Even with tight debt markets and an economic downturn, investors still love to put capital in private equity funds. After PE firms secured $58.5 billion in the
first quarter -- with $27.6 billion of the tally dedicated to buyout funds -- LBO shops continue to keep fundraising going strong as Advent International Corp. and the Carlyle Group announce two new funds.
- Advent International announced Monday the closing of its ninth fund, GPE VI, with $10.4 billion. The desire of limited partners to get into the fund was intense, as Advent said that it received over $15 billion of interest from investors, allowing the firm to blow past its original target of $7.8 billion by more than 30%. The Boston- and London-based LBO shop invests in midmarket to upper-midmarket companies primarily in Europe and North America, and it claims the new fund is the largest middle-market fund ever.
- Also announcing a new fund was the Carlyle Group, which wrapped up its second distressed debt and corporate opportunities fund, Carlyle Strategic Partners II, with $1.35 billion. Carlyle said the fund, which is twice as large as its predecessor fund, will continue the same strategy of the $652 million earlier fund and buy the debt and equity of operationally sound, financially distressed companies.
- George White
See story about Advent from TheDeal.com
See Advent press release
See Carlyle press release
See Dealscape post on first-quarter PE fundraising
See Dealwatch on PE & VC fundraising
