Term: First close

In a private equity fundraise the milestone at which the first group of capital commitments are officially agreed and a pool of capital is officially available to be deployed. A fundraise may include several closes before it reaches a final close. For example a fund may have a first close on $250 million followed by a final close on a total of $500 million which includes the amount of the first close. As in: It took us a whole year but we’ve finally reached our first close on $58 million.

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