TowerBrook Capital Partners has raised approximately $2.7bn at the first close of its latest flagship vehicle, according to a report by Bloomberg citing unnamed people familiar with the matter, as the broader fundraising environment for buyout funds remains challenging.
The firm is targeting a total of $4bn for its newest fund, TowerBrook Investors VII, and is expected to complete a second close in late June. The final size and timing of subsequent fundraising rounds remain subject to market conditions.
Existing investors are providing the bulk of early commitments, accounting for more than 80% of capital raised so far, while North American institutions represent roughly half of total allocations, the sources said.
The fundraising comes against a backdrop of continued difficulty for private equity firms in exiting investments and returning capital to limited partners, a dynamic that has slowed fundraising momentum across parts of the industry.
However, mid-market managers have in some cases fared better, benefiting from relatively more active deal markets. Earlier this week, Investindustrial was reported to have raised €1.5bn for a lower mid-market fund, underscoring the uneven nature of capital formation across strategies.
TowerBrook Capital Partners manages more than $26bn in assets and focuses on majority investments in large and mid-sized companies across North America and Europe.
