First-time manager DCP Capital raised the largest fund in April, collecting $2.5 billion across its main fund and separate vehicles against a $1.5 billion target.
The Beijing-headquartered firm was founded in 2017 by two former KKR partners, including David Liu, who was previously co-head of KKR Asia and chief executive of the firm’s China business. The New York State Teachers’ Retirement System made a $100 million commitment to the fund, according to PEI data. DCP will back five core sectors: consumption upgrade, healthcare, education, environment protection and internet-plus related sectors.
New York-headquartered Arsenal Capital Partners takes the second spot, having raised $2.36 billion last month for its fifth flagship fund. Fund V is roughly 80 percent larger than its predecessor, the $1.3 billion 2015-vintage Fund IV. The US mid-market firm targets specialty industrials and healthcare platforms between $100 million and $500 million of enterprise value. Fund V had a 94 percent re-up rate from existing investors and the fundraise was completed less than four months after launch, the firm said in a statement. Nearly 60 percent of the capital came from the US, 33 percent from Europe, and the balance from the Middle East, Asia and Australasia. Minnesota State Board of Investment committed $100 million to the vehicle.
London-based Inflexion Private Equity, meanwhile, completed a double fundraise over the month, collecting a total of £1 billion ($1.3 billion; €1.2 billion) for Inflexion Enterprise Fund V and Inflexion Supplemental Fund V. The funds were oversubscribed and secured commitments at their hard-caps of £400 million and £600 million respectively, the firm said in a statement.
Enterprise Fund V is focused on the UK lower mid-market and will invest between £10 million and £35 million in companies. Inflexion Supplemental Fund V will back larger deals and will invest primarily alongside Inflexion Buyout Fund V, a £1.25 billion fund, and Inflexion Partnership Capital Fund II, a £1 billion fund. Illinois Municipal Retirement Fund committed £50 million to Supplemental Fund V and £20 million to Enterprise Fund V, according to PEI data.
Meanwhile, Canadian firm Clairvest Group held a one-and-done on its sixth vehicle on its $850 million hard-cap. Marketing of CEP VI commenced in January 2019 with a target size of $800 million. Clairvest’s commitment to the fund is $230 million alongside $620 million from third party investors. The Toronto-based buyout group invests in mid-market companies in North America. Fund VI is its largest fund to date, PEI data show.