Fundraising

China's fundraising environment looks even more bleak moving into 2022, as wary investors pause commitments to the market.

Few secondaries firms remain independent after a glut of M&A transactions this year.

Fund II’s rollout comes about two years after the close of RiverGlade’s inaugural fund. It secured $325m, ahead of an original target size of $300m.

Adams Street Partners has closed its 2021 global fund program at about $832 million.

Hayfin Capital has exceeded its target of 2 billion euros for its third special opportunities fund.

About 90% of Penfund’s deals involve mid-market companies backed by sponsors like Leonard Green & Partners, Hellman & Friedman, Genstar Capital and OMERS Private Equity.

The fund-of-funds will generally target lower-mid-market to mid-market buyout and growth funds, with a preference for debuts to Fund III.

Webster Equity Partners has raised over $1.24 billion for its fifth fund, according to an SEC filing.

Fund I held an initial closing in August, securing $140m, and is expected to hold additional closings in early and mid-2022.

Multistage investor Norwest Venture Partners has raised $3bn for Fund XVI, its largest fund to date and its first to include a formal ESG policy.