At US$50.6 billion, it appears that private equity fundraising remained steady in the first quarter, according to research firm, Preqin.
The firm says that the fundraising total is expected to rise by between 10% and 20%, as further information becomes available, which could push fundraising levels close to those seen in the last quarter of 2011.
Just over half the total was raised in North America, with 67 funds closing having raised a total of $27.3 billion, it says. Additionally, Europe-focused funds that closed raised an aggregate $15.1 billion, with 23 funds closing last quarter. And, a total of 26 funds targeting Asia and the rest of the world also closed having raised a total of $8.2 billion, it says.
Buyout funds raised the most capital of all funds closed in the first quarter, Preqin says, with 23 funds closing with an aggregate $18.5 billion. Venture funds raised a total of $9.7 billion.
In addition to the 116 funds that held a final close in the quarter, Preqin says that another 123 funds held interim closes, securing a combined $33.7 billion towards their fundraising targets. “This suggests that we could see some improvement in private equity fundraising figures in the coming quarters,” said Helen Kenyon, senior manager and Preqin spokesperson.
Funds that closed in the quarter took an average of 20.9 months to fundraise the firm adds, noting that this exceeds the previous average high of 20.4 months for funds closing in 2010.