Weekend Funding Highlights: Latest Private Equity Money-Raising Developments
In the world of finance, several significant fund closures have been announced recently, each surpassing their initial targets.
Firstly, growth equity firm PSG secured an impressive $8 billion in capital commitments across two funds. Notably, its sixth North American flagship fund, PSG VI, closed at $6 billion, marking a significant increase from its predecessor, PSG V, which raised $4.5 billion in 2021. In addition, PSG launched a $2 billion continuation fund, PSG Sequel, to support six portfolio companies.
Meanwhile, Neuberger Berman, a global investment manager, closed its NB Specialty Finance Fund III LP at over $1.6 billion, surpassing its initial $1 billion target. The fund, which aims to invest in specialty finance assets, attracted over 40 institutions from the U.S., Canada, the Middle East, and East Asia. The fund is currently 45% deployed, signifying a significant milestone in Neuberger Berman's asset-based finance strategy.
GTCR, a leading private equity firm, also closed its latest fund, Strategic Growth Fund II (SGF II), at $3.6 billion. GTCR itself committed an additional $225 million to SGF II. The fund's existing limited partners include pension plans, endowments, sovereign wealth funds, insurance firms, and family offices.
Lastly, Tikehau Capital, a European asset management group, secured €1.2 billion for the third iteration of its special opportunities strategy. The fund specializes in high-yield, short-duration investments in receivables, small business, consumer, and hard assets. Tikehau Capital also secured funds through tailored mandates and dedicated co-investment vehicles.
These fund closures demonstrate a strong confidence in the market and a continued appetite for investment opportunities. As these funds begin to deploy their capital, we can expect to see a variety of new projects and investments in the coming months.
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