Research

Market at a glance – SVP and Thoma Bravo each close over $2 bln

May 14 2018

private equity, merger, M&A, fundraising

Over the past two weeks, U.S.-based buyout and mezzanine funds added $8.8 billion in commitments, bringing their sum to $64.6 billion on the year. Despite the uptick, fundraising trails last year at this time by $28.4 billion, or 30.5 percent.

Strategic Value Partners hit the hard cap and closed its fourth flagship. Strategic Value Special Situations Fund IV wrapped up at $2.85 billion, going beyond the $2.1 billion target.

Thoma Bravo also reached the hard cap for its latest vehicle. Thoma Bravo Discover Fund II closed on $2.4 billion and will focus on software investments in the middle market.

Apollo Aviation Group, specializing in the mid-life commercial aviation sector, closed its fourth flagship on $950 million, $100 million over its original goal.

A pair of debuts filed their final closes as well. Nonantum Capital Partners, a spinout from Charlesbank Capital Partners, reached $385 million. Monogram Capital Partners closed on the $152 million hard cap for its maiden fund. Monogram invests through growth and control transactions in emerging consumer and retail brands.

Since Buyouts last went to press, 2018’s dealmaking sum grew by only $495 million. This year’s total now sits at $72.1 billion, leading this time a year ago by $5.2 billion, or 7.8 percent.

The largest deal with disclosed value was for a Swedish portfolio of apartments. Blackstone Group bought the 1,274 Byggmstare Anders J Ahlstrm Fastighets AB apartments for $190.4 million.

Francisco Partners followed by acquiring Connecture Inc. The developer of web-based sales software went for $108.1 million.