In the first quarter of 2014, 144 funds with publically disclosed targets held final closes totaling $71.29 billion. Of such funds, 122 either met or exceeded its targets – a 19 percent increase from Q3 2013.
In Q1 2014, 85 percent of the capital raised was obtained from funds that met or surpassed their targets. Hayfin Direct Lending Fund for example, raised $850 million above its target of $1.9 billion. GTCR Fund XI, Affinity Asia Pacific Fund IV and TDR Capital III are also among those that surpassed targets by $600 million, $300 million and $370 million respectively.
The number of funds that missed targets declined by almost 50 percent between Q3 2013 and Q1 2014. Within the top ten funds to close in Q1 2014, TCV VIII is the only fund that did not meet its target. The North American venture capital fund fell short of its target of $2.5 billion by $270 million.
Note: Only funds that published a target are included in the data.