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The credit crisis may have put private equity dealmaking on the sidelines, but fundraising among private capital firms is still going strong and is on pace to surpass the record set in 2007's banner year.
According to statistics released Tuesday by Dow Jones Private Equity
Analyst, LBO firms raised $222.6 billion through 264 funds during the
first three quarters of 2008, 11% more than the $200.4 billion raised
by 298 funds in the same period last year.
While fundraising is up, the types of vehicles limited partners are piling into has shifted to distressed and mezzanine funds. Distressed firms closed 18 funds raising $37.9 billion this year, an increase of 28% from $29.5 billion in 16 funds at this point last year. Likewise mezzanine vehicles are having a breakout year as their role in financing deals has grown far more important in light of the credit crisis. Mezzanine funds secured $36.9 billion from 13 funds, compared to $3 billion from nine funds through the third quarter of last year. Less money is going into traditional LBO vehicles however. Private equity firms raised $103.3 billion from 77 funds, a drop of 12% from the 98 funds that raised $118 billion last year. Venture capital was flat as 107 funds took in $19.7 billion compared with 103 funds raising $19 billion a year earlier. - George White See Dow Jones report See Dealwatch on PE/VC fundraising Categories Deal Video
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