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Proportion of Target Capital Raised at First Interim Close by Funds in Market

by Lola Aboderin

  • 03 Nov 2010
  • PE

Preqin’s extensive database contains information on 1,569 private equity funds currently in market. The data gives breakdowns of these funds by interim closes, and shows that 32% of funds in market have held a first interim close and 9% have held more than one interim close.

Of the private equity funds that have held a first close, approximately 4% have raised more than 80% of their target capital. 25% have raised 51-80% of their target capital; 38% have raised 21-50% of their target capital; and 24% have raised less than 20% of their target capital at their first close.

HSBC Capital (Canada) are currently on the road with their latest offering, PEF 2010. It is targeting CAD 200 million for buyout investments of CAD 5 million to CAD 25 million across a range of industries in Canada.  The fund held a first close in March this year, on CAD 160 million and plans to reach a final close next year.

Finatem III is a Germany-focused fund managed by Frankfurt-based buyout firm, Finatem. Targeting EUR 150 million, it held a first interim close in December last year, having raised EUR 120 million. The fundraising process is being assisted by European placement agents Acanthus Advisers and JPG Private Equity, with the objective of the fund being to take majority stakes in small and mid-sized companies with revenues of between EUR 25 million and EUR 125 million.

For more information on private equity fund managers, please see Preqin's Funds in Market.

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