Kirk Falconer
The firm is set to hold a first close of $8bn for its latest flagship private equity fund and gathered $41bn of inflows across strategies in the second quarter.
TPG Partners IX and TPG Healthcare Partners II secured $10.6bn, or 57% of their combined target of $18.5bn, CFO Jack Weingart said in the firm’s Q2 2022 earnings call.
The firm's other flagship PE offering, Ares Special Opportunities Fund II, remains in the market after its hard-cap was bumped up to $7.1bn from $6.1bn.
'It is getting harder out there,' president and COO Jonathan Gray said in the firm’s second-quarter 2022 earnings call.
Of primary interest will be high-growth tech businesses that prove their mettle 'as the tide goes out,' says Leon Pedersen, CPPIB's new head of growth equity.
The firm's core PE strategy, which since inception has earned a 26% gross IRR, oversaw $32bn of assets at the end of March.
In its Q1 earnings call, Ares said it closed a second special opportunities fund at a $6bn hard-cap and will later this year or early next launch a seventh flagship corporate PE fund.
The issue is most relevant to private equity and the community of US pension plans, president and COO Jonathan Gray says.
Advent's prior flagship fund was showing outsized performance with a 3x net multiple and a 129.4% net IRR as of September.
The firm's co-chief executive says barriers to entry in the private assets industry have gone up.