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Private Equity Funds of Funds in 2010

by Joe Childs

  • 08 Jul 2010
  • PE

As the overall level of fundraising in the private equity market continues to labour in its anticipated recovery, managers of funds of funds have also struggled under the difficult conditions. One-third of the number of funds of funds that had achieved a final close by the end of June 2009 have closed during the first half of this year. The $3.4 billion raised by funds of funds closing in the first six months of 2010 fell by 82% compared with the same period last year.

The number and value of interim closes held by private equity funds of funds provides a somewhat brighter picture for managers. 10 vehicles are known to have held interim closes during the second quarter of 2010, with managers of these funds having raised $2.1 billion so far. A total of 19 funds of funds held interim closes on an aggregate of $3.2 billion in the first six months of the year. Eight funds of funds that held interim closes totalling $754 million in the first half of 2009 are yet to report reaching a further interim close or a final close.

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