Preqin research shows that there are 58 mezzanine funds currently on the road targeting over $25 billion. North America focused mezzanine funds account for 72.5% of these funds and is aiming to raise $15.9 billion. European focused mezzanine funds account for 19% of all mezzanine funds on the road, these are targeting to raise $7.6 billion in capital commitments. Funds targeting Asia and Rest of World account for 8.6% of all mezzanine funds and are targeting to raise $1.5 billion. Park Square Capital II is the largest vehicle on the road which is targeting to raise €2 billion.
Since January 2009, 13 mezzanine funds reached final close and have raised $5.2 billion in capital commitments. Alcentra Mezzanine II is the largest mezzanine fund to close in 2009 year to date, having raised €800 million. It will invest in Western Europe and Nordic countries. Credit Suisse Private Fund Group was the placement agent for the fund and Ashurst was the law firm used for the formation of the fund. Californian public pension fund San Bernardino County Employees' Retirement Association is one of the institutional investors in the fund.
For more information on private equity fundraising, please see Preqin’s Funds in Market database.