Kirk Falconer

Fundraising results in Q1 reverse a trend of major post-pandemic growth. Last year saw the second-highest amount secured on record: more than $503bn.

A fund target has not been decided, though president Bobby Le Blanc believes it will roughly correspond with the size range of Onex's mid-market ONCAP vehicles. ONCAP IV closed in 2016 at $1.1bn.

Including Fund XV and two small-cap vehicles, Thoma Bravo has so far accounted for $26bn-plus against a combined target of more than $28bn.

Cash-strapped LPs are 'having to make choices for the first time in a while,' CFO Jack Weingart said. 'What we see happening is those choices are benefiting the largest, most established GPs with the strongest relationships.'

Fund IV's target was not disclosed. It is, however, expected to seek roughly the same amount raised by its predecessor: $2.6bn.

The core PE strategy, which since inception has earned a 26% gross IRR, oversaw $32bn of assets at the end of March. This is set to grow as KKR wrap ups Fund II, targeted at $16bn.

Maldonado shares with us his love of an outdoor run, his belief in progress, not perfection, and his fantasy job as a ski bum (or instructor).

WCAS XIV, which has a hard-cap of $5.5bn, sources told Buyouts, is now more than 80% of the way to its $5bn target.

Wildly successful growth equity may wilt a bit in the short term as beaten-down tech valuations and other macro concerns prevail. But expect growth equity's ascent to continue, GPs told Buyouts, powered by digitalization trends.

In its Q1 earnings call, Ares said it closed a second special opportunities fund at a $6bn hard-cap and will later this year or early next launch a seventh flagship corporate PE fund.