank value of $53 million. Fleetwood is a bankrupt Riverside, Calif. -based maker of recreational vehicles and motor homes. The transaction includes five plants in Decatur, Ill.
Another notable leveraged buyout in the past week involved i2 Inc., which is an indirect unit of Silver Lake. The company merged with Knowledge Computing Corp., a Tucson, Ariz.-based developer of analysis software. The combined company will operate under the i2 name. —Eamon Beltran