Looking back at October's fund raising

Advent International, Clayton, Dubilier & Rice and TPG brought in the biggest sums, all in the last week of October.

The biggest raises came at the end of the month. Advent International raised $30bn across GPE XI and a new mid-market vehicle, Clayton, Dubilier & Rice reached $20bn at an interim close for Fund XIII, towards a $26bn target, and TPG combined $10.4bn across its two Rise Climate funds. All three were announced between 27 and 29 October. TPG also banked $5bn at a first close for TPG Real Estate Partners V, and Blackstone closed Blackstone Energy Transition Partners V at $8.7bn, against $5.6bn for its predecessor.

Secondaries money came in two forms. Pantheon closed its eighth global secondaries fund at $6bn, 71% above target. Meridiam, EnCap Investments, EMK Capital and Energy Capital Partners raised continuation vehicles instead, for a North American infrastructure portfolio, a set of mineral interests, the VDK Groep buy-and-build platform and Next Wave Energy Partners. Blackstone added a $1bn continuation vehicle for one of its credit funds.

As in September, private credit leaned on lending against assets. BBAM closed Incline Aviation III at $1.7bn for aviation credit. Oaktree, which has invested in asset-backed finance for more than two decades, closed Oaktree Asset-Backed Finance Fund at $2bn, lending across equipment leasing, transport, consumer finance, real estate and infrastructure. Northwind Group closed Northwind Debt Fund III at $1bn for real estate bridge loans, twice its target and more than three times its predecessor. ACORE Capital raised $1.1bn for ACORE Opportunistic Credit II, above its $1bn target, and Ares took a first close of $8bn for its senior direct lending funds and is still raising.

Several of the month's biggest raises were first funds. Disruptive Technology Advisers raised $10bn for its debut Disruptive Flagship Fund, backing AI, AI infrastructure and defence technology. The Ares Global Structured Solutions Fund closed at $4.2bn, 4.2 times its $1bn target, for preferred equity in private equity. Further down, Niobrara Capital Partners closed Niobrara Founders Fund at $1.5bn, 50% above target, and Aphias Capital closed Fund I at $1.05bn, above its $900m target.

Healthcare drew steady money. OrbiMed raised $3bn across OrbiMed Private Investments X and OrbiMed Asia Partners VI, and Consonance Capital Partners closed its third healthcare fund at its $1.35bn hard cap.

Several managers came back much larger. LS Power raised $6bn for LS Power Equity Partners VI, more than twice its last fund. Sheridan Capital Partners closed Fund IV at $1.1bn, almost double its last. Among smaller raises, Conversant Capital closed its first real estate fund at $845m against a $500m target, and Monomoy Capital Partners closed Monomoy Family Fund I at $589m, above its $500m target.

Which of this month's first funds comes back for a second?

Figures cover raises tracked by AIP and are not a complete count of the market. Amounts are at approximate exchange rates; first and interim closes are shown at the amount raised so far.

The Fundraising Monitor is a proprietary automated review. It records the fund raises AIP has tracked, not a complete count of the market, and nothing in it is investment advice or a recommendation.