Berkshire Partners has closed Berkshire Fund VIII with $4.5 billion of capital commitments, surpassing the $3.1 billion it previously raised for the fund's vintage 2006 predecessor, Berkshire Fund VII. The firm's fundraising success is likely due to its past performance, which includes, as of Q4 2010, a 6.9% IRR for Fund VII and 23.9% IRR for 2002 fund VI. Weil, Gotshal & Manges provided legal advice to Berkshire on its latest fund.
U.S. investors have closed 481 PE funds since the beginning of 2008, according to the PitchBook Platform. Funds on the larger sized end ($500 million and up) are seeing an increased share of the fundraising activity this year, currently over 50%, despite a continued absence of $5 billion+ fund closings.