The ten largest funds raised in November gathered nearly $36 billion between them, an approximately 50 percent decrease from the 10 largest in the previous month.
Toronto-based Brookfield Asset Management raised the largest fund with its fifth flagship vehicle, which gathered $9 billion against a $7 billion target. Capital raised for Fund V is more than double that of the 2015-vintage, $4 billion predecessor. The fundraise includes a $3 billion GP commitment.
Around 150 investors have committed to the fund, according to a filing with the US Securities and Exchange Commission in October. Private Equity International data show that New York State Common Retirement Fund made a $400 million commitment; Minnesota State Board of Investment, $250 million; and New Jersey Division of Investment, $100 million.
Second in the list is PE giant KKR, which gathered €5.8 billion for its fifth Europe-dedicated fund. European Fund V is roughly 65 percent larger than its predecessor. It is understood that more than 140 LPs invested in the vehicle, of which North American LPs accounted for 55 percent of capital commitments; EMEA-based LPs, 25 percent; and Asian LPs the remaining 20 percent. PEI data show that California Public Employees’ Retirement System, China Life Insurance Company (Taiwan) and State of Michigan Retirement Systems are LPs in the fund.
Approximately 30 percent of European Fund V has been committed to closed or announced deals including in Axel Springer and heidelpay in Germany, and Söderberg & Partners and Sector Alarm in the Nordics.
Beijing-based manager Primavera Capital Group raised $3.4 billion for its third dollar-denominated fund dedicated to China. Primavera Capital Fund III is also the second-largest fund raised by a domestic manager, after Boyu Capital’s $3.6 billion Fund IV. Capital raised for the vehicle will back companies in the internet and technology, financial services and consumer-driven sectors. It attracted commitments from US pensions including New York State Teachers’ Retirement System, which committed $100 million, and Pennsylvania State Employees’ Retirement System, which contributed $75 million, according to PEI data.
HIG Capital, meanwhile, gathered $3.1 billion for its third mid-market focused vehicle, an increase of almost 80 percent on its 2013-vintage predecessor. It had initially sought $3 billion. Miami-headquartered HIG received commitments from Alaska Permanent Fund, Cathay Life Insurance and Maine Public Employees Retirement System. The vehicle will make debt and equity investments in small and medium-sized enterprises primarily in North America.
HarbourVest Partners raised the fifth largest vehicle for the month. The firm collected $500 million more than its original target for HarbourVest Partners Co-Investment Fund V. That is 77 percent larger than 2016-vintage, $1.75 billion predecessor. Fund V will invest in buyout, growth equity and other private markets transactions alongside the firm’s GPs.