Fundraising

While GP-led inventory is high, capital chasing such deals remains limited to a small universe of buyers. Private equity firms like Leonard Green have seen opportunities to move into the under-capitalized space.

Asia VI is 50 percent larger than its predecessor, CVC Capital Partners Asia V, which was raised in 2020 and closed at $4.5 billion.

Ballast is led by managing partner Jon Popielarski, a former director of private assets at Employees’ Retirement System of Rhode Island.

The fund's limited partners include endowments, foundations, insurance companies and family offices.

Tokyo-based Basic Capital Management is back in the market for its latest strategy after a nearly four-year hiatus since its last flagship.

Fundraising is slow and especially so for emerging managers, who have seen their share of the private equity capital share fall precipitously over the past two years.

Emerging manager fundraising is down in the tough market, with first-time funds globally raising around $25bn last year, compared to $47.6bn in 2022, according to Buyouts data.

Carlyle Renewable & Sustainable Energy Fund II is targeting $1.6bn with a hard-cap of $2bn.

The private equity firm raised $685 million for its third flagship fund, CORE Industrial Partners Fund III and $202 million for its new fund, CORE Industrial Services Fund I.

The closings were 'a significant accomplishment, given the persistent industry headwinds in private equity fundraising', CEO Jon Winkelried says.