Market wrap up: New firms pop up

There wasn’t much fund-raising activity to move year-to-date figure higher this past week. The total remains at about $39.5 billion.

The gloomy market conditions that are forcing firms, such as Kohlberg Kravis Roberts & Co., to push back new fund-raising activities until next year aren’t stopping some firms from the market. In fact, some new firms are popping up.

USA!! For instance, Marwit Capital Partners is planning to return to the market with its third fund. Marwit Capital III will seek to $225 million in capital commitments. The Newport Beach, Calif.-based shop invests in lower middle-market companies that generate revenue of $15 million to $125 million. (See story, page 4).

In addition, some former American Capital employees have banded together to launch a mezzanine fund. The newly formed firm, called Boathouse Capital, based in Wayne, Pa., plans to invest up to $15 million in later stage businesses.

Deal flow

Thomson Reuters (publisher of PE Week) tracked nine LBO transactions during the past week. The period includes a transaction valued at more than $1 billion, which is a rare find in the current economic climate. KKR, with Affinity Equity Partners Ltd., acquired Oriental Brewery Co. Ltd., a South Korean-based beer and liquor brewer, from InBev NV for $1.8 billion. Year-to-date deal flow, which benefited from the Oriental Brewery transaction, climbed to about $9.65 billion.