Preqin data shows that there are currently 731 private equity funds on the road primarily targeting North America, targeting an aggregate of USD 284 billion. Real estate vehicles are the most numerous, with 235 such funds targeting a total of USD 69.7 billion. The second most numerous are buyout funds with 85 such vehicles looking to raise capital commitments of USD 48.4 billion. There are 75 funds of funds seeking an aggregate USD 28.2 billion.
The largest of the predominantly North America-focused funds currently on the road is Lexington Capital Partners VII, which has a target of USD 5 billion. This secondaries vehicle looks to purchase LP stakes primarily in established buyout, venture capital and mezzanine funds through secondary transactions. It makes investments ranging from USD 1 million to USD 1 billion.
In terms of the largest funds on the road targeting mainly North America, Lexington Capital Partners VII is followed by three vehicles, each targeting USD 4 billion: Lone Star Fund VII, Lone Star Real Estate Fund II and WLR Recovery Fund V.
Lone Star Real Estate Fund II targets investments in a broad range of financial and other investment assets in commercial real estate including, but not limited to, investments in secured and unsecured debt, high leverage debt financing, real estate-related debt and equity assets, operating companies and securities, including real estate portfolios, single asset acquisitions, commercial mortgage-backed securities (“CMBS”), joint ventures, development opportunities, tax exempt bonds and limited partnership interests.
Lone Star Fund VII targets distressed residential mortgages and defaulting corporate bonds and loans.
WLR Recovery Fund V, managed by WL Ross & Co, is a distressed debt vehicle that invests in and restructures financially distressed companies.
In 2010 to date there have been 219 final closes achieved by North American-focused funds, with a total of USD 132.2 billion in capital commitments.
For more information on private equity fundraising please see Preqin's Funds in Market product.