Market wrap up: Pledges keep trickling in for buyout shops

Fund-raising activity during the past week nudged the year-to-date total up to about $39.6 billion. Among the recent recipients of LP investments is Castle Creek Capital, which secured $50.7 million in capital commitments for Castle Creek Capital Partners IV, according to an SEC filing.

The Rancho Santa Fe, Calif.-based firm is seeking $500 million in pledges for the investment vehicle. Castle Creek makes control investments in banks with assets of $10 billion or less.

In addition, Veritas Capital will seek to obtain $1.25 billion in pledges for Veritas Capital Fund IV. The New York-based shop invests in middle market companies that provide goods and services to government-related customers.

In addition, TA Associates officially closed its well-received 11th fund with $4 billion in commitments. The Boston-based shop had a $3.5 billion target for the fund (See story, page 4).

Deal Activity

(publisher of PE Week) tracked 5 LBO deals from August 5 to August 12. None of the deals reported financial terms, resulting in year-to-date deal volume standing pat at $10.06 billion.

The Carlyle Group and Solus Alternative Asset Management were involved in most of the deals during the latest period. The two firms worked together to acquire several businesses from motor vehicle parts manufacturer Metaldyne Corp. Carlyle and Solus acquired the Plymouth, Mich.-based company’s chassis operations, balance shaft module business and tubular products business.

Friedman Fleischer & Lowe also acquired Atlanta-based Church’s Chicken from Arcapita Inc. Church’s Chicken is a fast food restaurant chain with more than 1,600 outlets worldwide.