Managers

Wildly successful growth equity may wilt a bit in the short term as beaten-down tech valuations and other macro concerns prevail. But expect growth equity's ascent to continue, GPs told Buyouts, powered by digitalization trends.

In its Q1 earnings call, Ares said it closed a second special opportunities fund at a $6bn hard-cap and will later this year or early next launch a seventh flagship corporate PE fund.

The firm, which has raised €2.6bn for its debut lending fund, estimates the size of this market could grow to $700bn by the end of this decade.

Some 3,801 private equity funds in market are seeking approximately $1.2trn between them, according to PEI data.

Funds in market are seeking an almost 70% increase from the same time last year, according to PEI's latest quarterly fundraising report.

Fund VI, which has a potential hard-cap of $3.5bn, in December secured an initial $480m and was expected to hold additional closings in the first quarter.

Through the platform, New Jersey will invest in SMAs that will each have a target of $250m, which will then be allocated between 10 to 25 underlying private equity funds.

Many managers have concluded they don’t want to lose out on future growth of assets they’ve developed over a number of years, and continuation funds provide a structure to make that happen.

The deal is an example of the kind of GP-led secondaries deals that often proceed with little publicity in the mid-market but are driving volume.

KKR’s $19bn NA XIII, the largest fund in its history, is the first dedicated fund which will implement employee ownership across all majority-owned companies.