Fundraising has been a challenge since last September and the past quarter was no different. According to the PitchBook Platform, only 11 funds were closed in the quarter, raising a total of $14.43 billion. Hellman & Friedman's fund is the largest since First Reserve closed its $9 billion Fund XII in April and easily surpasses the largest fund closed during Q3, TA Associates' $4 billion fund XI. The average fund size was an impressive $1.3 billion, largely due to five funds closing on $1 billion or more. A notable fundraising effort was made by Huntsman Gay Global Capital, who closed its debut fund in July with a total of $1.1 billion in commitments.