Cinven hauled in €10 billion for its seventh flagship fund in May, the largest fund closed for the month. The London-headquartered firm raised €2 billion more than its original target from more than 180 investors across over 30 countries. Oregon Public Employees’ Retirement System committed €200 million; Teacher Retirement System of Texas, €225 million; and Tennessee Consolidated Retirement System, €150 million, according to PEI data.
TA Associates comes in second with TA XIII, which held a final close on $8.5 billion. Launched in the first quarter of 2019, the fund was oversubscribed and exceeded its $7.5 billion target. Investors in the fund include TCRS, New Mexico State Investment Council and Taiwan Life Insurance, PEI data show. TA XIII is 60 percent larger than its 2015-vintage, $5.3 billion predecessor, and more than double the size of the 2013-vintage, $4 billion Fund XI.
TPG’s inaugural Tech Adjacencies fund is third in the list with a $1.6 billion haul, beating its $1.5 billion hard-cap. Capital raised for the fund will back technology companies and entrepreneurs through equity and primary structured equity solutions, the firm said in a statement.
LGT Capital Partners collected $1.3 billion for its second dedicated co-investment fund Crown Co-Investment Opportunities II. The fund of funds manager launched the vehicle in May 2016. Capital raised for CCO II will be invested across healthcare, consumer, industrials, financials and IT sectors. COO II’s investor base consists of more than 40 institutions, including pension funds, insurance companies, and endowments in Europe, US, Latin America, Asia, Australia and the Middle East.
Last but not least is Generation Investment Management’s $1 billion capital raise for Generation IM Sustainable Solutions Fund III. The firm is a sustainability-focused investment firm co-founded by Al Gore.
Fund III is almost double the size of its predecessor, the 2014-vintage, $520 million Generation IM Climate Solutions Fund II. UBS Global Wealth Management invested more than $93 million to the fund, according to a statement from the bank.
Capital raised from Fund III will be invested in companies based in North America and Europe focused on planetary health or low-carbon solutions transforming mobility, food, energy and enterprise; people health or lower-cost healthcare; and financial inclusion. Ticket sizes will be between $50 million and $150 million.