Currently, 956 funds are being raised by North America-based fund managers, according to Preqin’s Funds in Market database. Collectively, these funds are targeting an aggregate total of just under $458.5bn in capital commitments. Eighty-seven percent of these funds predominantly have a geographic investment focus on North America, a further 10% of the funds focus mainly on Asia and Rest of World, and the remaining 3% target investments predominantly throughout Europe. As expected, the vast majority of these funds are raised by US-based fund managers, accounting for 96% of funds raising, while Canada-based GPs are raising the remaining 4%.
Three hundred and eighty three of these funds have already held at least one interim close, with aggregate capital commitments currently standing at approximately $103bn. Buyout and real estate funds are targeting the largest amount of investor capital, with collective targets of $142.2bn and $108.7bn respectively.
The average target size of these 956 funds is $479.6mn, and the largest fund currently in market is targeting $13bn. The four largest funds currently in market are Blackstone Real Estate Partners VII, Warburg Pincus Private Equity XI, Carlyle Partners VI and KKR North American XI Fund, which are targeting $13bn, $12bn, $10bn, and $10bn respectively. Blackstone Real Estate Partners VII focuses on investing within the property and real estate sectors, while the other three funds have a diversified industry focus. The two largest funds of the four have a global fund focus, while the third and fourth largest funds focus investment within North America.
Over the past 12 months, 382 funds raised by North America-based fund managers have held a final close, collecting aggregate commitments of $175bn where the average final close size was $421.6mn.