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Closed-ended private equity funds in or coming to market on
1 October 2015 were targeting more capital that at the same point a year ago. With
only distressed or turnaround vehicles seeing less capital targeted at them, PEI’s
Research & Analytics team decided to take a closer look at the funds in
market focused on these strategies.
There were 2,413 closed-ended private equity vehicles in or
coming to market at the end of Q3 2015. Of these, 37 were distressed and
turnaround funds, the same as a year ago.
In total, $22.14 billion is being targeted collectively by
distressed and turnaround vehicles. North America is the focus of 64 percent of
this capital, with 22 funds in market targeting $14.1 billion to invest in the
The largest distressed or turnaround vehicle on the road at
1 October was the North America-focused 3G Special Situations Fund IV, which
opened in November 2014 with a target of $5 billion.
Vehicles with a global or European remit represent
20 percent ($4.35 billion) and 15 percent ($3.34 billion) of total capital
targeted respectively. Oaktree Principal Fund VI, with a global focus, is the
second largest distressed or turnaround fund in market targeting $3 billion.
Just two percent of distressed or turnaround funds
in market at 1 October were Asia-Pacific-focused. With the exception of Latin
America, the Middle East and Africa – which were not targeted for distressed or
turnaround investment – this represented the smallest proportion by region.
There were five vehicles on the road planning to
invest in Asia-Pacific, with a target size of $339.05 million. The largest of
these is Helmsman Capital Fund III, which launched in March 2012 targeting
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