A historically large number of PE funds have closed over the past five quarters, while closing times have grown swifter and more and more targets are being reached. Charlesbank Capital Partners and Spectrum Equity closing billion-dollar funds quite swiftly last week only exemplifies the strong fundraising climate even more. But where is all this capital going?
Globally, growth funds are lagging significantly behind their 2013 pace, while buyout funds are doing just fine. Meanwhile, the number of energy funds closed in 2014 is about on pace to match 2013's, and co-investment vehicles are doing stellar, already matching their 2013 total.