The 10 largest funds closed in October collected $53.5 billion between them, the largest amount gathered for a month thus far in 2019.
Permira’s €11 billion capital raise for its seventh flagship fund tops the list. Permira VII is more than 50 percent larger than its 2016-vintage, €7.25 billion predecessor and held a final close within 10 months in market. California Public Employees’ Retirement System and California State Teachers’ Retirement System committed €525 million and $500 million, respectively, according to PEI data. The fund also received €340 million from Teacher Retirement System of Texas and €225 million from Oregon Public Employees’ Retirement System. Permira VII is thus far the third-biggest fund to close this year.
TPG Partners, meanwhile raised $11.5 billion for its eighth buyout fund, $500 million more than its original target. CalPERS committed $600 million and CalSTRS $200 million. Canada Pension Plan Investment Board invested $410 million and Teacher Retirement System of Texas $320 million, PEI data show. Fund VIII will invest in mid- to large-cap companies in North America and Europe. TPG also held a $2.7 billion final close in October for its debut healthcare-focused fund.
Carlyle Group’s Europe Partners V raised €6.4 billion, exceeding its target by nearly €1 billion. More than 300 investors across 27 countries contributed to the fund; among them are CPPIB and CalSTRS, with commitments of €300 million and $175 million, respectively. Fund V is more than 70 percent larger than its 2014-vintage, €3.75 billion predecessor. Capital raised from the fund will be invested in upper mid-market opportunities in Europe across a range of sectors.
New York-based Veritas Capital Partners collected $6.5 billion against a $5 billion target for its seventh flagship fund. Fund VII was oversubscribed and almost double the size of its 2017-vintage, $3.55 billion predecessor. The tech-focused manager received a $200 million commitment from Oregon Public Employees Retirement System, $100 million from Indiana Public Retirement System and $30 million from China Life Insurance, among others.
KPS Capital Partners gathered $6.1 billion for its fifth special situations vehicle, exceeding its $5 billion target. Fund V is the firm’s biggest fund raised for the strategy. Capital raised from Fund V will back complex corporate carve-outs, turnarounds, restructurings, bankruptcies and other special situations. Massachusetts Pension Reserves Investment Management Board, Louisiana State Employees’ Retirement System and Asian Insurers Fubon Life Insurance and Cathay Life Insurance are investors in Fund V.