Private equity fundraising has had its worst year since 2004, with only $246bn raised by 482 funds worldwide. This is 61% down on the $636bn raised in 2008, and 62% down on the record $646bn raised in 2007. Q4 2009 represents a low point for the year, with only $35bn raised by 75 funds – the lowest quarterly total since Q3 2003. In Q4 2009, 13 buyout funds closed with an aggregate $14bn, 24 venture funds closed with $4bn, and 17 real estate funds closed with $7bn. Of the $246bn raised in 2009 as a whole, buyout funds raised the most capital, with $102bn raised by 84 funds. 170 venture funds raised $27bn, while 96 real estate funds raised $41bn.
Funds focusing primarily on North America raised the most in commitments over 2009, with 228 funds raising an aggregate $145bn. 136 funds focusing primarily on Europe raised $74bn, while 118 Asia and Rest of World funds raised $27bn. In Q4 2009, North American funds raised $19bn, European funds $11bn, and Asia and Rest of World funds $5bn.
The largest fund to close during 2009 was CVC European Equity Partners V, which closed early in the year with €10.75bn in commitments. The vehicle invests in mid-market companies in Europe. The largest fund to close in Q4 2009 was Clayton Dubilier & Rice VIII, a buyout fund targeting companies in North America and Europe. It closed at the very end of 2009 with total commitments of $5bn.
For more information on 2009 fundraising, please click here to see our latest research report with all the year’s figures.