Ropes & Gray Advises on Two of Top Five PE Funds of Q1

In The News
April 3, 2023

Private equity shops had little trouble fundraising during the first quarter of 2023, highlighted by both the massive amounts of capital in the largest funds to close over the past three months and the amount of dry powder in the private equity sector.

Law360 reported that Ropes & Gray advised on two of the top five private equity funds of Q1, 2023.

Ropes & Gray-advised Parthenon Capital's seventh flagship fund, Parthenon Fund VII, which closed at $4.5 billion on March 27. Parthenon Fund VII exceeded its initial target of $3.5 billion and will be used to invest in the firm's three target sectors: financial services, health care services and business services.

Ropes & Gray also advised TSG Consumer Partners on its ninth buyout fund, closing on Jan. 11 after raising $6 billion. The oversubscribed fund, called TSG9 LP, soared above its initial $5 billion target and received commitments from both new and existing investors, including leading institutions, family offices, pension plans, sovereign wealth funds, endowments and foundations.