Even as mega-funds have made a comeback in recent years, it's been a rarity for a PE firm to raise so much money for a maiden fund—only a few other US investors have hit the $1 billion mark for their debuts in the past handful of years.
Here's a quick rundown of some of the other buyout shops that have accomplished the feat since the start of 2017:
Gamut Capital ManagementBack in the early days of 2017, Gamut Capital Management closed its first fund on an even $1 billion. Led by former Apollo Global Management senior partners Stan Parker and Jordan Zaken, the firm launched in 2015 with the goal of pursuing middle-market deals across various sectors. Its portfolio includes PaperWorks Industries, which provides recycled paperboard for packaging, and IAC Group, a maker of automotive components and interiors.
Cove Hill PartnersLed by Andrew Balson, formerly a longtime investor at Bain Capital, Cove Hill Partners reportedly raised $1 billion in September 2017 for its first buyout effort. The firm pursues consumer and tech investments in North America, eyeing companies with enterprise values of up to $800 million. It's believed Cove Hill plans to retain its investments longer than most private equity firms, with some holding periods eventually reaching up to 15 years.
Cornell CapitalOne firm that's given Arcline's high-water fundraising mark a run for its money is Cornell Capital, which wrapped up its first private equity fund with $1.33 billion in commitments last June. That came five years after the firm was launched by Henry Cornell, a former vice chairman of the merchant banking division at Goldman Sachs. Cornell backed a high-profile merger earlier this month, when its Corelle Brands portfolio company (which owns the Pyrex brand) merged with Instant Brands, the maker of Instant Pot kitchenware.
Falcata CapitalFalcata Capital closed its debut last August on $1 billion, which the firm plans to use to make investments ranging from $50 million to $200 million in companies related to enterprise software and tech-enabled services. The firm was co-founded by current president Robert Burnett, who'd previously spent more than a dozen years as an executive at Reynolds & Reynolds, a provider of management software and other services for car dealerships. Falcata's first investment was Xpressdocs, a marketing and brand-management business.
Related read: Falcata closes biggest US debut buyout fund of 2018