FUNDRAISING REPORT Q1 2021

Buyouts' interactive and downloadable review of Q1 2021's fundraising environment

Download data

Kirk Falconer Daniel Humphrey Rodriguez Senior Writer Head of Fund Manager Research [email protected] [email protected] Fundraising overview Year-on-year fundraising

500 900

Fundraising by North American private equity 450 810 firms in Q1 2021 represented the biggest 400 720 haul ever, as the market anticipates a post- 350 630

pandemic recovery. ) d n e b 300 540 s $ ( o

l c d In all, more than $122 billion was secured e 250 450 s s d i n across 175 , growth equity and other a r u

l f

200 360 a f

PE vehicles between January and March, t i o

p o according to ’ data. This is up 5 a 150 270 N percent from the $117 billion collected by C 100 180 171 funds a year earlier. 50 90 Q1’s strong results follow a rebound in 0 0 fundraising in last year’s final months. In all, 2016 2017 2018 2019 2020 Q1 2021 more than $380 billion flowed into 719 vehicles in 2020, revised Buyouts’ data show. Q1 Q2-Q4 Number of funds closed

FUNDRAISING REPORT Q1 2021 Download data Fundraising overview Q1 year-on-year fundraising

180 180

PE fundraising in Q1 2021 was the all-time 160 160 highest for a first quarter. This was the case 140 140 for both volume of capital raised and funds 120 120

closed. ) d n e b s $ ( o

100 100 l c d The second-most-active first quarter on e s s d i n record was last year’s. a 80 80 r u

l f

a f t i o

p 60 60 o a N C 40 40

20 20

0 0 2016 2017 2018 2019 2020 2021

Capital raised ($bn) Number of funds closed

FUNDRAISING REPORT Q1 2021 Download data Fundraising overview Average size of fund vehicles, Q1 2016-21

The size of PE vehicles increased in Q1 2021, 800 registering an average of $701 million. This is up 2 percent from Q1 2020 and well above 700 first-quarter averages in other recent years. 600

These results point to growth in both capital )

m 500 $ ( raised and funds closed between January d e

and March. The average fund size dropped s i 400 a r

last year, relative to 2019. l a t i

p 300 a C

200

100

0 Q1 2016 Q1 2017 Q1 2018 Q1 2019 Q1 2020 Q1 2021

FUNDRAISING REPORT Q1 2021 Download data Fundraising overview

Ten largest funds closed, 2020

The 10 largest PE funds closed in the first KKR Asian Fund IV $15bn quarter secured more than $55 billion, or about 45 percent of capital raised. Genstar Capital Partners X $10.2bn

L Catterton IX $4.7bn KKR’s $15 billion haul for its fourth Asia fund was the largest vehicle closed in Q1 2021. Blackstone Growth $4.5bn The second largest was Genstar Capital’s tenth flagship fund, which raised $10.2 TCV XI $4bn billion, followed by L Catterton’s ninth Hamilton Lane Secondary Fund V $3.9bn flagship and Blackstone’s debut growth fund. Charlesbank Equity Fund X $3.8bn

Kohlberg Investors IX $3.4bn

Lexington Co-Investment Partners $3.2bn V

Atlas Capital Resources IV $3.1bn

Capital raised ($bn)

FUNDRAISING REPORT Q1 2021 Download data Strategy

Fundraising by strategy

Buyout, typically the market’s most popular PE 6% 7% 6% 6% strategy, ceded ground to other strategies in 7% 11% Q1 2021. 7% 11% 14% 14% 9% 14% 16% It captured half of capital raised in the first 13% 15% 11% 12% 11% quarter, down from 52 percent last year and 63 19% percent in 2019. The strategy that made the largest gain was growth equity, which took 19 percent, well above its average in prior years.

60% 57% 58% 63% 52% 50% 2016 2017 2018 2019 2020 Q1 2021

Buyout / Corporate private equity Growth equity Venture capital Secondaries

Co-investment Distressed/turnaround

FUNDRAISING REPORT Q1 2021 Download data Geography

Regional focus of Q1 fundraising

North America was the primary focus of PE firms in fundraising mode in the first quarter, North America $69.6bn with regional opportunities securing 57 percent of capital raised.

Funds dedicated to multi-regional Multi-Regional $31.9bn opportunities took the second largest share in Q1 2021, followed by Asia-Pacific vehicles.

Asia-Pacific $18.9bn

Europe $2.2bn

FUNDRAISING REPORT Q1 2021 Download data Funds in market, Mar 31, 2021

10 largest funds in market as of Mar 31, 2021

Fund name Target size ($bn) Current size ($bn) Strategy Region Focus Hellman & Friedman Capital Partners X 20 0 Buyout / Corporate Private Equity Multi-regional KKR North America Fund XIII 14 0 Buyout / Corporate Private Equity North America TA XIV 11 0 Venture Capital / Growth Equity Multi-regional Ares Corporate Opportunities Fund VI 9.25 3.7 Buyout / Corporate Private Equity North America Bain Capital Fund XIII 9 0.04 Buyout / Corporate Private Equity North America Sequoia Capital Global Growth Fund III 8 0 Venture Capital / Growth Equity Multi-regional Brookfield Global Transition Fund 7.5 2 Buyout / Corporate Private Equity Multi-regional Berkshire Fund X 6.5 2.57 Buyout / Corporate Private Equity Multi-regional BlackRock Long Term Private Capital 6 3.44 Venture Capital / Growth Equity North America Centerbridge Capital Partners Fund IV 6 0 Buyout / Corporate Private Equity Multi-regional

FUNDRAISING REPORT Q1 2021 Download data Funds in the market by target region Regional focus of capital

Europe North America $282.4bn $4.2bn

Asia-Pacific $5.6bn

Multi-Regional $128.3bn

Rest of the world $1.7bn

FUNDRAISING REPORT Q1 2021 Download data Sign up to our Platinum service today, and get... As well as access to:

Key contact information and investment preferences for around 9,000 institutions across North America, click the options below to start your search now: Market insight LP profiles

GP profiles Institution rankings Placement agent profiles

Investment consultant profiles Fundraising reports

And granular detail on current and historical funds:

Funds closed Market surveys Funds in market

Bespoke requests For more information on becoming a If you would like to review your profile on Platinum level subscriber please contact: our database, please contact:

Buyouts subscriptions team Buyouts research team [email protected] [email protected]