Fundraising – North America weekly edition

This fundraising snapshot is organised in descending size order and includes raises by large and mid-market buyout funds, as well as venture capital, funds-of-funds, direct lending and energy-focused funds.

 

Launch/Register with SEC

GTCR, the mid-market growth-oriented firm, is targeting $4.5bn for GTCR Fund XII. According to pension fund documents obtained by Mergermarket data, the fund is seeking a target return of 20%, TVPI of 2x and has no hurdle rate. The lowest net IRR generated by a GTCR fund since 2000 was 14%. Fund XII is expected to be significantly oversubscribed.

Trilantic Capital Partners is raising $500m for Trilantic Energy Partners II North America.

Growth investment firm Primus Capital is targeting $500m for its latest flagship fund, Primus Capital Fund VIII. Primus is currently investing from its $353m Primus Capital Fund VII.

Interim Close/Funds in the Market

Insight Venture Partners, which raised $3.61bn for its latest fund Insight Venture Partners Fund X, secured $20m from the Los Angeles Fire and Police Pension System, and $100m from Pennsylvania State Employees Retirement System, according to unquote" data.

Growth investment firm Trinity Hunt Partners held an interim close for Trinity Hunt Partners V, securing $208.3m towards a target of $300m. The fund targets companies operating in the fields of business services, industrial growth, non-cyclical consumer products and healthcare services.

Technology-focused venture capital investor GSV Acceleration has passed the halfway mark for its debut fund, GSV Acceleration Fund I, raising $84.2m out of its original target of $150m. First Capital International Investments, a subsidiary of China First Capital Group, committed $20m according to Mergermarket data.

Final Close

Macquarie Infrastructure Partners has raised more than $3.3bn for its latest fund, Macquarie Infrastructure Partners IV. According to Mergermarket sister publication Inframation, the New Mexico State Investment Council ($100m), ING Life Insurance Korea ($70m), and the State Universities Retirement System of Illinois ($50m) are among the institutions that have made commitments. The fund, which is targeting a net IRR of up to 12%, will focus on existing and large-stage development infrastructure projects in the transportation, utilities and energy, communications and waste management sectors. The fund’s predecessor, MIP III, raised $3.04bn in September 2014.

Quanta Services-backed First Infrastructure Capital Advisors has held a final close for its initial fund with $1bn of commitments, The Wall Street Journal reported.

Gryphon Investors has held a final close for its latest credit fund, Gryphon Mezzanine Partners, at its $100m hard-cap, marking Gryphon’s first move into credit. The fund has 81 investors. The mezzanine fund will invest exclusively in portfolio companies residing within two Gryphon private equity funds: 3.5 and IV. Gryphon IV closed in November 2016 and is approximately 80% committed.

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