Private Equity Fundraising: US Edition – 29 May to 4 June 2020

The PE Fundraising is your weekly one-stop shop for the latest fundraises within the private equity community in the US. It includes raises by large, middle-market, and venture capital firms. You can receive the PE Fundraise by creating a new alert and selecting “PE Fundraise” as the company name.

Recent Fundraising includes the following activity:

  • IN MARKET: 11 funds pursuing more than USD 17.3bn
  • CLOSED: 2 funds secured more than USD 358m

Of the 13 funds raising capital this week, two are middle-market investors and six will invest in the technology sector, according to related materials.

Six GPs are based in US Northeast.*

Funds in the Market

Dallas-based Stronghold Resource Partners has registered SRP Opportunities III against an undisclosed amount, according to an SEC filingMetric Point Capital is acting as the placement agent.
STRATEGY: Usually invests in the natural resource sector

Saratoga, California-based software investor Basis Vectors has raised USD 50m for its debut fund, against an undisclosed target amount. Ambarish Gupta and Upmanyu Misra founded the company in 2019. Previously, Gupta founded and served as CEO at India-based cloud telephony company Knowlarity Communications, per his LinkedIn profile. Misra founded United Arab Emirates-based venture capital firm Cianna Capital and currently serves as CEO, per his LinkedIn profile.
STRATEGY: Invests in B2B software-as-a-service providers

San Francisco-based GI Partners seeks to raise USD 3.25bn for its sixth fund, Buyouts reported. The target amount represents a 20.4% increase over its 2017 predecessor.
STRATEGY: Usually invests in North American middle-market businesses
PREDECESSOR: Raised USD 2.7bn for Fund V in 2017
PREVIOUS ADVISORS: Jefferies acted as financial advisor on five deals, and Paul Hastings provided legal counsel on 14 deals, per Mergermarket data

San Francisco-based Industry Ventures seeks to raise for Industry Ventures Secondary IX, against an undisclosed target amount, Pension&Investment reported.
STRATEGY: Usually provides exit alternative for venture capital investment by purchasing single positions in companies and entire portfolios
LPs: New Mexico Educational Retirement Board (USD 50m)
PREDECESSOR: Raised USD 700m in 2016

New York City-based Crestview Partner has raised USD 2.1bn for Crestview Partners IV, against an undisclosed target, according to an SEC filingKim M. PedersenStifel, Nicolaus & CompanyJ.P. Morgan SecuritiesMagenta Capital ServicesINTE Securities LLC dba TritonLakeM2O Private Fund Advisors are acting as placement agents.
STRATEGY: Usually invests in media, financial services, energy and industrials sectors
LPs: Los Angeles Department of Water and Power Employees’ Retirement Plan (USD 63m), New York City Fire Department Pension Fund (USD 14m), New York City Teachers Retirement System (USD 57m), New York City Board of Education Retirement System (USD 8m), Adams County Retirement Plan (USD 3.75m), Teacher Retirement System of Texas (USD 100m), New York State Common Retirement Fund (USD 200m), New York City Employees’ Retirement System (USD 71m)
PREDECESSOR: Raised more than USD 3bn in 2015
PREVIOUS ADVISORS: Barclays acted as financial advisor on three deals, and Davis Polk & Wardwell provided legal counsel on 10 deals, per Mergermarket data

San Francisco-based Francisco Partners has raised USD 7.45bn for Francisco Partners VI and USD 1.5bn for Francisco Partners Agility II, WSJ reported.
STRATEGY: Usually invests between USD 20m and USD 3bn in technology companies with a focus on software and services, Internet, security and systems, healthcare IT, communications, financial technology and payments sectors
LPs: Nebraska Investment Council (USD 50m), Ohio Police and Fire Pension Fund (USD 20m), University of Houston System Board of Regents (USD 5m), Oklahoma City Employee Retirement System (USD 7.5m), Washington State Investment Board (USD 300m), Oklahoma Police Pension and Retirement System (USD 30m), New York State Common Retirement Fund (USD 200m), Oregon Public Employees Retirement Fund (USD 250m)
PREDECESSOR: Raised USD 3.975bn for Francisco Partners V in 2017, and raised USD 600m for Francisco Partners Agility I in 2016
PREVIOUS ADVISORS: Barclays acted as financial advisor on five deals, and Kirkland & Ellis provided legal counsel on 21 deals, per Mergermarket data

New York City-based middle-market investor Stellex Capital Partners seeks to raise USD 1.75bn for Stellex Capital Partners II, according to an SEC filingCredit Suisse Securities (USA) and Sixpoint Partners are acting as the placement agents. The target amount represents a 101.1% increase over its 2017 predecessor.
STRATEGY: Usually invests between USD 50m and USD 100m in North America and Europe-based middle-market companies with revenue more than USD 100m and/or enterprise value between USD 50m and USD 500m with a focus on the industrial and business services, manufacturing and basic industry, defense, aerospace and government services, automotive, consumer, distribution and transportation sectors
LPs: State of Connecticut Retirement Plans & Trust Funds (USD 100m), New Jersey Division of Investment (USD 125m), Baltimore City Employees Retirement System (USD 30m)
PREDECESSOR: Raised USD 870m in 2017

New York City-based Global Infrastructure Partners has registered GIP Spectrum Mayberry, against an undisclosed target amount, according to an SEC filing.
STRATEGY: Usually invests in infrastructure businesses with a focus of water, waste, energy and transportation sectors
PREVIOUS ADVISORS: Credit Suisse [NYSE:CS] acted as financial advisor on three deals, and Latham & Watkins provided legal counsel on 10 deals, per Mergermarket data

New York City-based Lead Edge Capital Management has raised USD 27.9m for Lead Edge Partners Opportunity XXVII, according to an SEC filing.
STRATEGY: Usually invests in growth-stage internet, software and consumer businesses

New York City-based Long Arc Capital seeks to raise USD 500m for Long Arc Capital Fund I, according to an SEC filingFocusPoint Private Capital Group is acting as the placement agent. Gaurav Bhandari serves as managing partner and CIO of the company. Previously, Bhandari served as MD at Goldman Sachs [NYSE:GS].
STRATEGY: Invests in European and North American companies with a focus on the financial services, technology, media, telecommunication and business services sectors

New York City-based SDC Capital Partners has raised USD 750m for SDC Digital Infrastructure Opportunity Fund II, against an undisclosed target amount, according to an SEC filingEaton Partners is acting as the placement agent. The amount raised already represents an 87.5% increase over its 2018 predecessor.
STRATEGY: Usually invests between USD 20m and USD 100m in IT and communication infrastructure companies with a focus of data center, wireless infrastructure, managed IT and clout, network and fiber providers
LPs: University of Michigan (USD 50m)
PREDECESSOR: Raised USD 400m at 2018
PREVIOUS ADVISORS: Skadden Arps Slate Meagher & Flom provided legal counsel on two deals, per Mergermarket data

Funds Closed

Los Angeles-based Ares Management, a private equity platform of alternative investment manager Ares Management Corporation [NYSE:ARES], closed IGS Residential Solar III at USD 150m. The closed amount represents a 54.2% increase over its 2017 predecessor.
STRATEGY: Usually invests in residential solar projects
PREDECESSOR: Closed Fund II at USD 240m in 2017
PREVIOUS ADVISORS: Moelis & Company acted as financial advisor on three deals, and Kirkland & Ellis and Sullivan & Cromwell provided legal counsel on 7 deals each, per Mergermarket data

Nashville, Tennessee-based Petra Capital Partners closed Petra Growth Fund IV at USD 208m. The closed amount represents a 9.6% decrease over its 2013 predecessor.
STRATEGY: Invests in US-based small-sized businesses with a focus on healthcare, technology-enabled services providers
PREDECESSOR: Raised USD 230m in 2013

by Melody Ren

* Based on funds aggregated by Mergermarket

US Northeast: Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, and Vermont.

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