U.S.-based buyout and mezzanine fundraising surged in the first half of September. Over the past two weeks, the yearly total grew $11.5 billion. Thus far in 2017, $160.9 billion has been raised, leading the year-earlier period by $26.8 billion, or 20 percent.
Bain Capital wrapped up the latest megafund in the market, raising $9.4 billion for its 12th North American flagship vehicle. The fund hit its $8 billion hard cap and the firm kicked in an extra $1.4 billion to reach the lofty total.
Cove Hill Partners did well on its inaugural fund, closing with $1 billion in commitments, over its original target of $850 million. The nascent firm will focus on the consumer and high-tech sectors. Cove Hill was launched by Bain Capital disciple Andrew Balson.
Deal-making was even stronger since Buyouts last went to press, seeing $14.4 billion in action. The yearly aggregate now sits at $138.8 billion, ahead of 2016’s total by $22 billion, or 19 percent.
Of deals with disclosed value, a quartet cleared the billion-dollar hurdle.
The largest of the four was Staples getting acquired by Sycamore Partners. The office-supply retailer sold for nearly $6.5 billion.
Bain Capital completed a deal for Diversey Care & Related Hygiene Business, a unit of Sealed Air, for $3.2 billion.
Carlyle Group got in on the fun, throwing its hat in the biotech ring. The firm bought out Albany Molecular Research for about $1.5 billion.
The final of the four deals was done by Arclight Capital Partners. The Boston firm acquired the oil and gas assets of Halcon Resources for $1.4 billion.
Additional Data:
IPO REGISTRATIONS BY SELECT PRIVATE EQUITY-BACKED COMPANIES IN 2017 YTD
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