The Pulse of Private Equity – 4/26/2021

A rebound in fundraising

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Fundraising is rebounding, according to PitchBook’s latest US PE Breakdown Report. 97 funds closed in Q1 totaling $88.5 billion, though more than half ($45.6 billion) of that dollar amount went to three massive funds raised by Silver Lake, CD&R and New Mountain Capital. At the other end of the range, sub-$100M fundraises are looking better. 41 such funds closed in Q1, a decent number considering only 101 were raised all last year. From a fundraising perspective, the lower-middle-market was hit hardest by 2020, falling 42% in fund counts YoY.