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Big fundraises boost private equity in Q1
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2011 is off to a much better start for private equity firms raising new funds, according to a report released this morning by industry tracker Dow Jones LP Source. U.S. private equity firms raised $31.6 billion in the first quarter, LP Source reported, nearly double the $13.5 billion raised in the same period of 2010.
However, the number of funds that held closes in Q1 remained nearly flat, with the lion’s share of the $31.6 billion posted by a handful of firms that closed big, new funds. 89 funds held closes in Q1 2011; in last year’s first quarter, the number was 81.
Private equity fundraising remains a competitive environment, in which only the best-looking firms can close new commitments, an LP Source analyst concluded.
In Boston, the largest private equity fundraise belonged to HarbourVest Partners, which added $1.9 billion during the quarter to its HarbourVest International Private Equity partners VI fund, which now has $3 billion committed. The next largest was a $300 million fundraise by Audax Group for its Audax Mezzanine Fund III, which has $750 in total commitments.
U.S. venture capital funds claimed $7.7 billion of the total private equity fundraise, also nearly double Q1 2010’s $3.9 billion number. Large closings by Sequoia Capital and Bessemer Venture Partners lifted the number, but the number of fund closings was actually down - to 25, from 32 in the year-ago period.
Middle-market buyout funds were again the stand-out fundraising success of the quarter, LP Source reported, with $19.2 billion raised across 41 funds. In the same period last year, 29 mid-market funds raised $6.6 billion.
Mezzanine debt was the only U.S. private equity category to experience a decline from last year’s levels, dropping to $1.1 billion from $1.4 billion raised in Q1 2010.
European private equity firms put together $8.2 billion in the first quarter, an increase of 39% from the $5.9 billion raised in the year-ago period, with the number of closings down - to 22 from 32, according to LP Source.
European venture capital slipped during Q1, raising $653 million across five funds - about half the $1.3 billion raised across 13 funds in the same period last year.
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