Kirk Falconer
Ballast is led by managing partner Jon Popielarski, a former director of private assets at Employees’ Retirement System of Rhode Island.
The $559bn secured in 2023 is the third-largest infusion of capital into the North American private equity industry on record.
Carlyle Renewable & Sustainable Energy Fund II is targeting $1.6bn with a hard-cap of $2bn.
The closings were 'a significant accomplishment, given the persistent industry headwinds in private equity fundraising,' CEO Jon Winkelried said.
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The fund secured $2.1bn in Q4, CFO Alan Kirshenbaum said in a year-end earnings call, together with more than $400m in side-car co-investment capital.
Among the firm's forthcoming initiatives is a Middle East private equity fund, intended to “leverage our deep relationships” in the region, president Connor Teskey said.
A total of $559bn was raised by buyout, growth equity, secondaries, venture capital and other funds last year, down 9% from the $611bn secured in 2022. Fund closings dropped more significantly, down 17%.
Ranjan, based in the firm’s London office, inherits a much more extensive private equity business than existed just two years ago.
There's a shift in the ongoing dynamic between LPs and GPs, with the former rediscovering leverage as a result of the sluggish market.