Buyout fundraising defies market slump

Despite rumours that large buyout funds would be a thing of the past, a couple have recently managed to woo limited partners. Most recently, Charterhouse reached an impressive EUR3.6bn first close, attracting such heavyweights as Massachusetts Pension Reserves Investment Board and Washington State Investment Board to its roster of investors. The firm's ninth fund is targeting EUR6bn, and strengthened its investment team at the end of January this year.

The Charterhouse interim close closely followed Bridgepoint's final close on EUR4.8bn for its latest vehicle a year after launch. Bridgepoint has made headlines several times in the last few months, even as other buyout houses remain silent. During the summer the firm bought up debt in UK retailer Fat Face, making it one of a handful of buyout houses to see value in loans selling at a discount. Currently Bridgepoint is said to be eyeing up credit card processing business Sia-Ssb. Earlier in the year, Bridgepoint announced it was postponing the sale of debt collection firm 1st Credit, favouring instead to further grow the business, possibly through bolt-on acquisitions.

To date there have been just six funds to reach final closes in 2008 at or above the EUR1bn mark for investment in Europe - two of which will not be investing in the UK (see table).

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