Private equity firms are on the hunt for funding, turning up the competition during market and economic uncertainty and an overall lean time for new deals.
According to London investment data firm Preqin, 2,845 funds are looking to raise over $1 trillion altogether, WSJ reported. That’s an increase of more than 60% in the number of funds and in the amount of capital being sought.
New funds from Blackstone, Hellman & Friedman and Apollo Global Management are among at least nine major funds with targets of $20bn or more responsible for more than $216bn of the total being sought, the WSJ reported.
“Everyone is nervous and concerned about the war [in Ukraine], the stock market going down, inflation…but the big names are still crushing it,” Jonathan Karen, a fund formation lawyer at Simpson Thacher & Bartlett LLP, whose clients include firms such as Blackstone and Silver Lake, told the WSJ.
Read more: PYMNTS
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