Despite the credit crunch, private equity fundraising is on track for another record, according to The Wall Street Journal’s Deal Journal blog. Citing sister publication, the Private Equity Analyst, the Journal said $199.4 billion had been raised by 295 U.S. private equity firms through the third quarter, well ahead of the $154.1 billion collected by 232 firms in the year-earlier period. While dealmaking sagged in the third quarter, and remains tepid, fundraising is likely to continue, notes Deal Journal:
With such firms as Apollo Management, the Carlyle Group and Warburg Pincus still in the market raising funds of $10 billion or more each, the tally looks likely to continue rising rapidly through year end, meaning U.S. fundraising could well break 2006’s record total of $254 billion.
After all, private equity investors — unlike the rest of Wall Street — usually keep their eyes on the long term, not just current circumstances. — Matthew Wurtzel
See post from Deal Journal
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