Better Late Than Never: Avista Closes Second Fund
Avista Capital Partners yesterday closed its second fund with $1.8 billion in commitments, after more than 15 months in market, peHUB has learned. Following a first close on around $1 billion in August 2008, Avista basically sat on the sidelines while the financial world -- and PE fundraising environment -- collapsed around it. After gaining a fundraising extension in August 2009, the firm decided to tap the market again with a lowered target of around $2 billion (it had originally sought between $2.5 billion and $3 billion). Thompson Dean, Avista's co-CEO and co-managing partner, said the firm did not lower its target to merely appease LPs, but as a result of the dramatic changes in the market. “It was a reflection of reality,” he explained.
