Crescent Capital Group opened a new office in Chicago, PDI reported this week.
While New York State leads individual states in terms of capital raised, Illinois-headquartered GPs have gathered $20 billion since 2010 between 59 funds, according to PDI Research & Analytics.
The number of funds closed by firms headquartered in the state tripled, from five to 15, between 2010 and 2016 to date. By contrast, managers in New York have closed 20 funds this year.
California saw managers raise $66.9 billion over 92 funds between 2010 and 2016. Texas is not far behind on $53.7 billion. However, GPs in the state closed only 27 funds. This is partly due to the large private debt vehicles launched by Dallas-based Lone Star Funds, which amassed more than $5 billion each, meaning the average fund size of Texan vehicles is almost $2 billion.