So far in 2009, 12 mezzanine funds have raised an aggregate $4.5 billion, significantly less than the $25.7 billion raised in the same period in 2008 which was owed primarily to the $13 billion Goldman Sachs Mezzanine Partners V.
Of the funds raised in 2009, European focused funds garnered $3.7 billion in capital commitments accounting for 81.3% of the aggregate capital raised during this period. In the same period in 2008, these funds accounted for 9.9% of the aggregate capital raised.
Preqin data reveals that of the remaining capital raised by mezzanine funds in 2009 to date, US focused funds account for 13.6% compared with 83.4% in 2008, whilst funds focusing on Asia and Rest of World made up the remaining 5.1% compared with 6.7% in 2008. In 2009 funds focusing on North America and Asia and Rest of World each raised $600 million and $200 million respectively.
Some of the largest mezzanine funds to close in 2009 include: Alecentra Mezzanine II which in April closed on €800 million, the €750 million Hutton Collins Mezzanine Partners III which reached a final close in the same month and Euromezzanine 6 which in March raised €640 million in capital commitments.
For more information on private equity fundraising, please see Preqin’s Funds in Market product.