Capital raised by the 10 largest funds in December reached nearly $31 billion, a 14 percent decrease from the capital gathered by the 10 largest in the previous month.
Leonard Green & Partners amassed $12 billion against a $10 billion target for its flagship private equity fund Green Equity Investors VIII. The California Public Employees’ Retirement System committed $600 million to the fund; Maryland State Retirement and Pension System, $100 million; and Kansas Public Employees Retirement System and Fubon Life Insurance, $50 million each, according to PEI data. In the same month, Leonard Green raised $2.75 billion for its debut mid-market fund Jade Equity Investors. Both funds were over-subscribed and closed at their respective hard-caps.
New York-based mid-market firm AEA Investors pulled in $4.8 billion for its seventh fund, a 50 percent increase from its $3.2 billion predecessor. AEA committed an additional $275 million of capital, representing the largest single investment in the fund, the firm said in a statement. LPs in the fund include Fubon Life and ICG Enterprise Trust, PEI data show. Capital raised for Fund VII will back businesses in North America and Europe with enterprise values generally between $250 million and $2.5 billion.
Harvest Partners, meanwhile, gathered $4 billion against a $3.25 billion target for Harvest Partners VIII, the largest vehicle the firm has raised thus far. LPs in the fund include Ohio Police & Fire Pension Fund, Los Angeles City Employees’ Retirement System and Alaska Permanent Fund. The New York-based firm invests in business services, healthcare, industrial services and manufacturing and distribution companies.
Growth-oriented mid-market manager Parthenon Capital Partners held a one-and-done on its sixth flagship fund, collecting more than $2 billion in commitments. Fund VI had a target of $1.75 billion. Texas Municipal Retirement System, Texas County and District Retirement System and Rhode Island State Treasury backed the fund. Capital raised for the fund will be invested in financial and insurance services, healthcare and business services.
Paris-based BlackFin Capital Partners collected €985 million for its third financial services-focused fund, exceeding its fundraising target of €750 million. Fund III is the firm’s largest fund thus far for the sector, having collected €220 million for its first vehicle in 2011 and €410 million for its second fund in 2016. The European Investment Fund and Los Angeles County Employees’ Retirement Association are LPs in the fund, PEI data show. Commitments came from a range of new global investors, with 40 percent of commitments coming from France, 30 percent from the rest of Europe and 30 percent from the US, the firm said in a statement.
Separately, a December filing with the US Securities and Exchange Commission shows that Blackstone‘s giant Capital Partners VIII fund had raised $24.5 billion. The filing shows the vehicle has $0 remaining to be raised. A spokesman for Blackstone declined to comment on the fundraise but it is understood that BCP VIII held its final close in October.