Overall, the 10 largest fundraises for May gathered $41.7 billion between them, more than double the 10 largest fundraises in April that reached $19.5 billion, PEI data show.
This was driven mainly by Ardian’s largest-ever secondaries programme.
Ardian amassed $14 billion for Ardian Secondary Fund VIII and $5 billion for co-investments. ASF VIII attracted more than 275 investors from nearly 40 countries. These include the California State Teachers’ Retirement System, which committed $500 million, Florida Retirement System Trust Fund, which committed $200 million, Cathay Life Insurance, Fubon Life Insurance and State of Michigan Retirement Systems, according to PEI data
Tech specialist Francisco Partners collected nearly $9 billion across two private equity funds. The firm raised $7.45 billion against a $6.6 billion target for its sixth flagship fund and $1.5 billion against a $1.35 billion target for Francisco Partners Agility II, which will target investments below $50 million.
Francisco Partners closed both private equity funds in six months with more than 130 institutional investors from over 20 countries around the world, it said in a statement. LPs in Fund VI include South Carolina Retirement System and Oregon Public Employees’ Retirement System, according to PEI data.
The firm also held the final close on $750 million for its debut opportunistic credit fund FP Credit Partners last month.
North Asia-focused firm MBK Partners closed its fifth flagship fund on its $6.5 billion hard-cap after around six months on the fundraising trail. Fund V is approximately 60 percent larger than its 2016-vintage, $4.1 billion predecessor. Capital raised for the vehicle will acquire companies through management-led buyouts, corporate divestitures, partnering with strategic buyers and public-to-private transactions.
Investors in the fund include Canada Pension Plan Investment Board, which committed $500 million, CalSTRS, which committed $200 million, and Maryland State Retirement and Pension System with $120 million.
Fintech-focused Aquiline Capital Partners raised more than $2 billion against a $1.5 billion target for its fourth flagship. The vehicle is nearly twice the size of its 2014-vintage predecessor. The New York-based firm invests between $20 million and $200 million in companies in financial technology, insurance, investment management, business services, credit and healthcare. LPs in the fund include Oregon Public Employees’ Retirement System and Minnesota Mutual Life Insurance.
Boston-based Spectrum Equity closed on its hard-cap of $1.5 billion for its ninth flagship vehicle. The firm focuses exclusively on investments in internet-enabled software and information services companies and makes growth equity investments from $25 million to $150 million-plus in a mix of control and minority transactions.
Virginia Retirement System and Texas County and District Retirement System committed $85 million and $50 million, respectively. In addition to its institutional investors, more than 65 founders and executives from its current and past portfolio companies invested in Fund IX, Spectrum said on its website.