A first close can be a very happy milestone for those on the fundraising trail. Unfortunately, the first close is also becoming more elusive, according to new findings from the private equity data provider Preqin.
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(Reuters) – Cerberus Capital Management LP has completed fundraising for its latest flagship private equity fund, raising $2.61 billion to invest in distressed assets, Reuters reported Wednesday. The new fund fell short of the firm’s target of $3.75 billion.
(Reuters) – Bain Capital LLC is close to securing commitments from investors for about half the $6 billion target for its latest private equity fund, two people familiar with the matter said on Monday.
When it comes to the middle market, Marlin Equity Partners appears to be moving up in a big way with a $1.6 billion target for its latest buyout fund, Marlin Equity IV LP. If successful, the Hermosa Beach, Calif., private equity firm founded by deal maker David McGovern will nearly triple its current $1 billion in funds under management and move up a notch or two in the world of medium-sized shops.
Seattle-based Madrona Venture Group has just raised a $300 million fund that was “heavily oversubscribed,” Managing Director Matt McIlwain tells peHUB.
Elevation Partners, the private equity firm that famously counts Irish rock star Bono among its co-founders, sold 5.2 million of its Facebook shares (or 13% of its stake) for $198 million as part of Facebook’s IPO on Friday.
Kleiner Perkins Caufield & Byers has raised $525 million for its 15th fund, meeting its fundraising target, Christina Lee, the firm’s communications partner, told peHUB.
Providence Equity Partners has raised upwards of $4.5 billion for its seventh fund, which has a target of $6 billion, and the firm will likely hold a final close in the third quarter, peHUB has learned.
Despite poor VC fundraising numbers in Q1, most peHUB readers expect this year to be on par or even better than it was last year.