US-based mid-market managers dominated March’s largest fund closes while three European managers – including a first-time fund – raised more than $1 billion each, PEI data show.
San Francisco-headquartered Arcline Investment Management secured $1.5 billion against a $1.25 billion target for its debut buyout fund. Capital raised for Arcline Capital Partners will back US mid-market buyouts. Arcline was set up in 2018 by former Golden Gate Capital managing director Rajeev Amara. Texas Municipal Retirement System invested $50 million in the fund.
London-based mid-market firm Novalpina Capital, led by former TPG Europe chief Stephen Peel, closed its debut fund on its €1 billion target after launching in 2017.
By size, Boston-based Summit Partners raised the largest fund of the month, gathering $900 million more than its original $4 billion target for its 10th growth equity vehicle. The oversubscribed fund only launched in the fourth quarter of last year. Pennsylvania Public School Employees’ Retirement System and Minnesota State Board of Investment each committed $150 million to Fund X, while Teachers’ Retirement System of Louisiana contributed $75 million, according to PEI data.
Summit Partners made a $400 million GP commitment to Fund X, according to a statement from the firm.
Mid-market, industrials-focused firm American Industrial Partners held a $3 billion first and final close on its seventh fund after just three months on the fundraising trail. Fund VII is about 60 percent larger than its 2015-vintage, $1.85 billion predecessor and received a $75 million commitment from Massachusetts Pension Reserves Investment Management Board.
Rhode Island manager Nautic Partners comes in next with its $1.5 billion Nautic Partners IX. The vehicle hit its hard-cap and received capital commitments from Rhode Island State Treasury and Texas County and District Retirement System. Healthcare, industrial products and outsourced services are its main investment sectors.
Five Arrows Principal Investments, the European corporate private equity business of Rothschild Merchant Banking, gathered €1.25 billion against a €1 billion target for its third vehicle, while Pan-European manager Keensight Capital closed Keensight V on its €1 billion hard-cap, exceeding the original target of €750 million.