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Largest Private Equity Funds Raised Q3 2009

With Q3 2009 private equity fundraising figures equivalent to just 45% of the $84bn raised in Q2 2009, and 18% of the record $208bn raised in Q2 2007, the $38bn in aggregate capital raised by funds holding a final close in Q3 2009 embodies a considerable slump in private equity fundraising. Nonetheless, Q3 2009 witnessed a number of significant private equity funds achieving a final close which helped to amplify Q3’s fundraising statistics.

California-based Hellman & Friedman secured a final close at the end of September for their seventh buyout vehicle, attracting $8.8 billion in commitments. Hellman & Friedman VII is the largest fund to have closed in Q3 2009 and the third largest private equity fund to have reached a final close in 2009 to date, behind the €10.7 billion CVC European Equity Partners V and $8.82 billion First Reserve Fund XII. Hellman & Friedman VII is targeting large-scale equity-related investments of $300 million to $1.2 billion, primarily in the United States and Europe. It has attracted commitments from a number of high-profile limited partners, including California State Teachers' Retirement System (CalSTRS), and Government of Singapore Investment Corporation (GIC).

TA Associates’ $4 billion TA XI buyout fund also came within the ten largest funds to close in 2009 to date. Q3’s second largest private equity fund reached its final close in early August, $500 million ahead of its target, in part due to TA Associates’ decision to reduce the fund’s carried interest from 25% to 20%. UBS Investment Bank Private Funds Group acted as placement agent for the fund, which received capital commitments from a number of public pension systems, including Los Angeles City Employees’ Retirement System and San Francisco City & County Employees' Retirement System.

To see the full results of Preqin’s Q3 2009 private equity fundraising results please Funds in Market. For more information on private equity fundraising, please see Preqin’s click here product.

Keywords: private equity, fundraising, Q3 2009