Open-end, closed-end and separately managed accounts (SMAs) saw traction in June as alternative asset managers collected over $65 billion globally, according to the latest AW Research Manager Scorecard.
Private equity firms continue to be in the pole position; however, credit funds are closing in as each asset class raised $31 billion and $26 billion, respectively. Together they account for the bulk of the monthly fund close activity.
The largest fund close was from $116 billion debt shop HPS Investment Partners, which attracted $21.1 billion for its latest loan fund across a commingled fund, funds-of-one, SMAs and co-investments. The New York-based manager received commitments from the Teachers’ Retirement System of Louisiana ($200 million) and Los Angeles Fire and Police Pensions ($35 million).
The second largest fund raise was in a Swiss-run private equity strategy. Partners Group held the final close for its Partners Group Direct Equity V totaling more than its $15 billion target. The offering invests in high-conviction stakes across sub-sectors supported by resilient long-term global trends across four industry verticals — technology; services; health and life; and goods and products.
Notably, giant hedge fund launches continue to make headlines, the latest being Taula Capital, a macro and fixed income relative value hedge fund led by ex-Millennium Management portfolio manager Diego Megia, that launched with $5 billion in assets, mostly in SMAs.
Real estate and infrastructure funds, meanwhile, saw smaller commitments in June across three fund closes. The largest fund was from H.I.G. Capital’s H.I.G. Infrastructure Partners, which raised $1.3 billion in its latest offering. Officials detailed that the team has already made seven investments, with a focus on the middle market segment.
A full rundown of June fund raising follows.