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Citywire: Some of the largest private markets asset managers, from Blackstone to EQT, are trying to crack a $12tn wealth market by launching funds and expanding into new regions. https://citywire.com/selector/news/top-private-markets-firms-capture-510bn-of-wealth-market/a2423289

From the Bain & Co. First-Half PE Report

Private equity firms are offering incentives such as fee discounts and co-investment opportunities to attract investors in a challenging fundraising environment. Firms like CVC Capital Partners, Ardian, TPG, and Cinven are trying to secure backing from deep-pocketed investors by offering favorable terms, including larger amounts of co-investment and even a share of management fees. The tough fundraising market has shifted power towards investors, allowing them to negotiate better terms. Some tactics being employed by firms include offering fee discounts to large investors, providing management fee holidays, and giving access to co-investment opportunities. These incentives aim to boost overall returns for investors and address concerns about the impact of rising interest rates on private equity performance. However, the industry's fee model and overall headline fees have seen little change despite these inducements. https://www.ft.com/content/05b0d935-678b-418c-8a86-b1a99bb045ea

WSJ: Executives from publicly listed buyout firms including Apollo, Ares and Blackstone predict more transactions with banks during recent earnings calls https://www.wsj.com/articles/private-markets-firms-see-big-buying-opportunities-in-bank-distress-77483106

Princeton Equity Group has successfully closed its Princeton Equity Partners II fund, raising $575 million, exceeding its target and reaching its hard cap. The fund received significant oversubscriptions from a wide range of investors, including endowments, sovereign wealth funds, and insurance companies. Princeton Equity Group focuses on control investments in franchisor and multi-unit companies, aiming to establish partnerships with management teams in various industries. https://princetonequity.com/

Oaktree Capital Management is aiming to raise over $18 billion for its Oaktree Opportunities Fund XII, potentially becoming the largest-ever private credit fund. The private credit market is experiencing significant growth, with investors attracted to the potential high returns and opportunities previously dominated by Wall Street banks. Oaktree's opportunistic credit strategy focuses on buying discounted assets and engaging in corporate debt restructurings to generate returns from a wide range of private investments. https://www.oaktreecapital.com/

Fortune: "just how bad is it out there, really? Well…If you look at the data, quite terrible, honestly. If this year continues the way it’s been going, it will be the worst year for emerging manager fundraising in more than a decade. As of mid-April of this year, emerging managers had only raised $2.3 billion in assets for 56 funds, according to PitchBook. Managers will have to step it up by the end of this year, and raise some 5x of that figure just to surpass fundraising metrics from 2013 or 2014." https://fortune.com/2023/08/10/worst-year-for-emerging-manager-fundraising/

Fortune: But just how bad is it out there, really? Well…If you look at the data, quite terrible, honestly. If this year continues the way it’s been going, it will be the worst year for emerging manager fundraising in more than a decade. As of mid-April of this year, emerging managers had only raised $2.3 billion in assets for 56 funds, according to PitchBook. Managers will have to step it up by the end of this year, and raise some 5x of that figure just to surpass fundraising metrics from 2013 or 2014. https://fortune.com/2023/08/10/worst-year-for-emerging-manager-fundraising/

The multistrategy fund manager sees the best opportunities in real estate since 2009 https://www.wsj.com/articles/brookfield-sets-sights-on-raising-150-billion-this-year-ef073922

Blackstone has announced the closing of its energy transition credit fund, BGREEN III, at $7.1 billion, making it the largest energy transition private credit fund ever raised. The fund will focus on providing private credit to the renewable energy, infrastructure, and energy transition sectors. Blackstone Credit, the asset management arm of Blackstone, aims to invest an estimated $100 billion in energy transition and climate change projects over the next decade. With $295 billion in assets under management, Blackstone Credit seeks to generate attractive returns by investing across the corporate credit market. https://www.blackstone.com/

TowerBrook files Fund VI for $1.9b From TowerBrook: "TowerBrook Capital Partners is an investment management firm that has raised in excess of $21.1 billion to date. Our value creation strategy aims to transform the capabilities and the prospects of the businesses in which we invest." SEC Form D https://www.towerbrook.com/us/about-us/

New Zealand has partnered with BlackRock to create a $1.2 billion climate investment fund. New Zealand has partnered with BlackRock to launch a $1.2bn climate investment fund aimed at positioning the country as a leader in climate finance. The fund aims to attract private investment in projects that support climate change mitigation and adaptation. The goal is to position New Zealand as a leader in sustainable investing. https://www.blackrock.com/us/individual