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In a week that has seen Monument Group partner Alicia Cooney
investor interest in co-investments with Private Equity International, PEI’s Research & Analytics team
has analysed whether the data reflect this growing appetite.
After just three quarters, 2015 is the second most
successful fundraising year since 2011, behind only 2013 when a total of $14.84
billion of capital was gathered.
Co-investment vehicles have raised $9.03 billion to invest
globally in 2015 to date. With two months of the year left to go, this figure
is almost double the aggregate capital collected in 2014.
As seen throughout the private equity market in general,
the number of funds closed has fallen year-on-year while capital raised has
increased. However, between 2013 and 2015 to date, the number of co-investment
vehicles to have held a final close has remained at a steady rate of around 30
closes each year.
The average size of co-investment vehicles has therefore
also increased between 2014 and 2015 to date. In 2014, closed-ended
co-investment vehicles raised $140.86 million on average per fund. This year
that figure has reached $273.63 million.
Hamilton Lane Co-Investment Fund III collected $1.5
billion from investors by final close in June, making it the largest
co-investment vehicle to close in 2015 to date. Insight Venture Partners IX
(Co-Investors) follows close behind, at a total of $1.46 billion gathered by
fund close in August.
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