piotrk

Ares hits hard cap on fourth special situations fund

Distressed debt specialist Ares Management has hit the hard cap for its fourth special situations fund, raising $1.5 billion from 68 investors, according to a Form D filing.

KSL raises three-quarters of Fund IV

KSL Capital Partners, a Denver-based private equity firm that backs high-end resorts, has raised more than three-quarters of the $2.25 billion target for its fourth fund, according to a Form D filing.

Market at a glance

U.S.-based buyout and mezzanine fundraising remained strong over the past two weeks, jumping by nearly $5 billion to stay $6.6 billion ahead of the total at this time last year.

LP Scorecard: This Carlyle/Riverstone fund is among lowest performing pools for CalPERS

The California Public Employees’ Retirement System is widely regarded as one of the largest and most successful pension funds in the United States. However, for all its hits, there are some misses mixed in there as well. The accompanying table shows the worst funds by IRR, excluding vintage 2010 funds and younger.

Q1 2015 Financial and Legal Advisor League Tables

Download the year-to-date league tables for financial and legal advisers.

Chart of the week: Will U.S. fundraising set high-water mark in 2015?

For the past four years the Q1 fundraising totals average 16.9 percent of what turned out to be the the yearly tallies. Using that same formula the year-end fundraising total for U.S. sponsors of buyout and mezzanine funds is projected to burst through the $300 billion threshold and set a new record this year. The surge in fundraising stems from a combination of high demand from institutional investors recycling record levels of distributions along with a healthy supply of mid-market and mega-funds raising capital.

Chart of the week: These top 10 oversubscribed funds have nearly $4.5 bln more than they sought

Investors can’t seem to get enough of their favorite buyout and mezzanine funds sponsored by U.S. firms. Of the funds that have closed this year, nearly three-fourths finished above their targets. The accompanying table shows the top ten funds closed in 2015 by the amount of capital they were oversubscribed by.

Market at a glance

U.S.-based buyout and mezzanine fundraising has gotten off to a rapid start in 2015 thanks in part to a number of firms opening up new funds. This year’s tally remains more than $14 billion ahead of last year’s total at this time.

Who was hiring in Q1 2015

See the accompanying table to see which private equity firms were hiring in the first quarter of 2015.

LP Scorecard: TPG, PAI Partners generate highest cash-on-cash returns for Pennsylvania PSERS

TPG Capital and PAI Partners lead the way in generating the highest cash-on-cash returns for Pennsylvania Public School Employees’ Retirement System’s portfolio as of June 30.