To get a feel for emerging managers in the market, Buyouts did a roundup of debut and sophomore efforts that have been fundraising this year. We then compiled the top 20 by target size.
The largest of all the funds from emerging managers was Searchlight Capital’s second fund. Searchlight Capital II LP is almost halfway toward its goal of raising $1.8 billion — over twice as much as the $860 million it raised for its inaugural fund in 2012. Following that was a pair of debuts, each seeking $1 billion. Bridge Growth Partners launched its maiden fund last year and has collected about $310 million thus far. Atlas Merchant Capital is a fifth of the way toward its target for its eponymous 2015-vintage fund.
Three closed funds also made the list — and all of them finished fundraising above target. Tailwind Capital Partners II set out for $750 and wrapped up with over $1 billion. Raine Partners II aimed for $750 million and finished with over $850 million. Lastly, Five Point Capital Partners’ second fund had a final close of $450 million, about $50 million above target.
The accompanying table shows the top 20 emerging funds first sorted by target size, then by amount raised.
Breaking down the top 20 table, there are 15 buyout funds, three growth equity vehicles and two distressed/turnaround funds. Energy and power was the most common type among those with an industry focus, covering five of the 10. Debut funds comprised 12 of the 20 vehicles on the list, suggesting that new firms are becoming bolder with their fund targets.
Download the table: Top 20 Emerging Manager funds