Market wrap up: Peninsula Capital nears $350M target

U.S.-based buyout and mezzanine shops obtained $52.2 billion in capital commitments to date 2009, while year-to-date deal volume inched up to about $22.64 billion.

It was a light week in terms of fund-raising news. On the deals front, there were more transactions during the most recent period compared to the prior week, but the disclosed valuation was much less.

Peninsula Capital Partners received $276.8 million in capital commitments for its latest mezzanine fund, Peninsula Fund V, which has a $350 million target. The firm specializes in subordinated debt and structured equity investments in middle-market companies, according to the Detroit, Mich.-based firm’s website.

The Carlyle Group also raised $22.35 million in pledges from nine investors for Carlyle Realty Distressed RMBS Partners III, according to an SEC filing. The vehicle will invest in distressed residential mortgage-backed securities.

Thomson Reuters (publisher of PE Week) tracked 10 leveraged buyouts from Oct. 14 to Oct. 20. Four of the deals had disclosed financial terms that combined for $506.9 million.

The largest transaction was by Symphony Technology Group and Elliott Management Corp., which purchased MSC Software Corp., a Santa Ana, Calif.-based simulation software developer, for $234.1 million. The transaction is part of the software company’s transition to a privately held concern.

Another transaction involved Aurora Capital Group, which acquired HLTH Corp.’s Porex Corp., a maker of porous plastic products. The Los Angeles-based shop paid $142 million to complete the transaction. The consideration consisted of $74.5 million in cash and $ 67.5 million in senior secured debt.