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 Over the past two months, fund-of-funds managers have closed on roughly $5.1 billion in fresh capital to invest in private equity, venture capital and real estate vehicles. Additionally, three firms have reportedly begun raising around $2 billion for the sector in recent weeks. The largest closings were made by Siguler Guff Co. LLC, Horsley Bridge Partners, Morgan Stanley Investment Management and Abbott Capital Management, which all wrapped up $1 billion or more. Siguler Guff wrapped up $2.4 billion to back private equity firms investing in distressed securities. (The Deal Pipeline subscribers can read more here.) San Francisco's Horsley Bridge secured $1.54 billion for venture capital and small LBO shops in Asia and Europe, according to VentureWire. The firm is reportedly a limited partner for U.S. venture capital heavyweights, including Kleiner Perkins Caufield and Byers and Foundation Capital, and the new vehicle follows a $1.76 billion U.S.-focused fund that closed in June 2008, according to Venturebeat. Morgan Stanley Private Markets Fund IV closed 15% higher than its 2006 predecessor fund and will bankroll LBO, venture capital and special situations managers primarily in the U.S., Western Europe and emerging private equity markets. Likewise, the $1 billion Abbott Capital Private Equity Fund VI will be contributing to buyout, special situations, venture capital and growth equity funds in the U.S. and other developed markets. Abbott now has around $6.6 billion invested in 200 funds, according to AltAssets. There are also a number of firms out marketing new vehicles. With the completion of a breakaway from Lehman Brothers Holdings Inc., Neuberger Berman began marketing a new Crossroads fund-of-funds with a $1.25 billion target. The firm told Reuters that early indications are that investors are already prepared to ante up $500 million for the fund. Infrastructure Development Finance Co. is also launching a private equity fund-of-funds unit out of its Singapore office. The vehicle is targeting $500 million to bankroll LBO shops, focused on Asian emerging markets, particularly China and India, Dow Jones Newswires reported. Rounding things out is Henderson Global Investors, which is reportedly in the early stages of launching a North American commercial real estate fund-of-funds business, according to Real Estate Finance and Investment. But not everyone is gung-ho on the sector. New York State's pension fund is cutting the size of its allocation to private capital funds-of-funds, but at the rate that new money is going into the sector, a pullback by the Empire State will likely be only be a bump in the road. - George White See PE/VC fund raising Dealwatch
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