44 percent of total capital raised will be deployed in North America, more than in any other region. Funds focused on Asia-Pacific also had a good start to the year securing $13.7 billion, which is 40 percent more than in the same period last year. Baring Asia Private Equity Fund VI was the largest fund to close at $3.9 billion with a specific focus on China and India.
Venture capital and growth funds raised $26.8 billion – 35 percent of the total capital raised last year for the strategy. The strategy is set for a strong year if it continues the momentum. NGP Natural Resources XI, a venture and growth energy fund, was the largest to close in the quarter raising $5.3 billion. The North America-focused fund closed $800 million ahead of its target.
There are over 2,100 funds currently raising capital, with an aggregate target size of $725 billion. Both Blackstone and TPG are currently raising funds targeting in excess of $10 billion. We predict another strong year for private equity fundraising and a continuation of the theme of more capital being raised by a select group of GPs.