Fundraising

An unusual aspect of LightBay’s funds is that the firm offers a fixed amount of its management fees and carried interest to its LightBay Foundation.

The manager has raised $4.8bn for Dover XI, which has an ambitious target of $12bn.

A dedicated program is expected to be unveiled in the third quarter, co-president Scott Kleinman said in the firm’s Q1-2023 earnings call.

The fund reached its hard cap four months after launch.

Despite the tough fundraising landscape, Apollo aims to surpass the $130bn it gathered over 2022 this year.

Fund VII does not have a target, sources tell Buyouts. It will continue raising capital, they say, with Silver Lake expected to announce a final closing before the end of the year.

Buyouts has identified 10 intriguing first timers that are today braving a brutal fundraising market. Reflecting an array of backgrounds and strategies, we plan to keep close tabs on them in the months ahead.

“While we believe that we will attract a significant amount of capital for our next vintage of buyout funds, we no longer expect these funds in the aggregate to be the same size as their predecessors,” CFO Curt Buser said.

The buyout giant’s new chief executive plans to instil more discipline around operations, noting 'we are not going to rush', according to the firm's Q1 earnings call.

Folium Fund II will invest in climate-focused agriculture and forestry assets.