FUNDRAISING

REPORT FY 2020
Private Equity International's interactive and downloadable
review of the full-year 2020 fundraising environment

Download data

Carmela Mendoza Daniel Humphrey Rodriguez Adam Le

Private Equity International Head of Fund Manager Research Private Equity International
carmela.m@peimedia.com daniel.r@peimedia.com adam.l@peimedia.com
Fundraising
overview Year-on-year fundraising

Capital raising by private equity funds reached 700 1,400

$535.2 billion in the 12 months ending

December 2020, amid economic downturns 600 1,200
resulting from the covid-19 pandemic.
500 1,000
Overall PE fundraising in 2020 was the third-

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highest in the past six years, according to PEI

)nb$( desiar latipaC

400 800
data. Compared with 2019, total fundraising
dropped 19 percent, yet last year's figure was 11 300 600
percent higher than the $483.6 billion raised two
years prior. This could change as the 2020 data is 200 400
preliminary.
100 200
The number of funds closed last year dipped to
its lowest level since 2015 at 906, underscoring
0 0
LPs' needs to back more established names and 2015 2016 2017 2018 2019 2020
GPs they have met in person prior to the
Capital raised ($bn) Number of funds closed
pandemic.

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FY 2020
>>
Fundraising Largest funds closed in 2020

overview
CVC Capital Partners VIII* 24.5

In total, the 10 largest fund closes made up

Silver Lake Partners VI 20
nearly $137 billion or about one quarter of
overall fundraising in 2020. Thoma Bravo Fund XIV 17.8

Ardian Secondary Fund VIII (ASF VIII)** 14

CVC Capital Partners amassed €22 billion for its
eighth flagship fund – the largest fund to close Lexington Capital Partners IX 14
last year and since the onset of the pandemic.
Goldman Sachs Vintage Fund VIII 10.3

Silver Lake held a $20 billion final close on its

New Mountain Partners VI 9.6
sixth flagship fund in December, making it the
largest tech-focused private equity fund raised Insight Venture Partners XI 9.5
to date. Ardian raised the largest pot of capital
for secondaries with its $19 billion ASF VIII AlpInvest Secondaries Program VII (ASP VII) 9

programme in May.
Blackstone Core Equity Partners II 8.2

0 2 4 6 8 10 12 14 16 18 20 22 24 26
The top 10 were mainly multi-regional funds, of
Capital raised ($bn)
which four are secondaries focused. *CVC Capital Partners VIII raised €22bn
**ASF VIII gathered $14bn and a further $5bn for co-investments

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FY 2020
>>>
Fundraising
overview Year-on-year fundraising by strategy

In 2020, PE secondaries funds raised 400

approximately $80 billion, 15 percent of the total

350
capital raise, an increase of 9 percentage points
from the prior year's 6 percent. Just six years ago, 300
the strategy gathered $24.5 billion from investors.
250

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Four secondaries funds featured among the 10 200
largest private equity funds raised in 2020:
Ardian's ASF VIII which collected $19 billion 150

including co-investment capital; Lexington Capital

100
Partners IX with $14 billion; Goldman Sachs
Vintage Fund VIII with $10.3 billion and AlpInvest 50

Secondaries Program VII with $9 billion including

0
co-investment capital.
-50
Buyouts and growth equity had declines in 2015 2016 2017 2018 2019 2020

fundraising volumes year-on-year, at 31 percent Buyout Venture capital Secondaries Growth equity Fund of funds Co-investment
and 44 percent, respectively. Distressed/turnaround

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FY 2020
>>>>
Fundraising
overview FY 2020 fundraising strategy breakdown

Buyout strategies attracted the most capital

similar to prior years, representing half of the

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total raised, yet only 26 percent of funds
50% 15% 15% 11% 4% $535.2bn
closed.

Venture capital and secondaries funds each

made up 15 percent of capital raised,

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representing 40 percent and 4 percent, each 906
by number of funds closed. 26% 40% 4% 18% 5% 7%

$535.2bn $590.7m Buyout Venture capital Secondaries Growth equity Fund of funds
Capital raised by PE Average fund
Co-investment Distressed/turnaround
funds from Q1-Q4 2020 size

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FY 2020
Geography
Regional focus of capital

Geographic allocations of capital remained

consistent in 2020.
Funds raised by North America-focused
managers made up 38 percent ($202.9 billion)
of fundraising. North America

$202.9bn Europe
Almost 12 percent of capital raised had a sole
focus on the European market, while Asia-
$63.3bn
Pacific funds made up 10 percent, also roughly
similar to the previous year.
Asia-Pacfic
Fund focused on Latin America, MENA and $51.2bn
sub-Saharan Africa made up about 10 percent
Multi-regional
of fundraising last year, almost the same as in
2019.
$212.3bn
Rest of
the world
$5.4bn

FUNDRAISING REPORT Download data

FY 2020
Funds in market 3,367
Total number
of funds in
market
Regional focus of
Europe
amount targeted by
$81.5bn
funds in market as of 15
January 2021 North America
$750bn
$322.9bn Sought for
funds in market

Asia-Pacific

$121.1bn

Multi-regional
$202.4bn
Rest of
the world
$22.0bn

FUNDRAISING REPORT Download data

FY 2020
Funds in market

Largest funds in market as of 1 January 2021

Fund name Manager Target size ($bn) Region

EQT IX* EQT 17.92 Multi-regional
EQT Infrastructure Fund V** EQT 15.19 Multi-regional
Clayton, Dubilier & Rice Fund XI Clayton, Dubilier & Rice 13 North America
KKR Asian Fund IV KKR 12.5 Asia-Pacific
Apax X Apax Partners 10.5 Multi-regional
BC European Capital XI*** BC Partners 10.33 Europe
Ares Corporate Opportunities Fund VI Ares Management 9.25 North America
Bain Capital Fund XIII Bain Capital 9 North America
Coller International Partners VIII Coller Capital 9 Multi-regional
Sequoia Capital Global Growth Fund III Sequoia Capital 8 Multi-regional

*EQT IX is targeting €14.75bn

**EQT Infrastructure V invests in infrastructure assets and private companies
***BC European Capital XI is seeking around €8.5bn

FUNDRAISING REPORT Download data

FY 2020
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