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Fundraising Report H1 2020 FUNDRAISING REPORT H1 2020 Private Equity International's interactive and downloadable review of H1 2020's fundraising environment Download data Carmela Mendoza Daniel Humphrey Rodriguez Isobel Markham Private Equity International Head of Fund Manager Research Private Equity International [email protected] [email protected] [email protected] Fundraising overview Half-year fundraising Private equity firms raised $241 billion in the 600 1,200 six months to June, in line with the two 550 1,100 previous years. 500 1,000 450 900 Despite coronavirus disruption, preliminary 400 800 figures from PEI data show capital raising for ) d n e b 350 700 H1 2020, which includes only final and s $ ( o l c d e interim closes, was up $7.3 billion from the 300 600 s s d i n a r u l equivalent period last year. f a 250 500 f t i o p o a N C 200 400 The average fund size was $715 million as of end-June, the highest since 2015 and 26 150 300 percent larger than the previous year's $566 100 200 million. 50 100 0 0 2015 2016 2017 2018 2019 2020 H1 ($bn) H2 ($bn) Number of funds closed FUNDRAISING REPORT Download data H1 2020 > Fundraising overview Largest funds closed in H1 2020 The 10 largest fund closes in H1 2020 saw Ardian Secondary Fund VIII (AS… 14 managers collect $78.2 billion between Lexington Capital Partners IX 14 them, roughly the same amount raised by the 10 largest funds in the same period last Insight Venture Partners XI 9.5 year. Francisco Partners VI 7.5 Two secondaries vehicles tied for the largest Clearlake Capital Partners VI 7 fundraise of H1: Ardian gathered $14 billion Baring Asia Private Equity Fund VII 6.5 for ASF VIII in June, matching the sum Lexington Partners collected for Lexington MBK Partners V 6.5 Capital Partners IX in January. Ardian Secondary Fund VIII (AS… 5 Three Asia-focused funds also made it to the CVC Capital Partners Asia Pacific V 4.5 top 10: the $6.5 billion MBK Partners V, the Tiger Global Private Investment… 3.8 $6.5 billion Baring Asia Private Equity Fund 0 2 4 6 8 10 12 14 16 VII and the $4.5 billion CVC Capital Partners $bn Asia Pacific V. *As soon as the calendar clicked into July, CVC raised €22 billion for its eighth flagship fund. FUNDRAISING REPORT Download data H1 2020 >> Fundraising overview Average time on the road for funds closed Funds that closed on more than $5 billion in 20 H1 took an average of 15 months to reach a 18 final close, longer than in any of the previous 16 five years. g n i s i 14 a Some fundraising processes are likely to be r d n 12 delayed in 2020 as coronavirus disrupts u f s global travel. h 10 t n o m 8 As of May, nearly half of managers expected e g a 6 a delay to final close of more than three r e v months, according to PEI’s Manager Outlook A 4 on 2020 in Light of Covid-19 survey. 2 0 $241bn $715m 2015 2016 2017 2018 2019 2020 Capital raised by Average fund private equity funds size in H1 Below $1bn Between $1bn and $5bn Above $5bn in H1 2020 2020 FUNDRAISING REPORT Download data H1 2020 >>> Fundraising overview H1 fundraising strategy breakdown Eighty-four buyout funds held final closes in H1 d totalling $90.3 billion, which accounted for e s i a r more than a third of total fundraising. Venture l a t $241bn capital funds gathered $50.8 billion during the i p a period, or about a fifth of capital raised. C d e Twelve secondaries funds collected $35 billion s o l c in the first half and accounted for 15 percent of 356 s d capital raised but just 3 percent of funds n u closed. F 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Growth funds, which was the second-most % popular strategy after buyouts last year, slid to fourth place in terms of capital raised at 14 Buyout Venture capital Secondaries Growth Co-investment percent or $32.7 billion. Fund of funds Distressed FUNDRAISING REPORT Download data H1 2020 Geography Regional focus of capital Funds targeting multiple geographies attracted the most capital, thanks to mega- Europe funds raised by Lexington Partners, Ardian $19.2bn and Francisco Partners. This is a reversal from North America the previous year in which North America was $87.3bn the most popular geography for funds. Asia-Pacific Another interesting development in the first $29.1bn half of the year is that Asia-focused funds gathered more capital than Europe. One reason for this could be the mega-funds raised by pan-Asian giants MBK Partners, Multi-Regional Baring Private Equity Asia and CVC Capital $103.3bn Partners. Rest of the world $2.1bn FUNDRAISING REPORT Download data H1 2020 3,135 Funds in market, Total number of funds in 1 July 2020 market Europe Regional focus of amount $91.1bn targeted by funds in market North America $765bn $356.2bn Sought for funds in market Asia-Pacific $109.7bn Multi-Regional $183.5bn Rest of the world $24.4bn FUNDRAISING REPORT Download data H1 2020 Funds in market, 1 July 2020 Ten largest funds in market are targeting $126bn between them Fund name Fund manager Target size ($bn) Region EQT IX* EQT 16.61 Europe Thoma Bravo Fund XIV Thoma Bravo 16.5 North America Silver Lake Partners VI Silver Lake 16 Multi-regional Clayton, Dubilier & Rice Fund XI Clayton, Dubilier & Rice 13 North America KKR Asian Fund IV KKR 12.5 Asia-Pacific BlackRock Long Term Private Capital BlackRock 12 North America Apax X Apax Partners 10.5 Multi-regional 3G Special Situations Fund V 3G Capital 10 North America BC European Capital XI** BC Partners 9.57 Europe Ares Corporate Opportunities Fund VI Ares Management 9.25 North America *EQT IX has a €14.75 billion target. **BC European Capital XI is seeking around €8.5 billion. FUNDRAISING REPORT Download data H1 2020 Sign up to our Platinum service today, and get... As well as access to: Key contact information and investment preferences for more than 14,292 institutions globally, Market insight click the options below to start your search now: LP profiles Institution rankings GP profiles Fundraising reports Placement agent profiles Investment consultant profiles Market surveys And granular detail on current and historical funds: Funds closed Bespoke requests Funds in market For more information on becoming a If you would like to review your profile on Platinum level subscriber please contact: our database, please contact: Private Equity International subscriptions team Private Equity International research team [email protected] [email protected].
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