Buyout and mezzanine firms have collected $247.1 billion in capital commitments so far this year.
The past week’s activities were led by
London and New York-based TowerBrook Capital Partners had secured $1.7 billion in commitments as of the end of the first quarter. The firm raised $1.3 billion for fund II, which closed in March 2006.
Towerbrook Capital targets mid-sized and large companies in Europe and North America. It invests mainly in leveraged buyouts, leveraged build-ups and distressed situations. Among its LPs is Kansas Public Employees Retirement System, which pledged up to $25 million to fund III.
Towerbrook Investors I, as of the end of last year, had generated a net IRR of 41.5% and an investment multiple of 2.8x for the California Public Employees’ Retirement System. Towerbrook Capital, which was spun out of Soros Private Equity in April 2005, was still effectively part of Soros when it raised fund I. CalPERS is also an investor in fund III.
In addition to Towerbrook, New York-based
(publisher of PE Week) has tracked only five LBO transactions during the past week. The only transaction with a disclosed price was