Firms & Funds

Fifth Street Management is moving up the capital stack.
BlackRock Inc, the world’s largest money manager, has disclosed $50 million raised from a single investor for a new vehicle, BlackRock Private Equity Partners VI US LP, following its exit from a direct private equity strategy and its earlier acquisition of Swiss Re’s fund-of-funds unit.
Prices eased on target companies in the second quarter, and sponsor contributions also declined, according to the latest quarterly data from the Leveraged Commentary & Data division of S&P Capital IQ.
U.S. buyout shops raised $12.8 billion in the latter part of July, bringing the industry’s total buyout and mezzanine funds raised so far this year to $89.9 billion. At this point last year, the industry had won $92.2 billion in investor commitments.
Kohlberg Kravis Roberts & Co said the $6 billion fundraise for KKR Asian Fund II LP drove a $4.2 billion increase to assets under management as it continues to soak up fresh capital for global dealmaking, but the marquee private equity firm said valuations of target firms continue to move up.
Goldman Sachs Asset Management, the money management unit of Goldman Sachs, and Post Oak Energy Capital committed $100 million in a direct investment in PetroEdge Energy III LLC, a new energy firm aimed at relatively untapped areas of the oil-rich Eagle Ford region of Texas.
The first half of 2013 was the strongest ever for issuance of collateralized loan obligations, although the pace is likely to slacken for the rest of the year, according to the offshore fiduciary Appleby Global Group Services Ltd.
New York City Public Pension Funds marked its largest commitments yet to private equity via marquee funds from Apollo Global Management and CVC Capital Partners. It was part of an overall $1.3 billion series of pledges by the $137 billion retirement system that also included first-time commitments to several emerging managers.
All the talk of zombie funds and the difficulty raising money has obscured a remarkable trend. Chicago buyout shop Winona Capital Management and a host of emerging managers are making substantial progress on debut, second and third funds.
Community bank investor Carpenter & Co has been discussing the possible launch of Carpenter Community BancFund  II LP with a proposed target of $425 million during portfolio updates with limited partners who have inquired about a new vehicle, according to a person familiar with the firm.
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