When Kian Capital Partners was out raising its third fund this year, it got some bad news. One of the LPs from its previous fund could not commit to the new fund. Not because of poor past performance. Not because of a lack of faith in the fund’s investment strategy. Quite simply, the LP had lost its mandate from a state pension, so there was no capital to invest.
Such a scenario is common with private equity fundraising today. Raising a fund has become much harder, even for behemoths like Apollo.
In the end, Kian closed its third fund oversubscribed at $400 million. But many GPs are having trouble navigating the fundraising trail today. Kian’s partners offered advice on what they learned through the process.
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