Firms & Funds

Market at a glance

May 2 2016

U.S.-based buyout and mezzanine fundraising remained steady but slowed compared with 2015’s pace, with the year-to-date total growing to $53.3 billion from $45.5 billion. That’s $19 billion behind where fundraising for the strategies was at the same time last year.

Carlyle Group helped drive fundraising. The firm closed Carlyle Power Partners II with $1.5 billion in commitments, while pooling $700 million for Carlyle Strategic Partners IV.

JLL Partners and Brown Brothers Harriman also reached the endpoints on their flagships. JLL Partners Fund VII wrapped up at $1 billion and BBH Capital Partners V closed at $802 million. AE Industrial Partners closed its aerospace, power and industrial-focused debut fund with $680 million in commitments.

Some new firms hit the market as the year moved toward spring. Industrial Growth Partners released its fifth primary fund, seeking $800 million. Brightstar Capital Partners, a nascent firm started by a former Lindsay Goldberg partner, is targeting $300 million to $500 million for its maiden fund.

Deal-making slowed by comparison, as its year-to-date value rose by $3.2 billion in the past two weeks. Conversely, 2016’s cumulative total of $61.8 billion is $19.5 billion ahead of this point last year.

The top deal with disclosed value was for Netsmart Technologies Inc. The software publisher sold to Vista Equity Partners for $950 million. Another significant deal was for Blount International Inc. The manufacturer of metal products was acquired by American Securities for about $850 million.

The third-largest deal over the past two weeks was done by an investor group. The group, headlined by Mountain Tiger International, Uranus Connection Ltd, Willow Investment Ltd, a unit of Tencent Holdings Ltd, Saif Partners Ltd and Fosun International Ltd, bought out Beijing-based Bona Film Group for $418.3 million.