PE fund briefs, week of June 2, 2008

AXA raises new fund

AXA Private Equity has raised nearly $2.5 billion for its fourth mid-cap buyout fund, which will mostly focus on opportunities in France, Germany and Italy.

Onex raising $4.5B

Onex Corp. is raising upwards of $4.5 billion for its third private equity fund, according to a regulatory filing. The Toronto-based company already has secured more than $2.4 billion, and is using Credit Suisse as a placement agent. Onex Partners II closed in 2006 with about $3.4 billion in commitments.

Alterna eyes $1B for inaugural effort

Alterna Capital Partners is raising $1 billion for its debut fund, according to LBO Wire. The Wilton, Conn.-based firm is managed by the former core capital asset equity investment team from Citigroup, and it is using CP Eaton as a placement agent.

TPG sets sights on $7B

TPG Capital is targeting $7 billion for a new fund focused on the financial services market, according to LBO Wire. It already has secured a $2.5 billion commitment from GIC and $100 million from the New Jersey State Investment Council.

Water banks on $600M

Water Street Healthcare Partners has held a first close on its second fund, according to LBO Wire. The close was near the Chicago-based firm’s $600 million target, with a final close expected within the next few weeks. Limited partners include Adams Street Partners, Goldman Sachs and Allianz Group.