2009 has seen over a hundred private equity venture funds raise over $20 billion. The largest venture fund closed to date in 2009 was Pine Brook Road Partners I, an expansion fund, which raised $1.4 billion. The fund boasted two large pension funds – New York State Teachers' Retirement System, Teachers' Retirement System of the State of Illinois – as investors and aims to focus on the financial services and energy sectors in the US.
Preqin research shows that there are currently 430 venture funds on the road targeting a total of $80 billion. Of these, 187 have reached an interim close, with 40% aiming to focus on North America, 38% on Asia and Rest of World, whilst 22% will focus on Europe.
The five largest private equity venture funds aiming for final closes in the coming quarters coming up to 2011 are targeting between $1 billion to $2.5 billion. Top of this list is an early-stage venture fund, New Enterprise Associates XIII, with a target size of $2.5 billion.
2008 saw over 300 hundred venture funds close, raising almost $60 billion. Of this total, funds focusing on Europe took the least share of the market at 20%, whilst North American focused funds dominated 40% of the market.
The top five private equity venture funds that closed in 2008 raised between $800 million and $4 billion each. Venture funds focusing on Asia and Rest of World made up 40% of the aggregate capital raised, with the largest fund, Citigroup International Growth Partnership II raising $4 billion, focusing on this region.
For more information on private equity fundraising, please see Preqin’s Funds in Market product