Business Services

ABRY Heritage Partners II, L.P. is the second fund in ABRY Partners' lower middle market Heritage strategy, having closed at $605 million in 2021 — approximately 15% larger than its predecessor, ABRY Heritage Partners, L.P., which raised $525 million in 2016. The fund is managed by ABRY Partners, LLC, a Boston-based private equity firm founded in 1989 that has completed over $90 billion in leveraged transactions across more than 550 properties. ABRY Partners maintains offices in Boston, Charlotte, and London and manages approximately $5.4 billion in active capital across four distinct fund strategies. Heritage II pursues controlling equity positions in lower middle market companies with enterprise values between $20 million and $150 million, deploying equity checks of $20 million to $60 million per transaction. The fund targets founder-led and family-owned businesses with limited prior exposure to institutional capital, emphasizing recurring revenues, high free cash flow generation, and high barriers to competitive entry. Core verticals include insurance and financial services, accounting and business advisory services, healthcare IT and services, outsourced professional services, managed IT services, and media — all within ABRY Partners' established sectoral expertise built across 35 years. As of mid-2026, Heritage II is actively deploying capital from its 2021 vintage, with approximately 80% deployment expected by end of 2026. The fund's active portfolio includes 17 companies such as Ascend Healthcare, Best Lawyers, Blue Mantis, Burgess Hodgson (UK), Dynasty Financial Partners, NetNumber, Oracle RMS (Canada, 2025), Screen Vision Media, and Turnberry Solutions. The fund has already achieved seven realized exits including AddSecure, Aftermath, Innovisk, Lighthouse Autism Center, Nuspire, SiteLock, and Socius, reflecting ABRY's active consolidation playbook in insurance distribution, accounting services, and managed IT.

ABRY Senior Equity Fund V, L.P. is a $1.05 billion mezzanine credit vehicle managed by ABRY Partners, a Boston-based private equity and credit firm founded in 1989 with over $90 billion in cumulative investments. The fund closed in 2017 and represents the fifth vintage in ABRY's Senior Equity series, which provides preferred equity and subordinated debt capital to middle-market companies in the media, communications, information, and business services sectors without acquiring controlling stakes. ABRY Partners is one of the most experienced sector-focused private credit managers in North America, combining deep industry knowledge with flexible capital structuring to address financing needs that traditional buyout funds and senior lenders cannot efficiently serve. The fund's investment strategy focuses on originating and structuring preferred equity and mezzanine debt positions in companies across the media, telecommunications, information technology, and business services industries in North America. ABRY Senior Equity V targets lower-middle market and middle-market businesses, providing growth and recapitalization capital in the range of $20 million to $75 million per transaction. Unlike control-oriented buyout funds, ABRY Senior Equity vehicles partner alongside management teams and co-investors without acquiring majority stakes, enabling portfolio companies to access substantial capital while retaining operational independence. This minority preferred equity positioning places investors higher in the capital structure than common equity, providing meaningful downside protection compared to equity funds. ABRY Senior Equity V is fully invested, and the firm has since closed its sixth fund (ABRY Senior Equity VI) at $1.16 billion, reflecting sustained institutional demand for ABRY's mezzanine strategy across six successive fund generations. The fund is domiciled as a Delaware limited partnership and managed from ABRY Partners' headquarters in Boston, Massachusetts. ABRY's track record in the Senior Equity series demonstrates the attractiveness of structuring preferred equity in fragmented, recurring-revenue businesses where deep sector expertise translates into enhanced deal origination and superior credit underwriting capabilities relative to generalist lenders.

AURELIUS Funds IV and V are the successive flagship mid-market private equity funds managed by AURELIUS, a pan-European investment group founded in Munich, Germany in 2005, with more than 400 professionals across offices in Europe and North America. AURELIUS European Opportunities IV closed in April 2021 at EUR 540 million — comprising EUR 380 million from institutional limited partners and EUR 160 million co-invested by AURELIUS Equity Opportunities SE & Co. KGaA — while AURELIUS Opportunities Fund V closed in June 2025 at EUR 830 million following a significantly oversubscribed five-month fundraise in which more than 90% of commitments came from returning Fund IV investors. Both vehicles are domiciled in Luxembourg and draw their institutional base from US and European university endowments, pension funds, insurance companies, family offices, and charitable foundations. Both funds execute AURELIUS's established strategy of acquiring mid-market businesses through corporate carve-outs, platform build-ups, and operationally intensive buyouts across the United Kingdom, continental Europe, and North America. The approach targets businesses with significant operational improvement potential — particularly subsidiaries divested by large corporations or companies in complex ownership situations — with equity tickets of up to EUR 100 million (Fund IV) and EUR 200 million (Fund V) per transaction, focused on companies generating annual revenues of at least EUR 100 million. AURELIUS's proprietary value creation engine is AURELIUS WaterRise, the group's fully in-house advisory team of more than 180 operational and functional specialists who embed directly with portfolio companies across technology and business services, industrials and chemicals, lifestyle and consumer goods, and healthcare to drive structural performance improvements without reliance on financial leverage or multiple expansion. Fund IV invested in a diverse European portfolio encompassing Footasylum, Dental Bauer and Pluradent, Minova, Hallo Healthcare Group, Weck, TM Group, LSG Group, and ECO3, and by Q3 2024 ranked in the top 5% of all industry peers globally according to Cambridge Associates, achieving a DPI ratio above 1 ahead of Fund V's close. Fund V's oversubscription at its EUR 830 million hard cap — with more than 90% of LP capital provided by Fund IV returnees — reflects the durability of AURELIUS's operational model across more than 300 transactions over two decades. Campbell Lutyens served as exclusive placement agent for Fund IV; Asante Capital Group served in the same role for Fund V.

Achieve Partners Workforce Fund I is a lower middle market private equity buyout fund managed by Achieve Partners Management, LLC, a New York-based impact-oriented investment firm co-founded by Managing Directors Ryan Craig, Daniel Pianko, Aanand Radia, and Troy Williams. The fund held its final close on June 29, 2021, raising $180 million in committed capital from institutional and impact-focused limited partners. Achieve Partners' investment thesis centers on what the firm terms apprenticeship-led growth — acquiring controlling stakes in technology and healthcare services businesses that face acute talent shortages, then designing and embedding proprietary earn-and-learn apprenticeship programs within each portfolio company to simultaneously fuel revenue growth and create structured pathways to well-paying careers for workers who might otherwise be excluded from high-demand occupations. The fund's investment mandate focuses on lower middle market businesses in the United States operating in technology services, healthcare services, and education technology sectors, typically targeting companies with $20 million to $200 million in revenue where talent is both the primary input and the principal bottleneck to scale. After acquiring a platform, Achieve Partners works with management to design and launch next-generation apprenticeship programs — often in partnership with community colleges, universities, and workforce agencies — that train workers on the job and channel them directly into roles that traditionally required expensive credentialed pathways. The model is grounded in U.S. Department of Labor data indicating a 144 percent average return on investment for employers who run registered apprenticeship programs. Anchoring limited partners in Workforce Fund I include Prudential Financial's Impact and Responsible Investing group and ZOMA Capital. Achieve Partners Workforce Fund I has delivered exceptional realized and unrealized performance. The fund ranked in the top quartile of the Cambridge Associates U.S. Buyouts benchmark across net DPI, TVPI, and IRR metrics as of September 30, 2025, and in the top 5 percent of the benchmark for DPI. The fund's flagship realized exit was the sale of Optimum Healthcare IT to Infosys in 2025 at an enterprise value of approximately $465 million. Additional portfolio companies included Cloud for Good (exited to Tailwind Capital), SkillStorm, ROHealth, Metmox, and Freedom Learning Group. The fund's track record provided the foundation for Achieve Partners raising its successor vehicle, Achieve Partners Workforce Fund II, which closed at $450 million in April 2026.

Adelis Equity Partners Fund II is a Nordic private equity buyout fund managed by Adelis Equity Partners, a Stockholm-headquartered buyout firm focused on middle-market companies in Sweden, Norway, Denmark, and Finland. The fund closed in June 2017 with EUR 600 million in capital commitments, representing a significant step-up from the firm's debut fund and confirming Adelis's position as one of the leading private equity managers in the Scandinavian region at the time. Adelis targets control investments in profitable, well-positioned companies with enterprise values between EUR 100 million and EUR 500 million, primarily in the business services, healthcare, and industrials sectors. The firm brings operational expertise through its Value Creation Teams, which work alongside portfolio company management to drive revenue growth, international expansion, and operational efficiency improvements. Fund II invested in numerous Nordic champions across its investment period, generating strong returns that supported the firm's subsequent fundraising efforts and demonstrated Adelis's differentiated approach to Nordic private equity. Adelis Equity Partners was founded in 2012 by a team of experienced Nordic private equity professionals. The combination of focused Nordic geography, sector expertise, and close partnership with management teams has been the hallmark of the firm's approach. Adelis Equity Partners Fund II was succeeded by Fund III, which closed in October 2021 with EUR 932 million in total commitments. The firm has since launched a continuation vehicle and Fund IV, with each successive vintage demonstrating sustained growth in both fund size and institutional investor support across the Nordic buyout landscape.

Adelis Equity Partners Fund III AB is a Nordic private equity buyout fund managed by Adelis Equity Partners, one of Scandinavia's premier middle-market buyout firms headquartered in Stockholm, Sweden. The fund reached its final close on October 27, 2021, raising EUR 932 million in total capital comprised of EUR 855 million from external institutional investors and EUR 77 million committed by Adelis employees, reflecting the strong alignment between the firm and its investors. Fund III significantly exceeds its predecessor Fund II (EUR 600 million) in size, underscoring the institutional confidence in Adelis's consistent deal-sourcing and value-creation capabilities developed since the firm's founding in 2012. The fund pursues control-oriented investments in profitable Nordic companies, with enterprise values typically ranging from EUR 100 million to EUR 500 million. Adelis focuses on sectors where the Nordic region has demonstrated structural advantages: business services, healthcare, education, and industrials. The firm's operational teams work closely with portfolio company management to implement strategic initiatives including geographic expansion, M&A-driven consolidation, and digital transformation. The Swedish legal structure reflected in the AB (Aktiebolag) designation confirms the fund's domicile and regulatory registration in Sweden. Adelis Equity Partners was founded in 2012 and has raised four successive funds, each larger than the last, building a portfolio of Scandinavian market leaders. The firm operates across all five Nordic countries with a deep network of relationships in the regional entrepreneurial and corporate community. Fund III's strong fundraise, completed during a period of significant market activity, positioned Adelis as a central player in Nordic private equity and enabled the firm to pursue larger and more complex transactions than previously possible.

Adelis Equity Partners Fund IV AB is the fourth flagship fund of Adelis Equity Partners, a Stockholm-headquartered private equity firm founded in 2012. The fund achieved a final close of EUR 1.616 billion in March 2025—well above its target and significantly oversubscribed—drawing EUR 1.5 billion from external institutional investors alongside EUR 116 million from Adelis employees, who collectively serve as the fund's largest single investor at a 7.7% stake. Park Hill Group acted as placement agent. Fund IV pursues growth-oriented buyout investments in mid-market companies across the Nordic region (Sweden, Denmark, Norway, Finland) and the DACH area (Germany, Austria, Switzerland), targeting businesses with revenues of EUR 10–300 million. Adelis concentrates on three sectors—Business Services, Tech & Software, and Healthcare & Life Sciences—partnering with founders and management teams to accelerate growth through organic expansion, industry consolidation, and add-on acquisitions. Fund IV succeeds the EUR 932 million Fund III, reflecting steady fund-size growth since the firm's debut in 2013. Since inception, Adelis has raised EUR 4.25 billion across four flagship funds and two continuation vehicles, completing 45 platform investments and more than 260 add-on acquisitions with 22 full exits and average annual portfolio revenue growth of 34%. Fund IV drew commitments from leading pension funds, foundations, and funds of funds in Europe and North America, with 75% of external capital from returning Fund III investors who increased their average commitment by approximately 30%.

Advent International GPE XI is the eleventh flagship global private equity fund from Advent International, a leading global private equity firm. The fund is targeting $26 billion in commitments, surpassing its predecessor GPE X, which closed at $25 billion in 2022. GPE XI continues Advent's strategy of investing in control buyouts of companies across various sectors and geographies. The fund focuses on five core sectors: business and financial services, healthcare, industrial, consumer, and technology. Advent seeks to partner with management teams to drive revenue growth, operational improvements, and strategic expansion. The firm's approach involves identifying companies with strong potential and working closely with them to achieve sustainable growth. Geographically, GPE XI aims to invest primarily in North America and Europe, while also exploring opportunities in Asia and Latin America. Advent's global presence and local expertise enable it to identify and capitalize on investment opportunities across diverse markets.

Alantra Private Equity is the inaugural private equity fund managed by Alantra, one of Spain's most established independent alternative asset managers founded in Madrid with over three decades of experience in the Iberian mid-market. The first fund, launched in 2002, raised EUR 176 million in institutional capital and co-invested alongside Dinamia, a listed Spanish investment vehicle, to back mid-market growth companies at a time when the private equity industry in Spain was still nascent. This inaugural fund established the foundation of Alantra's private equity franchise, which has since grown to manage four successive funds and over EUR 1.3 billion in committed capital. Alantra Private Equity's investment thesis focuses on Iberian companies—primarily Spanish, with some Portuguese exposure—operating in the lower and middle market with enterprise values between EUR 50 million and EUR 300 million. The strategy targets profitable businesses in high-growth sectors where Alantra can act as a strategic and operational partner to management, driving value through internationalization, M&A bolt-ons, and efficiency improvements. Core investment themes include food and beverage, industrials, business services, and healthcare, reflecting the structural strengths and specializations of the Iberian economy. Alantra, formerly known as N+1 before its 2015 rebranding, is headquartered in Madrid and operates investment banking and alternative asset management businesses across more than 20 countries. The private equity team has invested in over 60 Iberian companies over three decades, building deep relationships with business owners, family groups, and management teams across Spain. The first fund was followed by Fund II (2008 vintage, $448M), Fund III (EUR 450 million hard cap, 2017 vintage), and Fund IV (targeting EUR 340 million), each demonstrating the franchise's ability to generate superior risk-adjusted returns in the Iberian market.

Alto Capital IV is a EUR 210 million private equity buyout fund managed by Alto Partners SGR, the Milan-based independent fund manager specialising in Italian mid-market private equity. The fund reached its hard cap and final close on 26 April 2018, attracting 70 limited partners across the fund's life cycle. Alto Capital IV represented the firm's fourth flagship vehicle and targeted majority buyout and selected minority expansion investments in Italian companies with enterprise values between EUR 30 million and EUR 100 million, with equity tickets of EUR 20 million to EUR 40 million. The fund's investment strategy focused on high-growth, family-owned or family-founded Italian businesses in northern Italy with strong competitive positioning, international market exposure, and professional management teams capable of supporting growth initiatives. Alto Partners' preferred sectors included Food and Beverage, Design, Luxury and Fashion, High-end Mechanics, Electro-mechanics, and Business Services — industries where Italian SMEs hold structural global competitive advantages. The fund favoured majority buyouts to facilitate generational transitions, supplemented by build-and-grow strategies combining organic development with selective bolt-on acquisitions. Alto Partners SGR is one of Italy's most experienced independent private equity managers, with over 25 years of activity and 217 years of combined private equity experience across its team. The firm has built a track record of 52 total investments across five fund generations, comprising 35 platform deals and 17 add-on acquisitions. Alto Capital IV was succeeded by Alto Capital V, which closed at EUR 273 million in December 2023, demonstrating sustained LP demand for the platform and a growing franchise in the Italian mid-market. The firm's investment approach emphasises active ownership, hands-on portfolio management, and support for internationalisation, digitalisation, and ESG improvements.

Alto Capital V is a EUR 273 million private equity buyout fund managed by Alto Partners SGR, the Milan-based independent fund manager specialising in Italian mid-market private equity. The fund reached its final close in December 2023, representing a 30 percent increase in size over its predecessor Alto Capital IV, which closed at EUR 210 million in 2018. Alto Capital V had an initial first close in October 2022 at EUR 150 million against a EUR 300 million target, before completing fundraising well above its initial target. The fund also benefits from significant co-investment capacity, bringing total firepower to approximately EUR 305 million including co-investment commitments. The fund's investment thesis is centred on partnering with high-growth, predominantly family-owned businesses in northern Italy with enterprise values between EUR 30 million and EUR 100 million. Alto Capital V targets majority buyout transactions to facilitate generational succession and leadership transitions, and selected minority expansion investments in companies with strong shareholder protections and pre-determined exit routes. Equity tickets range from EUR 20 million to EUR 40 million. Target sectors include Food and Beverage, Design, Luxury and Fashion, Industrial Manufacturing, Pharmaceutical and Healthcare, and Business Services — industries where northern Italian SMEs hold durable competitive advantages in global markets. Alto Partners SGR applies an active ownership model built on deep sector expertise, comprehensive due diligence, and hands-on portfolio management. The firm supports portfolio companies through internationalisation initiatives, digital transformation programmes, ESG improvements, and selective build-and-buy acquisitions. With over 25 years of private equity activity in Italy, a team combining 217 years of experience, and five fund generations including 52 total investments, Alto Partners is one of Italy's most established independent private equity managers. Alto Capital V marks the continued expansion of the firm's franchise in the Italian mid-market, investing from its sixth generation vehicle in an asset class where it has developed proprietary deal flow and deep management relationships across key northern Italian industrial clusters.

Altor Fund II is a EUR 1.15 billion private equity buyout fund managed by Altor Equity Partners, the Stockholm-headquartered mid-market investment firm. The fund closed in February 2006 with total commitments of EUR 1.15 billion, building substantially on the firm's debut EUR 600 million Fund I closed in 2003. The fund attracted institutional LP capital from across Europe, North America, and Asia, reflecting Altor's growing reputation as a leading Nordic mid-market buyout manager following its strong early-vintage performance. Altor Fund II is fully invested and represents a mature, closed vehicle that helped establish Altor's pan-European investment platform. The fund pursued Altor's core strategy of acquiring majority stakes in medium-sized Nordic companies with revenues typically in the range of EUR 50 million to EUR 500 million. Altor Fund II targeted commercial products, industrials, business-to-business services, and consumer sectors, focusing on businesses with strong fundamentals, defensible market positions, and clear operational or strategic improvement potential. The fund made a total of 21 investments, deploying capital across Sweden, Denmark, Norway, and Finland, with a focus on market-leading companies benefiting from structural tailwinds in the Nordic economies. Altor Fund II has made a significant contribution to Altor's long-term track record and helped the firm build the operational expertise and GP relationships that underpin its subsequent larger vehicles, including Altor Fund III (EUR 2 billion, 2009), Altor Fund IV (EUR 2 billion, 2014), Altor Fund V, Altor Fund VI (EUR 3 billion, 2024), and Altor ACT I (EUR 1.1 billion, 2024). Altor Equity Partners, founded in 2003 by Harald Mix and a team of experienced investment professionals, has grown into one of the Nordic region's preeminent private equity firms, with over EUR 10 billion in cumulative capital raised and a long-standing focus on fundamental business improvement, earnings growth, and active portfolio stewardship.

Amethis, the pan-African private equity firm co-founded by Luc Rigouzzo and Laurent Demey, completed the final close of its third flagship fund on 15 January 2026, raising EUR 406 million in line with its target. The fund is structured as a Luxembourg SICAV-RAIF (Amethis Fund III S.C.A., SICAV-RAIF), qualifies as an Article 9 fund under SFDR — the highest European sustainability classification — and is managed by Amethis Investment Fund Manager S.A. The platform's total assets under management exceed EUR 1.4 billion across all vehicles. The LP base includes prominent development finance institutions: the European Investment Bank (EIB), International Finance Corporation (IFC), Bpifrance, British International Investment (BII), and KfW DEG, alongside qualified private investors representing more than 40% of total commitments. Amethis Fund III is the third vintage of the firm's flagship pan-African strategy, building on the proven track record of prior funds. The vehicle targets approximately ten investments in African small and mid-sized companies, deploying equity tickets of EUR 25 to EUR 40 million per company across majority and minority stake structures. Target sectors include manufacturing and distribution (including agribusiness), business services and logistics, technology and digital services, healthcare, and infrastructure and energy-related services. Each investment must demonstrate a clear impact orientation, with fund compensation directly tied to ESG-linked carry objectives measuring improvements in employment quality, gender equality, environmental performance, and governance standards. Fund deployment was well advanced at the time of final close, with four investments already signed or closed and one additional transaction under exclusivity — a strong early deployment rate reflecting the quality of Amethis's deal pipeline and sector expertise built over fifteen years of investing across the African continent. The fund's Article 9 classification and ESG-linked carry mechanism represent the culmination of Amethis's long-standing commitment to responsible, long-term investment generating both financial returns and measurable positive impact for African businesses and communities.

Amethis, the pan-African and MENA-focused private equity firm, completed the final close of Amethis MENA Fund II S.C.A., SICAV-RAIF on 31 August 2022, raising EUR 120 million in line with its target. The fund is the second vehicle in Amethis's MENA franchise and the firm's fifth fund in total, structured as a Luxembourg reserved alternative investment fund and classified as an Article 9 vehicle under SFDR. The LP base reflects Amethis's deep relationships with development finance institutions and impact-oriented investors: the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD), Proparco/FISEA, the International Finance Corporation (IFC), Bpifrance, and British International Investment (BII), alongside qualified private investors representing more than 40% of total commitments. The fund focuses on fast-growing small-to-medium-sized enterprises in Morocco, Egypt, Tunisia, and Jordan, taking both majority and minority equity stakes with ticket sizes ranging from EUR 5 million to EUR 15 million per company. Amethis's investment thesis in the MENA region emphasises businesses benefiting from demographic tailwinds and the structural formalisation of SME sectors across North Africa and the Levant. Target sectors include manufacturing and agribusiness distribution, business services and technology, and financial services. The fund embeds a commitment to the 2X Challenge criteria for women's economic empowerment directly into investment selection and portfolio monitoring, making gender equality a core performance metric alongside financial returns. Early portfolio investments include Magriser, a leading micro-irrigation distribution company, and Tarjama, a language technology services platform — illustrating the fund's dual focus on economic inclusion and operational value creation in MENA's underserved SME segment. The fund's Article 9 classification and DFI-anchored LP base reflect Amethis's position as one of the most credible and experienced impact-oriented private equity managers in the Africa and MENA region, with total AUM approaching USD 1 billion across the full platform.

Ansor, a UK-based private equity firm, has successfully closed its second fund, Ansor Fund II, at the hard cap of £250 million, nearly doubling the size of its inaugural fund raised in 2019. The fund was significantly oversubscribed, attracting a carefully curated group of high-quality limited partners, including leading US-based endowments and blue-chip European investors. Ansor Fund II will continue the firm’s strategy of building high-quality assets through rapid “ground-up” buy-and-build consolidation within fast-growing yet fragmented subsectors. The firm targets resilient, EBITDA-positive businesses that can undergo multiple value inflections through its precision-engineered value creation approach. Led by founding partners Edward Ainsworth, Peter Marson, and Peter Strafford, Ansor leverages over 20 years of experience creating businesses from scratch within the UK SME ecosystem. Since transitioning to a private equity model in 2019, the firm has refined its systematic investment approach and expanded its team and tech infrastructure.

Apax Digital Fund is the growth equity investment strategy of Apax Partners, one of the world's leading global private equity firms. Established in 2017 with the inaugural Apax Digital Fund raising USD 1.113 billion, the strategy targets minority and majority growth equity and growth buyout investments in high-growth enterprise technology and internet companies globally. A second vintage, Apax Digital Fund II, closed in 2023 at USD 1.957 billion, nearly doubling the capital raised under the digital franchise and affirming consistent institutional demand for the strategy. The Apax Digital investment approach focuses on enterprise software, internet, and technology-enabled services companies at the intersection of growth equity and growth buyout, with individual investments typically ranging from USD 30 million to USD 150 million. The strategy invests across the United States, Europe, and Israel, targeting businesses with strong recurring revenue profiles, proven product-market fit, and the potential to scale globally with the support of the Apax platform. Core sectors include enterprise SaaS, software B2B, and tech-enabled business services. Portfolio companies have included atHome Group, Petvisor, and Magaya, among others. The strategy is managed by the Apax Digital Growth team, a specialist investment unit within Apax Partners. The broader Apax Partners platform, founded in 1972 and headquartered in London, has raised and advised approximately USD 80 billion in aggregate funds as of 2024, investing across technology, healthcare, internet and consumer, and services sectors globally. Apax Digital Funds benefits from this institutional infrastructure, including the firm's sector expertise, global portfolio networks, and decades of experience scaling technology businesses from growth stage to market leadership.

Apax Funds is the flagship family of global buyout funds managed by Apax Partners, a private equity firm founded in London in 1972. Evolving from regional European vehicles in the 1990s — Apax Europe IV through VII, the last of which closed at approximately €11.2 billion in 2007 — the firm transitioned to fully global programs with Apax VIII (2012, $7.5 billion), Apax IX (2016, $9.5 billion), Apax X (2020, $11.8 billion), and Apax XI (2024, $12 billion). With more than 30 funds raised and aggregate commitments exceeding $77 billion, Apax is among the most enduring large-cap and mega-cap buyout platforms globally. The Apax Funds pursue a disciplined, sector-focused buyout strategy targeting established businesses across three core verticals: Technology, Services, and Internet/Consumer, with Healthcare prominently featured in recent vintages. Rather than a generalist approach, the firm deploys proprietary sub-sector playbooks refined over five decades alongside its Operational Excellence team — specialists embedded directly in portfolio companies to drive revenue growth, margin expansion, and digital transformation. Investment activity targets businesses with enterprise values between $500 million and $5 billion, encompassing control buyouts, corporate carve-outs, and public-to-private transactions executed globally across eight offices. Since 2014, the Apax Funds have realized over $21.5 billion for investors from full and significant exits, achieving a gross multiple of 3.4x and a gross IRR of 27%. The limited partner base is diversified globally, spanning pension funds, sovereign wealth funds, endowments, insurance companies, and charitable foundations from North America (44%), Asia (23%), Europe (21%), and the rest of the world. The firm operates from offices in London, New York, Hong Kong, Shanghai, Mumbai, Munich, Tel Aviv, and Abu Dhabi. Notable portfolio exits include Epicor Software, Thoughtworks, Zellis, Trader Corp, and Fractal Analytics.

Apax Global Alpha (AGA) is a private fund-of-funds vehicle managed by Apax Partners, one of the world's largest global private equity firms. Originally established in 2015 as a Guernsey-domiciled listed investment company on the London Stock Exchange (ticker: APAX), AGA was designed to provide public-market investors with managed exposure to the returns of Apax Partners' private equity funds. In September 2025, following a recommended offer valuing the vehicle at £794.5 million (approximately €916.5 million), AGA's shares were delisted from the London Stock Exchange and the entity transitioned to a private continuation fund structure, supported by equity financing from Ares Management's secondaries platform. Existing investors were offered the option to roll their holdings into the new unlisted vehicle, advised by Apax Partners under the entity Janus Bidco Limited. As a fund of funds, AGA deploys capital as a limited partner across Apax Partners' flagship private equity vehicles, providing diversified exposure to Apax's portfolio of companies across three primary sectors: technology and digital services, business and financial services, and internet and consumer. Apax's underlying investment strategy focuses on mid-to-large-cap companies globally, with an emphasis on value creation through operational improvement, digital transformation, and strategic repositioning. AGA's portfolio has historically spanned up to 11 Apax-managed funds simultaneously, offering exposure to 79 or more underlying portfolio companies at any given time and providing diversification across vintage years, geographies, and industry subsectors within Apax's defined investment universe. During its listed life, AGA targeted an annualised total return of 12–15% net of fees, including a dividend yield of 5% of net asset value. At the time of its take-private transaction in September 2025, AGA managed a portfolio valued at approximately €1.1 billion in net asset value, diversified across 11 active Apax private equity funds. The delisting and transition to a private continuation fund represents a strategic evolution aligned with the broader trend of listed private equity vehicles returning to private ownership as discount-to-NAV pressure in public markets became a persistent structural challenge for the listed alternative assets sector. In its new form, AGA continues to provide investors with concentrated, long-term exposure to Apax's private equity program, free from the quarterly reporting obligations and public-market valuation constraints of its previous listed structure.

Apax XI is a private equity buyout fund that will continue to focus on investment opportunities across the Tech, Services, Healthcare, and Internet/Consumer sectors. This sector-focused strategy will guide the fund's target investments, allowing for the identification of businesses with growth potential within these specific sectors. Additionally, the fund has already committed 15% of its capital across five investments, three of which are corporate carveouts and one is a day-one combination of two businesses. This reflects the fund's operationally intensive approach to investing and its focus on enabling companies to realize their full potential. The fund is located in London, United Kingdom. The fund has received commitments from a diverse set of new and returning investors, including public and private pension funds, sovereign wealth funds, fund of funds, insurance companies, endowments, and charitable foundations. This diverse investor base reflects the fund's appeal to a wide range of institutional investors. Apax XI is a dual-currency fund (USD and EUR).

Arini Direct Lending Fund is the first dedicated direct lending vehicle of Arini, a specialised alternative asset manager headquartered in London. Founded in 2021 by Hamza Lemssouguer, a former star credit trader at Credit Suisse, Arini manages approximately $12 billion in total assets under management as of late 2025 across credit master funds, structured credit, collateralised loan obligations (CLOs), and direct lending strategies. The firm has rapidly established itself as one of Europe's prominent credit managers, posting double-digit annual returns across its flagship strategies. The Arini Direct Lending Fund targets mid-cap corporates across EMEA through directly originated senior secured loans and structured credit instruments. The fund strategy was launched in 2025 and anchored by a cornerstone commitment from the British Columbia Investment Management Corporation (BCI), one of Canada's largest institutional investors, alongside a co-investment agreement. The fund reached its first close at approximately $1 billion of investable capital including leverage, and subsequently secured $2.3 billion at a second close, demonstrating strong institutional appetite for Arini's credit origination platform. A strategic origination partnership was also established with Lazard to jointly source direct lending opportunities across EMEA mid-cap corporates. The fund's investment approach is fundamentally driven and opportunistic, targeting senior secured and unitranche instruments in companies with resilient business models and strong sponsor backing. Arini's direct lending platform benefits from the firm's established credit research capabilities across public and private credit markets, bringing institutional-grade underwriting discipline to direct lending. The fund represents Arini's expansion into the rapidly growing European private credit market, where mid-cap companies increasingly seek non-bank financing solutions.

Arlington Capital Partners VI is the sixth flagship private equity fund managed by Arlington Capital Partners, a Washington, D.C.-based firm with over 25 years of focused investing in the U.S. aerospace and defense, government services and technology, and healthcare sectors. The fund closed at its hard cap of USD 3.8 billion in January 2024, significantly exceeding its initial target of USD 3.25 billion and becoming the largest fund in Arlington's history. The oversubscribed raise reflects sustained institutional conviction in Arlington's differentiated expertise in government-facing sectors that exhibit resilience across economic cycles, driven by non-discretionary federal spending and long-term programmatic contracts. Fund VI targets control-oriented buyout investments in middle-market companies that serve the U.S. Department of Defense, Intelligence Community, and federal, state, and local government agencies, with a complementary focus on healthcare businesses benefiting from similar defensible demand dynamics. Arlington's investment approach leverages deep sector knowledge and an extensive network of government, operational, and policy relationships to source, evaluate, and build proprietary investment opportunities in sectors where technical depth and regulatory expertise create meaningful barriers to entry. The firm's value creation methodology emphasizes accelerating organic growth, executing platform buy-and-build strategies, and professionalizing management teams — often deploying M&A to scale portfolio companies into mission-critical enterprise players across their respective verticals. At the time of its final close in January 2024, Fund VI had already completed eight platform investments and ten add-on acquisitions, reflecting the team's active deal-sourcing pipeline and rapid deployment pace. Arlington's five prior flagship funds have generated strong risk-adjusted returns through disciplined investing in sectors that command government contract revenue streams, creating value through operational transformation and strategic consolidation. As a successor to Fund V, which closed at approximately USD 2 billion, Fund VI represents a step-change in scale that positions Arlington to pursue larger, more complex buyout opportunities in its core sectors while maintaining the thesis discipline that has defined the firm's track record since its founding.

Armira Growth Fund I is the inaugural growth equity fund of Armira Growth, the venture and growth investment arm of the Armira holding group, headquartered in Munich, Germany. The fund reached its hard cap of EUR 200 million at final close in May 2024, backed by a founding investor base of entrepreneurial families, established mid-market holding companies, and portfolio companies from the broader Armira group including Osapiens, Wemolo, Workwise, and Yoummday. The Armira group manages over EUR 3 billion in total equity across its Mittelstand and growth-stage investment portfolio. Fund I targets minority stake investments in European growth-stage technology and tech-enabled companies, with a primary focus on the DACH region (Germany, Austria, Switzerland) and selective opportunities in Northern Italy. Investment tickets range from EUR 10 million to EUR 50 million per company, with a concentrated portfolio model designed to enable active operational support. The fund targets B2B SaaS platforms, digital infrastructure companies, marketplace businesses, and technology-enabled services that have demonstrated proven revenue models and strong management teams. Armira Growth provides portfolio companies with access to a proprietary network of over 100 entrepreneurs and entrepreneurial families with deep roots in the German Mittelstand. Fund I achieved a final close at its EUR 200 million hard cap in May 2024. The investor base combined entrepreneurial families with existing Armira portfolio companies and selective institutional investors, positioning the fund at the intersection of family capital and institutional growth equity. The broader Armira holding group has executed over EUR 3 billion in equity transactions across more than 30 years of investing in European mid-market and growth-stage businesses, providing Armira Growth with an established operational platform and proprietary deal flow network.

Arta Capital Fund III is the third flagship private equity fund of Arta Capital, a leading Iberian mid-market private equity firm founded in 2008 and headquartered in Madrid. The fund reached a final close on 5 November 2024 with EUR 400 million in committed capital, making it the firm's largest fund to date and reinforcing Arta Capital's position as one of the most active and established private equity managers in Spain and Portugal. The investor base comprises approximately 75% institutional investors and 25% family offices. Fund III continues Arta Capital's core investment thesis: building long-term partnerships with family-owned, mid-market companies in Spain and Portugal that exhibit resilient business models, strong management teams, and compelling organic and inorganic growth prospects. The fund targets equity investments in established companies with enterprise values typically between EUR 50 million and EUR 300 million, with a focus on industrial services, consumer goods, healthcare, and business services sectors across the Iberian Peninsula. Arta Capital integrates ESG principles throughout its investment process and positions itself as a 'true partner for sustainable growth', linking returns maximization with positive social and environmental contributions. Since its founding in 2008, Arta Capital has invested more than EUR 1 billion across 20 leading Iberian companies and completed over 50 add-on acquisitions. Fund III had already made five investments by the time of its November 2024 final close, including Onix (building materials), Aviaction (aviation MRO services), and Viokox (cosmetics manufacturing). Arta Capital is a multiple-year recipient of the SPAINCAP award for private equity investment excellence in Spain.

Astorg Mid-Cap is the inaugural dedicated mid-market buyout fund of Astorg, a leading pan-European private equity firm with over €24 billion in total assets under management. Launched in 2020 under the leadership of Co-Managing Partners Lionel de Posson and Edouard Pillot, the fund exceeded its initial €1 billion target and closed at its €1.3 billion hard cap in February 2022. Astorg Mid-Cap represents a strategic expansion of the firm's platform to address the under-served European middle market, complementing its flagship large-cap buyout series. The fund targets European B2B niche leaders in four core verticals: software, healthcare, industrials, and business services. Astorg Mid-Cap focuses on acquiring companies with enterprise values between €100 million and €500 million, headquartered primarily in France, Germany, the United Kingdom, and Italy and Spain. The investment team comprises over 16 professionals across nine nationalities, with dedicated coverage of France and Benelux, the DACH region, the UK, and Italy and Spain. The fund follows an Article 8 classification under the EU Sustainable Finance Disclosure Regulation, integrating ESG policies into investment selection, execution, and portfolio management. The fund is regulated by France's AMF (Autorité des marchés financiers). By 2022, the fund had invested in six companies headquartered across six different European countries, with the portfolio generating average annual EBITDA growth of 18% and an average EBITDA margin of 30%—significantly above typical middle-market benchmarks. Early portfolio investments include Opus 2, a UK legal technology platform, and Armor-IIMAK, a French manufacturer of thermal printing consumables. The investor base is predominantly European (70%), with contributions from North American (18%), Middle Eastern (7%), and Asian (5%) institutions, reflecting broad international confidence in Astorg's ability to identify and scale European B2B niche champions in the mid-market segment.

Astorg VIII is the eighth flagship pan-European private equity buyout fund managed by Astorg Partners, a Luxembourg-headquartered investment firm with over €21 billion in assets under management and a three-decade track record of acquiring and building global niche leaders. The fund held its final close in May 2024 with total capital commitments of €4.4 billion—Astorg's largest fund to date—overcoming significant industry fundraising headwinds to exceed its predecessor and deliver a major milestone for the firm's continued growth across the Western European mid-to-large-cap buyout market. Astorg VIII is an Article 8 fund under the EU Sustainable Finance Disclosure Regulation, targeting leading business-to-business companies in defined subsegments within four strategic verticals: healthcare, technology, business services, and industrials. The fund pursues control buyout and co-control transactions across Western Europe, focusing on acquiring market-leading, global companies with defensible competitive positions, high organic growth potential, and strong cash generation characteristics. Portfolio companies benefit from Astorg's active ownership model, which provides strategic guidance, governance frameworks, international expansion support, and access to the firm's extensive executive network and add-on M&A sourcing capabilities. Since its final close, Astorg VIII has deployed capital into seven investments across metals, financial software, and wholesale distribution subsectors, demonstrating consistent deal sourcing activity in the fund's core verticals. Astorg's investment approach emphasises long-term value creation through buy-and-build strategies, operational transformation, and international roll-outs. The predecessor fund, Astorg VII, invested €2.3 billion across 11 platform companies. With over 60 platform investments across its full investment history and offices in Paris, London, Frankfurt, Stockholm, New York, and Luxembourg, Astorg continues to be one of the most active and disciplined mid-to-large-cap buyout managers focused on European B2B companies.

Aurora Equity Partners VII (AEP VII) is a $2.1 billion middle-market buyout fund managed by Aurora Capital Partners, a Los Angeles-based private equity firm founded in 1991. Reaching final close on September 11, 2025, AEP VII is Aurora's largest fund since the firm's founding and exceeded its initial fundraising target, bringing total assets under management to approximately $6 billion. The fund was supported by a broad institutional base of new and existing limited partners including public and corporate pension funds, insurance companies, family offices, asset managers, and industry consultants, with capital raised via placement agent PJT Park Hill and legal counsel from Kirkland & Ellis. AEP VII targets control-oriented buyout investments in US middle-market companies across three core verticals: business services, industrial services, and tech-enabled services. The fund employs Aurora's proprietary Strategy & Operations Program — a differentiated value creation framework emphasizing active partnership with management teams, operational improvement, and strategic transformation. Investment targets are market-leading businesses with defensible competitive positions operating in stable industry dynamics and well-suited for both organic growth acceleration and add-on acquisition strategies. AEP VII follows the same core investment thesis Aurora has applied consistently for more than three decades, with the Firm and its long-tenured partners maintaining the same strategy since the early 1990s. Aurora Capital Partners has a long track record of value creation in the US lower and middle market. AEP VII's predecessor, Aurora Equity Partners VI, closed at $1.65 billion in 2021; AEP VII represents a 27% step-up in fund size. The fund's first deployment was GenServe, a US provider of standby power generators for commercial and industrial markets, completed in August 2024. Recent portfolio realizations include the sale of FMG Suite and the recapitalization of PSC Group alongside The Jordan Company (2024), demonstrating Aurora's active portfolio management and disciplined realization track record.

Axcel Elevate I is the inaugural lower mid-market private equity fund raised by Axcel, a Copenhagen-based investment firm that has been one of the leading private equity houses in the Nordic region since its founding in 1994. The fund closed in November 2025 at its EUR 459 million hard cap following strong investor demand, with the majority of commitments from existing Axcel investors and additional participation from leading Nordic and international investors including pension funds, funds of funds, foundations, and family offices. The fund was launched in the summer of 2025 and reached its hard cap after an efficient fundraising process. Axcel Elevate I represents a strategic expansion of Axcel's investment platform into the lower end of the Nordic mid-market, targeting businesses that are too small for Axcel's traditional mid-market funds but that nonetheless possess strong growth fundamentals, differentiated market positions, and experienced management teams. The fund focuses primarily on companies in the technology, business services, and healthcare sectors across Denmark, Sweden, Norway, and Finland. Axcel's managing partner Schmidt-Jacobsen leads the Elevate strategy, joined by Swedish partner Johan Lundén in Spring 2026, who brings fifteen years of private equity experience and is based in Stockholm. The first investment from Axcel Elevate I was made in KapitalKontroll, a lower mid-market company in the Nordic technology, business services, and healthcare space. By establishing a dedicated vehicle for the lower mid-market, Axcel creates a deeper regional presence and a natural progression in which smaller portfolio companies can be supported through growth phases and, over time, may graduate to Axcel's larger mid-market fund for continued development. Axcel Elevate I operates alongside Axcel's established mid-market series, forming a complementary two-tier Nordic private equity platform with coverage across the full lower and mid-market segments of the Nordic region.

Axcel Fund VII is the seventh flagship fund raised by Axcel, one of the Nordic region's most established private equity firms, founded in 1994 and headquartered in Copenhagen, Denmark. Fund VII closed at the firm's hard cap of EUR 1.3 billion in March 2024, surpassing its EUR 1 billion target and marking a 60% increase over predecessor Axcel VI (EUR 807 million, 2021), reflecting the continued expansion of Axcel's franchise across the Nordic market over three decades of investment. The fund follows Axcel's disciplined mid-market buyout strategy, acquiring majority or significant minority stakes in established Nordic companies and driving value creation through four strategic pillars: commercial excellence, buy-and-build consolidation, digital transformation, and sustainability improvements. Axcel VII focuses on four core sectors: Technology and Software, Business Services and Industrials, Healthcare, and Consumer. Initial portfolio investments include a sustainability-focused technical consulting group, a software and information services company, electrical panel providers, and a professional services group, demonstrating cross-sector deployment across Denmark, Sweden, Norway, and Finland. Axcel VII held its final close on March 6, 2024 with EUR 1.296 billion of committed capital at the hard cap. The fund attracted a diverse international investor base including foundations, pension funds, insurance companies, funds of funds, and family offices from the Nordics, Europe, and the Americas. This close confirmed Axcel's status as the leading Nordic mid-market private equity manager and underscored institutional demand for focused Nordic exposure in a period of global private equity market recalibration.

Axcel VII is the seventh flagship buyout fund raised by Axcel, the leading Nordic private equity firm headquartered in Copenhagen and Stockholm. The fund closed at its EUR 1.296 billion hard cap in February 2024, surpassing its original EUR 1 billion target by approximately EUR 300 million and becoming Axcel's largest vehicle to date. Axcel VII continues the firm's longstanding strategy of investing in mid-sized Nordic companies with enterprise values typically between EUR 100 million and EUR 500 million, where deep operational engagement, management partnership, and cross-border expansion can generate compounding value over a four-to-six year holding period. The fund targets sectors in which Axcel has built deep expertise over more than two decades of Nordic investing, including technology-enabled services, healthcare, consumer products, and business services. Axcel VII's investor base is composed of leading institutions from the Nordic region, continental Europe, and the Americas, including pension funds, insurance companies, foundations, and funds of funds. The oversubscribed close reflects investor conviction in Axcel's differentiated deal sourcing approach, which benefits from the firm's longstanding relationships with Nordic family-owned businesses and its consistent track record of building regional leaders into pan-European champions. Since inception, Axcel has raised seven funds totalling more than EUR 3.9 billion in committed capital, establishing the firm as the dominant buyout platform across Scandinavia. Axcel VII operates alongside Axcel Elevate I, the firm's lower mid-market specialist vehicle, creating a complementary two-fund platform that covers the full Nordic mid-market opportunity spectrum. The fund is now in active investment mode and has deployed capital across multiple platform acquisitions across its core sectors.

Axeleo Capital AXC2 is the second early-stage B2B technology venture fund of Axeleo Capital (AXC), a Lyon-based venture capital firm specializing in pre-seed to Series A investments in enterprise software and B2B technology startups. The fund held its final close in December 2023 at €73 million, exceeding its initial interim target and building on the success of AXC1, Axeleo's debut fund. Axeleo Capital focuses on the next generation of B2B startups in artificial intelligence, data and analytics, cybersecurity, blockchain, and financial technology, with an investment remit spanning France and Western Europe. The fund makes initial investments of between €0.2 million and €2 million at pre-seed or seed stage, with capacity to follow on through Series A and beyond. By its final close, AXC2 had already backed 14 portfolio companies and recorded its first successful exit, demonstrating portfolio velocity consistent with early-stage conviction investing. The fund was structured with the support of more than 150 investors, with over 95% of Axeleo's historical LP base renewing their commitment — a strong validation of the team's track record and investment thesis. Anchor institutional support came from the Fonds National d'Amorçage 2, managed by Bpifrance on behalf of the French government as part of the France 2030 innovation initiative. Axeleo Capital, co-founded by Xavier Milin and the original Axeleo team, operates at the intersection of deep B2B sector knowledge and early-stage startup ecosystem development in the French tech corridor.

The latest vehicle from BC Partners, Fund XII, marks the firm’s 12th flagship buy‑out fund and is structured to capitalise on its proven track record in upper mid‑market investments across Europe and North America. With a target of roughly €5‑6 billion in commitments, the fund seeks to leverage BC Partners’ deep operational platform, sector expertise and global sourcing capabilities to back companies with strong growth potential and resilient business models. The investment strategy emphasises “defensive growth” – targeting market‑leading companies in sectors such as TMT, Services & Industrials, Healthcare and Food that exhibit predictable cash flows, margin resilience and multiple avenues for value creation. The fund team will partner with proven management teams and seek to drive organic expansion, internationalisation, M&A‑led growth and operational improvement. Geographically, Fund XII will focus primarily on Europe and North America, drawing on BC Partners’ well‑established trans‑Atlantic platform and track record of investing across these regions. The firm believes that the upper mid‑market segment offers a compelling combination of deal flow quality, exit optionality and relative insulation from large‑cap competition. While the fund is still in fundraising, BC Partners is positioning Fund XII to exploit a market environment in which exit activity is picking up, valuations are re‑adjusting and disciplined buy‑out vehicles can deliver attractive returns. The firm emphasises operational value creation and seeks to partner with businesses that can benefit from BC Partners’ global resources, local networks and sector expertise. In doing so, Fund XII aims to deliver long‑term, risk‑adjusted returns for its limited partners.

BCP Asia Fund II is the second flagship growth equity fund managed by Bintang Capital Partners (BCP), Malaysia's leading impact-focused private equity firm headquartered in Kuala Lumpur. Launched in 2024 with a target of $100 to $150 million, the fund invests in impactful and innovative growth-stage companies across ASEAN markets—regions disproportionately affected by climate change and social challenges while remaining significantly underserved by mainstream impact-oriented capital. The fund continues BCP's Triple-I Strategy—Investing in Impact and Innovation—across three principal sectors: information technology, healthcare, and consumer and business products and services. BCP Asia Fund II seeks to build a portfolio of high-growth ASEAN businesses that can achieve B Corp certification, in line with Bintang's long-term goal of building 150 B Corp certified portfolio companies by 2050. Bintang Capital Partners is itself the first B Corp Certified private equity firm in Southeast Asian history, achieving this distinction in May 2023, and remains the sole Operating Principles for Impact Management (Impact Principles) signatory in Malaysia and a proud signatory to the UN Principles for Responsible Investment (UN PRI). In 2022, Bintang became the first Southeast Asian winner of the UN PRI Awards, recognizing excellence in responsible investment across private markets. Founded in 2018 by Johan Rozali-Wathooth as a subsidiary of AHAM Asset Management—one of Malaysia's leading asset management companies—Bintang Capital Partners has established a distinctive track record in ASEAN impact investing. The firm's predecessor fund, BCP Asia Fund I, delivered investments in elder care, waste management technology, digital marketing, and wellness companies across Malaysia and Singapore, building a portfolio with strong environmental and social impact profiles. For BCP Asia Fund II, Bintang is actively targeting institutional limited partners from Europe and the United States with a focus on impact-oriented investors to complement its existing ASEAN investor base.

BGV II LP is the second flagship impact venture capital fund managed by Bethnal Green Ventures (BGV), one of the United Kingdom's leading early-stage investors in technology for social and environmental good. Announced in 2024, the fund is targeting a total raise of £50 million to back 100 new technology-for-good startups over four years through BGV's renowned Tech for Good Programme. The fund announced a first close of £33 million, supported by anchor investors including the British Business Bank through its Enterprise Capital Funds programme, M&G Catalyst, and Big Society Capital. BGV II LP deploys capital through a distinctive accelerator-investment model, providing each portfolio company with an initial £60,000 investment in exchange for 7% equity at the pre-seed stage. At least half of the investments made out of the fund will be allocated to female-founded ventures, reflecting BGV's commitment to diversity as a core investment principle and operational standard. The fund makes follow-on investments into top-performing portfolio companies at the seed stage, supported by the fund's significantly larger capital base compared to its predecessor. As of 2024, BGV II LP had made 17 investments across communication software, automation, and application software companies addressing a broad range of social and environmental challenges. Founded in 2012, Bethnal Green Ventures manages approximately £50 million in assets as of December 2024 and has a decade-long track record of backing founders who use technology to address society's most pressing problems. With 75 active portfolio companies and a collective reach of over 21 million people across its portfolio, BGV has established itself as the UK's most distinctive tech-for-good investor. BGV II LP represents the largest fund in BGV's history, enabling meaningfully larger follow-on allocations, deeper portfolio support, and a broader reach across the UK and European tech-for-good founder ecosystem. The fund builds on the success of BGV's first fund and several thematic vehicles that collectively demonstrate the firm's ability to source, back, and support high-impact technology entrepreneurs.

BPEA Private Equity Fund IX is the latest flagship fund from EQT Private Capital Asia, aiming to raise $12.5 billion, with a hard cap set at $14.5 billion. Launched in August 2024, the fund continues the strategy of its predecessor, BPEA VIII, focusing on control-oriented, large-cap buyouts across the Asia-Pacific region. The fund leverages EQT's pan-Asian coverage and bottom-up investment approach to identify value and sector trends across diverse markets. The fund targets investments in sectors benefiting from structural and secular tailwinds, including technology, services, healthcare, industrial services, and technology services. With a focus on scalable market leaders, BPEA IX aims to construct a diversified portfolio of 18 to 22 companies, each with strong growth potential and defensible market positions. BPEA IX plans to make 4 to 6 investments per year, with average equity investments of $300 million and targeting companies with enterprise values ranging from $500 million to $2 billion. The fund's strategy is designed to capitalize on favorable demographics, professionalization of under-managed assets, and corporate governance reforms across the region.

Bain Capital Asia Fund V is the fifth pan-Asia private equity buyout fund of Bain Capital, one of the world's leading alternative investment firms with over $185 billion in assets under management. The fund achieved its final close in November 2023 at $7.1 billion, exceeding its initial $5 billion target by 42% and representing the largest pan-Asia private equity fund raised in 2023 — a significant achievement in a year of constrained global LP appetite for Asia exposure. Bain Capital committed $750 million of its own capital alongside external investors, making it the single largest investor in the fund and strongly aligning GP and LP interests. Bain Capital Asia Fund V continues the firm's strategy of investing in middle-market and large-cap buyouts, minority stakes, and structured equity in companies across the Asia-Pacific region, with a particular focus on China, Japan, India, and Australia. The fund targets businesses in technology and enterprise software, consumer and retail, healthcare and life sciences, and commercial services — sectors where Bain's global operating expertise and network of BCG-trained partners can drive differentiated value creation. The Asia platform benefits from deep local teams in Tokyo, Shanghai, Mumbai, and Sydney who combine regional market knowledge with Bain's globally integrated deal execution capabilities. Predecessor fund Bain Capital Asia Fund IV closed at $4.65 billion in December 2018 above its $3.5 billion target, and delivered strong returns that were instrumental in the oversubscription of Fund V.

Baird Capital Venture Partners VI is a $218 million venture capital fund managed by Baird Capital, the private equity investment arm of Robert W. Baird & Co. Holding a final close on December 18, 2023, it represents the sixth and largest venture fund in Baird Capital's history and continues a two-decade-plus heritage of mid-stage venture investing focused on B2B technology companies in the United States. The fund focuses on mid-stage B2B technology and services companies, making initial equity investments of $10 million to $20 million over the lifecycle of each relationship, with significant follow-on capacity for supporting portfolio companies through Series C, D, and beyond. Baird Capital Venture Partners VI targets companies led by experienced and visionary management teams, with capital-efficient business models and differentiated products or services that address large, growing market opportunities. The fund is particularly active in enterprise software verticals including data privacy management, predictive analytics, capacity planning software, and SaaS operations management. Led by four investment partners with over 70 combined years of experience, the fund had already deployed $34.5 million across three portfolio companies at the time of close: Osano (data privacy compliance software), Parallax (forecasting and capacity planning for professional services firms), and Zylo (SaaS management platform). Baird Capital's investor base includes Baird itself as a meaningful co-investor alongside third-party institutional investors, high-net-worth clients, and qualified Baird associates, reflecting the firm's strong alignment with portfolio company outcomes and long-term performance.

The Beyond Capital Partners Fund III, a 2023 vintage private equity fund managed by Beyond Capital Partners GmbH, closed at the hard cap of EUR 180 million in April 2024. The fund has secured capital commitments from institutional limited partners and fund-of-funds from continental Europe. Beyond Capital Partners and Beyond Family & Friends also provide more than ten percent of the fund volume, ensuring alignment of interests with limited partners. The fund's investment strategy focuses on the lower-mid-market segment, targeting companies in the DACH region with enterprise values of up to EUR 50 million. The fund has already made two platform investments and a first add-on, demonstrating its commitment to the region and the segment. With a team of fifteen professionals, the fund aims to continue its successful investment strategy, building on its experience from previous transactions. Beyond Capital Partners places a strong emphasis on ESG as an additional value driver. As a SFDR 8+ Fund, the fund is dedicated to creating value through focusing on ESG-related elements. The fund was supported in its fundraising efforts by Triago S.A. as a placement agent and by Clifford Chance as a legal advisor. Specifically, the fund targets majority shareholdings in profitable Mittelstand companies in the DACH region with a focus on asset-light business models in sectors such as B2B services, IT services, software, healthcare & well-being, lifestyle, and entertainment. This underscores the fund's commitment to investing in businesses that align with its strategic vision and value creation objectives."

Borromin Capital Fund IV SCS SICAV-RAIF is a Luxembourg-domiciled private equity fund advised by Borromin Capital Management GmbH, an independent Frankfurt-headquartered mid-market buyout firm established in 2001. The fund targets highly profitable small and medium-sized enterprises in the DACH region—Germany, Austria, and Switzerland—and the Benelux countries of Belgium, the Netherlands, and Luxembourg, focusing on business succession transactions, management buyouts, spin-offs from larger industrial groups, and expansion capital for high-growth companies. Borromin Capital Fund IV represents the fourth generation of the firm's flagship fund strategy, with capital sourced from institutional and private investors across Germany and internationally. Borromin's investment strategy centers on structuring and executing primarily majority investments in a portfolio of approximately ten to twelve SMEs with strong cash-flow profiles, proven management teams, and durable competitive positions in niche industrial or business services segments. The firm actively supports management teams in becoming co-shareholders, aligning incentives across the investment period. The fund is sized at approximately $336 million and is domiciled in Luxembourg as a Societe en Commandite Speciale under the SICAV-RAIF regulatory framework, offering institutional investors access to the DACH and Benelux SME buyout opportunity set. Borromin Capital Management has built a consistent track record across four fund generations since its founding in 2001, accumulating deep expertise in the German-speaking mid-market. Portfolio companies under Borromin's management have included EBERLE Controls, Airplane Equipment and Services, and Volker von Wulfing Immobilien, spanning the electronics, commercial services, and real estate services sectors. Borromin Capital Fund IV is fully deployed, with the manager now actively advising its fifth generation of funds. The director-owned partnership structure and long operational tenure have established the firm as a recurring institutional access point for DACH and Benelux SME buyout exposure.

Bowmark Capital Partners VII is the seventh flagship fund of Bowmark Capital LLP, a London-based private equity firm dedicated to investing in UK technology, software, and technology-enabled business services companies. Raised with aggregate capital commitments of GBP 900 million, the fund closed in January 2024 at its hard cap, approximately 50 percent larger than its predecessor and oversubscribed within three months of its October 2023 first close. The fund was recognized with the Fundraise of the Year award at the 2024 Mergermarket British Private Equity Awards, reflecting the strength of institutional investor demand and the firm's sustained reputation within the UK mid-market technology and software buyout segment. Bowmark Capital Partners VII focuses on active investment in high-quality, high-growth UK technology businesses across four core sectors: data and insight, managed IT services, software, and technology-enabled business services. The fund pursues mid-market buyout transactions, deploying deep operational expertise and a sector-concentrated research agenda to identify businesses with durable recurring revenue models, strong management teams, and significant capacity for value creation through organic growth and strategic add-on acquisitions. Capital commitments were secured from 31 institutional investors representing pension funds (32 percent), insurance companies (21 percent), funds-of-funds (20 percent), other financial institutions (17 percent), and endowments, foundations, and family offices (10 percent), with 48 percent of capital from Continental Europe and 37 percent from North America. Bowmark Capital LLP, headquartered at One Eagle Place, London SW1Y 6AF, has established one of the most consistent track records in UK technology and software buyout investing across multiple market cycles. Its seventh fund cycle achieved a re-up rate of over 100 percent from existing limited partners, demonstrating durable investor confidence. The fund's GBP 900 million hard cap was reached within three months of first close, ranking among the most efficiently raised mid-market technology buyout funds in the UK in 2024, with Kirkland and Ellis serving as legal counsel.

Bravo Capital Partners II is a closed‑end private equity fund dedicated to acquiring majority stakes in Italian business‑to‑business companies exhibiting strong growth potential, primarily within the “Made in Italy” industrial and service landscape. The fund is sponsored by Bravo Capital Management and advised by Bravo Invest, leveraging their deep knowledge of Italian lower‑mid‑market dynamics and consolidation opportunities. With a target size around €110 million and a first closing at approximately €90 million in early 2022, the fund attracted commitments from institutional investors, family offices and high‑net‑worth individuals, anchored by Luxempart and co‑investors such as the European Investment Fund. The fundraising marks a continuation of a proven strategic approach from its predecessor vehicle, Bravo Capital Partners I. The investment strategy is squarely focused on Italian SMEs operating in business‑to‑business sectors that offer visible platforms for growth and aggregation: companies with a strong niche, potential for add‑on acquisitions, and a business model rooted in supply‑chain excellence or specialised manufacturing or services. The fund intends to partner with management teams and founders to support growth, operational enhancement, and strategic consolidation over the investment horizon. Bravo Capital Partners II views the Italian domestic market as fertile ground for value creation in the lower‑mid‑market segment where regional strengths, craftsmanship, and niche specialisation combine with consolidation opportunities. By targeting majority stakes and executing bolt‑on strategies, the fund aims to build larger, more scalable entities while preserving the entrepreneurial legacy of the companies it invests in and leveraging Italy’s global production networks.

Bravo Capital Partners III (BCP III) is a €226 million Luxembourg-domiciled private equity fund managed by Bravo Invest S.p.A., an independent Milan-headquartered buyout firm established in 2001 by Mauro Vacchini and Fabio Galli. The fund achieved its first and final close in December 2025 — oversubscribed within six months of launch — and is approximately double the size of its predecessor, BCP II. Structured as a Luxembourg SCA RAIF (Reserved Alternative Investment Fund), BCP III continues the firm's institutional co-investment model while expanding its capacity to execute larger platform transactions. BCP III targets highly profitable founder-led and family-owned Italian B2B SMEs with enterprise values typically in the range of €20 to €150 million, executing corporate succession transactions, management buyouts, spin-offs from larger industrial groups, and disciplined buy-and-build add-on acquisitions. The fund is sector-agnostic within the Italian Mittelstand-equivalent ecosystem, with particular focus on business services, commercial services, and specialty industrials. Bravo Invest's signature approach involves selecting a high-quality platform company and executing a series of carefully structured add-on acquisitions to consolidate fragmented sub-sectors. The LP base for BCP III includes 100% re-up from BCP II investors alongside eleven new institutional LPs sourced from the Nordics, DACH region, United Kingdom, and Southern Europe — spanning fund-of-funds, family offices, and development finance institutions. Bravo Invest has made more than 35 investments across three fund vintages since 2001. BCP II achieved a 3.1x gross return (announced 2021), underscoring the repeatability of the firm's lower mid-market Italian succession strategy. A notable BCP II exit was Lodestar, an Italian IT services consultancy sold in October 2025. BCP III made its first platform investment in December 2025, acquiring Drilling Solutions, a commercial services business. With approximately €350 to €400 million in total firm AUM across BCP I, BCP II, and BCP III, Bravo Invest remains one of the most experienced and consistent small-team private equity managers focused exclusively on the Italian lower mid-market. The fund's placement agent was Rede Partners of London.

Bregal Sagemount Basecamp I is an inaugural $500 million small-cap growth equity fund managed by Bregal Sagemount, a New York-based growth-oriented investment firm founded in 2012 by Gene Yoon. The fund reached its hard cap with a final close in July 2024, representing Bregal Sagemount's first dedicated vehicle for investments in profitable, founder-led businesses requiring sub-$75 million equity checks — a segment historically underserved by the firm's flagship equity funds. Basecamp I targets bootstrapped and capital-efficient companies across the software, information and data services, financial technology, digital infrastructure, healthcare IT, and business services sectors in North America and Europe. The fund provides flexible, patient equity capital to durable growth businesses with high recurring revenues and uncorrelated secular growth characteristics. Equity check sizes range from $20 to $75 million per transaction, co-led by Zuhair Khan (who joined as co-head from General Atlantic in November 2023) and Jordan Walton (with the firm since 2017). The strategy complements Bregal Sagemount's flagship equity funds — which deploy $20 to $400 million per transaction — by addressing the overlooked small-cap cohort where founder ownership and operational efficiency create asymmetric return potential. Bregal Sagemount has invested in more than 70 portfolio companies since its founding, cumulatively raising $7.5 billion across equity and credit funds through 2024. The firm ranked fifth among 106-plus growth capital firms in the HEC Paris 2023 performance rankings and was named a top private equity firm by GrowthCap in 2025. Basecamp I attracted re-ups from the firm's existing institutional LP base alongside new investors, closing oversubscribed at its $500 million hard cap within months of launch. Bregal Sagemount is backed by Bregal Investments, the family office of the Brenninkmeyer family, providing permanent capital backing that differentiates the firm from managers dependent solely on LP re-ups.

Bregal Sagemount Credit Solutions is an approximately $800 million private credit fund managed by Bregal Sagemount, a New York-headquartered growth equity and credit firm founded in 2012. The fund achieved its final close in September 2024, representing Bregal Sagemount's first dedicated credit vehicle after more than a decade of equity-only investing. It is structured as a dual-series fund encompassing an Opportunistic Credit series targeting higher-return subordinated and bespoke instruments, and a levered Direct Lending series designed to deliver competitive current yields. The fund provides non-dilutive debt capital to the same technology-enabled growth companies targeted by the firm's equity strategies — including software, information and data services, financial technology, digital infrastructure, healthcare IT, and business services businesses in North America and Europe. Individual credit transactions range from $15 to $100 million, with the Opportunistic Credit series pursuing mezzanine, second-lien, and bespoke subordinated instruments, while the Direct Lending series offers senior secured facilities with leverage to enhance yield. The dual-series architecture allows LPs to choose their preferred risk-return profile while the shared deal origination platform leverages the firm's decades of relationships in the growth company ecosystem. At final close, Bregal Sagemount Credit Solutions had completed five investments across both series, demonstrating rapid deployment from day one. The fund was anchored by leading pension fund investors with long-term private credit commitments. Bregal Sagemount has cumulatively raised $7.5 billion across equity and credit funds since 2012 and manages more than 70 active and exited portfolio companies. Scott Simpson leads the credit solutions franchise, positioning the vehicle to deliver approximately $1.0 billion of total deployable capital — including leverage on the Direct Lending series — to founder-owned and sponsor-backed growth companies that prize certainty, speed, and structural flexibility over lowest-cost execution.

Bregal Sagemount Fund IV is a $2.5 billion growth-focused private equity fund managed by Bregal Sagemount, the North American investment arm of Bregal Investments. Established in 2012, Bregal Sagemount targets market-leading businesses with high recurring revenues operating in end-markets with uncorrelated secular growth characteristics. Fund IV closed at its hard cap in October 2022, representing a 66% increase over the predecessor Fund III, and attracted 100% limited partner re-participation with a 130% re-up rate by dollar value, reflecting exceptional LP conviction in the manager's track record and strategy. The fund deploys flexible, solution-oriented capital across a range of transaction types — including control buyouts, minority growth investments, recapitalizations, and structured investments — in companies typically headquartered in the United States. Bregal Sagemount's target sectors include enterprise software, financial technology and specialty finance, digital infrastructure, healthcare IT, and business and consumer services. The firm emphasizes businesses with strong management teams, durable competitive moats, and meaningful opportunities to accelerate growth through operational improvements, add-on acquisitions, and international expansion. Since inception, Bregal Sagemount has built a portfolio of over 40 investments and consistently generated top-quartile returns across its fund vintages. Fund IV continued this trajectory, investing in a diversified set of high-growth companies across the US market. The manager is backed by Bregal Investments, a global private equity platform with over $20 billion in assets under management, providing Fund IV's portfolio companies with access to a broad international network of co-investors, advisors, and strategic partners.

Bridgepoint Development Capital V (BDC V) is a €2.8 billion lower mid-market private equity fund managed by Bridgepoint Group, the London-headquartered listed alternative asset manager. BDC V represents the fifth vintage of Bridgepoint's dedicated development capital strategy, which targets high-growth companies at an earlier stage than Bridgepoint's flagship buyout funds. The fund closed in 2024, continuing a track record of strong fundraising momentum across the BDC series and reflecting enduring LP confidence in Bridgepoint's differentiated positioning in the European growth segment. The fund targets majority and significant minority investments in companies valued between €100 million and €300 million, focusing on the Services, Technology, and Healthcare sectors across the United Kingdom, France, the Nordic region, and German-speaking European countries. BDC V employs a buy-and-build strategy, seeking market leaders with strong organic growth potential that can be accelerated through bolt-on acquisitions, international expansion, and operational improvement. Early investments in BDC V include the take-private of Eckoh, a leading secure payments software provider, and the acquisition of Argon & Co, a global supply chain and industrialization consultancy, demonstrating the fund's focus on technology-enabled services businesses. Bridgepoint Development Capital benefits from the broader platform of Bridgepoint Group, a publicly listed alternatives manager with approximately €44 billion in assets under management across private equity, credit, and infrastructure. The BDC platform has a mature track record in its target markets, with prior vintages generating strong returns and multiple successful exits. As of early 2025, BDC V had already deployed approximately 11% of its capital across its first two portfolio companies, signaling active deployment pace in the year following final close.

Buenavista Buyout III España, FCR is a Spanish private equity buyout fund managed by Buenavista Equity Partners, a Barcelona-based mid-market private equity firm formerly known as GED Capital. The fund launched in 2025 with a first closing in October 2025 and targets a final fundraising close of €250 million, representing Buenavista's third successive buyout vehicle and the continuation of a strategy spanning more than a decade of Spanish mid-market investment. The fund focuses exclusively on Spanish companies, committing at least 95% of invested capital to domestic opportunities. Buenavista targets companies requiring expansion capital, buyout transactions, and build-up acquisitions, with investment tickets ranging from €25 million to €30 million per transaction. The firm seeks businesses in consumer, healthcare, and business services with proven track records and scalable platforms, typically generating EBITDA of €5 million to €25 million. Legal counsel on the fund's formation was provided by Addleshaw Goddard. Buenavista Buyout III has already made its first two portfolio investments since its first close: Hundred Burgers, a fast-growing Spanish fast-food chain, and Instituto Bernabeu, a leading reproductive medicine clinic acquired through portfolio company Eugin Group. These initial deals reflect the fund's focus on scalable consumer and healthcare platforms with organic growth potential and acquisition upside across Spain's mid-market.

CCMP Capital Investors IV is a growth equity fund managed by CCMP Growth Advisors, the evolution of CCMP Capital Advisors—a private equity firm with roots dating to JPMorgan Partners, the proprietary investment arm of JPMorgan Chase that was spun off as an independent GP in 2006. With over $500 million in committed capital closed in July 2024, CCMP Capital Investors IV represents the firm's deliberate strategic transition from the classic buyout model of predecessor vehicles to a growth equity approach targeting founder-led North American middle-market companies at revenue and EBITDA inflection points. CCMP Capital Investors IV focuses on high-growth consumer and industrial companies in North America, targeting businesses with EBITDA of $15–50 million and organic growth potential exceeding 10% annually. The fund is designed for companies at moments of commercial transformation—where institutional capital, operational expertise, and strategic partnerships can accelerate growth without the leverage constraints of traditional LBO structures. CCMP Growth Advisors brings deep sector expertise in consumer products, food and beverage, business services, and industrial services, developed over 25+ years of private equity investing through the JPMorgan Partners and CCMP Capital lineages. The fund's investment criteria center on digital scalability, resilient cash flows, and management alignment—characteristics that define the highest-quality founder-led mid-market businesses. CCMP Capital Investors IV closed in July 2024 at over $500 million in total committed capital, marking the successful transition to the growth equity mandate under the CCMP Growth Advisors brand. As of mid-2024, the fund had deployed capital into four initial portfolio companies, concentrating on industrial services and consumer products segments with demonstrated structural resilience to economic cycles. The vintage year of 2022 reflects the opening of the commitment period, with active deployment beginning in 2022 and the final close achieved two years later in July 2024. CCMP's predecessor, CCMP Capital Investors III, operated under the buyout mandate; the evolution to Growth Advisors signals a deliberate portfolio construction shift that CCMP has communicated clearly to existing and prospective institutional LPs.

CVC Credit Partners European Direct Lending Fund IV (“EUDL IV”) marks a significant milestone in the growth of CVC’s private credit platform. With €10.4 billion raised across the fund and parallel vehicles, this fourth iteration of the European direct lending strategy represents a substantial increase from its predecessors, reflecting strong investor appetite for sponsor-backed private credit solutions in Europe. The fund benefits from CVC’s deep market presence and long-established track record in the region. The fund targets private equity-sponsored mid-to-large cap businesses across Europe, offering flexible, tailored lending solutions. CVC leverages the strength of its Private Equity platform and pan-European credit expertise to source proprietary deals and deliver comprehensive financing packages. EUDL IV has already committed capital to over 30 transactions, including high-profile deals such as KKR’s acquisition of Immedica Pharma and Cinven’s purchase of idealista. EUDL IV’s investment approach emphasizes senior secured lending, focused on risk-adjusted returns and capital preservation. The fund’s scale and execution capacity enable it to lead or anchor transactions, positioning CVC as a trusted partner to sponsors and borrowers alike. Its strategy also supports complex financings such as take-privates, platform acquisitions, and recapitalizations. CVC Credit continues to grow its private credit footprint, now managing over €18 billion across Direct Lending and Capital Solutions. With strong tailwinds in the European private credit market and increasing disintermediation from traditional banks, EUDL IV is well-positioned to capture market share and deliver attractive risk-adjusted returns for its global institutional investor base.

CVC Strategic Opportunities II is a €4.6 billion private equity fund launched in 2019 by CVC Capital Partners. It is the second fund in CVC’s long-dated investment strategy, focusing on patient capital for high-quality businesses. The fund emphasizes long-term partnerships with companies operating in low-volatility sectors and demonstrating strong cash flow generation. The strategy targets control, co-control, or significant minority stakes in companies offering essential products or services. These businesses typically have stable capital structures and consistent earnings. CVC works with portfolio companies to enhance value through operational improvements and strategic growth initiatives. The fund primarily focuses on Western Europe and North America, investing across sectors such as commercial services, pharmaceuticals, biotechnology, and manufacturing. Target companies generally have enterprise values between €1 billion and €5 billion, allowing CVC to support a broad range of sizable, stable businesses.

CapMan Growth Equity Fund 2017 is an €86 million closed-end Finnish limited partnership managed by CapMan, one of the leading private equity and alternative investment managers in the Nordic region. Established in 2017 with its final close in December 2018, the fund represents the inaugural vintage of CapMan's dedicated growth equity strategy. CapMan maintains a 31% stake in the fund alongside institutional limited partners, reflecting the firm's strong commitment and alignment of interests with its investor base. The fund operates with an approximate eight-year term from its first closing date. The fund pursues a value-add growth equity approach, targeting rapidly scaling companies in the technology and business services sectors across the Nordic countries. CapMan Growth invests in businesses that have demonstrated product-market fit and are on a trajectory toward market leadership, providing both capital and active operational support to accelerate growth, international expansion, and product development. The fund typically takes minority stakes and works closely with management teams to drive enterprise value creation, drawing on CapMan's extensive Nordic network and decades of private markets experience to facilitate strategic partnerships and exit pathways. CapMan Growth Equity Fund 2017 has built a diversified portfolio of high-growth technology and services companies across the Nordic region. Investments include Digital Workforce Services (robotic process automation), Front AI (conversational AI), Arctic Security (cybersecurity), Aste Helsinki (proptech), and Insplan (insurance technology). The fund has delivered several successful exits, including Picosun (acquired 2022), Avidly (listed exit 2022), Polystar (telecommunications software, acquired 2019), RealMachinery (industrial technology, 2021), Coronaria (healthcare services, 2023), and Fluido (Salesforce services, acquired 2018). As of 2024, the fund is in its value creation and harvesting phase, generating carried interest on its remaining portfolio positions.

CapMan Special Situations I is a closed-end €77 million credit and special situations fund, launched in 2021 by CapMan. It pursues event-driven investment opportunities in mid-market companies across Finland and Sweden. The fund plays an active, hands-on role in strategic and operational turnarounds, financial restructurings, and corporate carve-outs. Fund targets mid-sized, often distressed or underperforming companies, where its flexible capital—whether through control equity, minority equity with governance rights, or tailored debt—is employed alongside deep operational expertise. Typical investments range from €10 to €25 million per company, with CapMan’s seasoned operational advisors overseeing substantial value-creation plans. Key sectors include industrials, infrastructure, senior services, and business services. Its recent portfolio additions include residential care providers Nonna Group Oy and Aurahovi Oy (combined revenue ~€9 million in 2024), signaling strategic expansion into elderly care. With a clear Nordic focus, CapMan Special Situations I aims to rejuvenate viable companies and deliver strong returns for institutional investors.

The CapitalSpring Investment Partners VII fund reflects the firm’s deep specialization in the multi‑unit consumer and service sectors, bridging flexible debt and equity solutions under one platform. Led by CapitalSpring, the fund seeks to partner with leading management teams in businesses with scale‑opportunity in branded restaurants, fitness/wellness chains, car‑washes, automotive aftermarket, and other multi‑location service operations. With a target raise of approximately US $1 billion, the fund is sized to support both organic growth and strategic add‑on acquisitions. The investment strategy emphasises structuring solutions ranging from senior debt to subordinated mezzanine, preferred equity and minority or control equity positions. This flexibility allows the fund to engage in buyouts, recapitalisations, growth capital, and complex transition scenarios, especially in the multi‑unit ecosystem. According to the firm’s “Investment Profile”, CapitalSpring targets companies across a broad range of growth stages—from emerging business models to large international franchise platforms. Geographically, the fund focuses on the United States, seeking to leverage the manager’s strong network and operational resources in the U.S. market. The underlying portfolio companies typically operate in franchises or multi‑unit models where operational scale, brand recognition, and replicability drive value. Although the fund may scout adjacent geographies, the primary investment geography remains the U.S. market. In terms of target company size and financial policy, the fund is structured to back investments typically in the range of US $10 million to US $150 million or more per company. The firm emphasises “multi‑location businesses in other consumer‑facing industries” and service providers tied to the restaurant/retail end‑markets. While specific metrics around revenues, EBITDA or valuations for each deal are not publicly disclosed in full detail, the typical investment size indicates mid‑market companies with established operations, growth potential, and margin characteristics consistent with branded service or retail platforms.

Capitol Meridian Fund I, L.P. is a 2022-vintage middle-market buyout fund managed by Capitol Meridian Partners, a Washington, D.C.-based private equity firm founded in 2021 by Adam Palmer and Brooke Coburn, former partners at The Carlyle Group's technology and defense investment team. The fund held its final close at $900 million, exceeding its $650 million target, with an additional $300 million in co-investment capacity made available to select limited partners for larger individual transactions. The fund pursues control-oriented buyout investments in companies operating at the nexus of commercial enterprise and the U.S. government market, with a focus on three core verticals: defense and aerospace, government services and consulting, and government technology (GovTech). Capitol Meridian targets middle-market businesses valued below $1 billion, deploying equity checks typically in the $50 million to $150 million range per transaction. The firm emphasizes companies with mission-critical service lines, security-clearance-based moats, or proprietary technology deeply embedded in government workflows. Capitol Meridian Fund I has deployed capital across five portfolio companies: LMI (government consulting and digital modernization), Altumint (AI-powered traffic enforcement technology), PrimeFlight Aviation (aviation support and ground handling), Parry Labs (defense-embedded computing systems), and Clarity (national security software and cyber intelligence). The fund is approximately halfway through deploying its committed capital. Confirmed investors include Adams Street Partners. The firm subsequently launched a successor fund targeting $1.2 billion, reflecting sustained institutional demand for focused U.S. defense and government technology private equity strategies.

Capitol Meridian Partners Fund I is a middle-market buyout fund managed by Capitol Meridian Partners, a Washington, DC-based private equity firm founded in 2021 by Adam Palmer and Brooke Coburn, former senior partners at The Carlyle Group. The fund closed in 2022 with approximately $900 million in committed capital, exceeding its original $650 million target, and secured an additional $300 million in co-investment capacity for total investment firepower of $1.2 billion. The fund focuses exclusively on the U.S. defense, aerospace, and government services sectors, targeting middle-market companies with EBITDA between $5 million and $75 million and deploying $50 million to $150 million per platform investment. Capitol Meridian deliberately curated its investor base to include only U.S. investors and allies from the Five Eyes alliance—Australia, Canada, New Zealand, and the United Kingdom—reflecting the security-sensitive nature of its portfolio companies. The fund's advisory council includes former U.S. Secretary of Defense Mark Esper, reinforcing the firm's deep ties to the national security community. Capitol Meridian Fund I has assembled a portfolio of mission-critical government technology and services companies, including LMI Consulting, Altumint, Clarity Innovations, PrimeFlight Aviation Services, and Project Nimbus. The defense sector experienced significant re-rating during the fund's deployment period, driven by renewed geopolitical focus on national security modernization and increased U.S. government spending on defense capabilities. Capitol Meridian is already raising its second fund, underscoring investor conviction in the firm's differentiated sector focus and operator-friendly investment model.

Capnamic Ventures Fund III is a $215 million venture capital fund managed by Capnamic Ventures, one of the leading early-stage investors in the German-speaking technology ecosystem. The fund reached final close on March 3, 2022, with an oversubscribed raise that attracted a diverse investor base including institutional investors, corporate partners such as Evonik, Fressnapf, and Sparkassen Finanzgruppe, media companies including Neue Zürcher Zeitung and Rheinische Post, and successful technology entrepreneurs including Jörg Gerbig, Dirk Graber, and Verena Pausder. Fund III focuses on Pre-Seed through Series A investments in technology-based startups originating from Germany, Austria, and Switzerland—the DACH region. Capnamic Ventures targets founders at the earliest stages of company formation, providing both initial capital and long-term support through the full venture cycle. The fund meaningfully increased its allocation to the Pre-Seed phase relative to predecessor vehicles, reflecting the firm's conviction that the most differentiated returns are generated by establishing early, conviction-driven positions before a startup's trajectory is widely recognized. Capnamic operates from offices in Cologne, Berlin, and Munich, maintaining deep networks across Germany's corporate, academic, and technology communities, and backing founders building in areas including enterprise software, education technology, and data infrastructure. Capnamic Ventures Fund III follows two predecessor funds that backed category-leading startups in the German technology market. Fund III has deployed capital into portfolio companies such as Cleverly, Cedalo, and Sharpist, active in educational software and enterprise software development. The oversubscribed raise confirmed Capnamic's standing as a preferred institutional partner for DACH technology founders at the earliest venture stages, positioning the firm as a consistent participant across the DACH ecosystem's most important formative investment rounds.

EPIC III is a European mid-market private equity fund managed by Castik Capital, a Munich and Luxembourg-based investment firm specialising in acquiring majority ownership positions in high-quality, growth-oriented European businesses. The fund reached its final close at €2 billion in September 2024, surpassing its €1.75 billion target and representing a 60% increase on predecessor EPIC II (€1.25 billion, closed 2020). With LP re-up rates exceeding 90%, EPIC III attracted capital from a diversified institutional base including public and private pension funds, sovereign wealth funds, insurance companies, endowment funds, foundations, and family offices across Europe, North America, and the Middle East. EPIC III focuses on acquiring significant ownership positions in high-quality businesses operating in fragmented European markets with strong growth potential. Castik's investment thesis centres on partnering with management teams and founders to create market leaders through organic growth, cross-border expansion, add-on acquisitions, digitalisation, and technology investment. The fund's sector coverage includes technology-enabled business services, software and internet platforms, specialist healthcare services, and industrial technology — areas where Castik has developed deep operational expertise across three fund generations since its founding in 2014. Founded and headquartered in Munich, with legal domicile in Luxembourg, Castik Capital has built a consistent track record of value creation in European mid-market buyouts. EPIC III operates under SFDR Article 8 disclosure requirements and integrates ESG criteria throughout the investment process. The fund builds on EPIC I and EPIC II, which delivered performance above peer benchmarks by focusing on fragmented market consolidation and operational transformation of European champion businesses.

CenterGate Capital Partners II is the second institutional private equity fund raised by CenterGate Capital, an Austin, Texas-based firm specializing in control-oriented investments in lower middle market companies across North America. Founded to partner deeply with established operating businesses and their management teams, CenterGate focuses on a segment of the private equity market that offers meaningful value creation potential through operational engagement, strategic add-on acquisitions, and long-term partnership with proven management talent in industries characterized by fragmentation and recurring revenue dynamics. CenterGate Capital Partners II targets control investments in lower middle market companies across a range of industries, with demonstrated portfolio exposure to industrial manufacturing, technology-enabled services, specialty products, and government contracting sectors. The fund employs a disciplined buy-and-build strategy that involves acquiring well-positioned platform companies and then augmenting their scale and capabilities through targeted add-on acquisitions in adjacent geographies or complementary product lines. CenterGate's investment team emphasizes constant and open communication with management partners, operational engagement across functional areas, and flexible capital structuring designed to align interests throughout the investment lifecycle. CenterGate Capital Partners II held its final close on August 4, 2023, raising over $375 million in total equity commitments—exceeding the fund's fundraising target and drawing capital from a diversified institutional base comprising leading pension funds, endowments, foundations, family offices, asset management firms, and financial institutions. Since CenterGate's founding, the firm has completed more than 12 platform investments and 18 add-on acquisitions, building a consistent record of value creation in the lower middle market. Total assets under management across CenterGate's fund family exceeded $740 million at the time of Fund II's final close, reflecting the firm's established track record and growing investor confidence.

CenterGate Capital Partners II, L.P. is a lower middle market private equity fund managed by CenterGate Capital, an Austin, Texas-based investment firm founded in 2014 by Lewis Schoenwetter and Tiffany Kosch. The fund closed in August 2023 with over $375 million in capital commitments, exceeding its fundraising target and attracting capital from leading pension funds, endowments, foundations, family offices, asset management firms, and financial institutions. At the time of closing, CenterGate managed over $740 million in total assets across its fund family and had completed 12 platform investments and 18 add-on acquisitions since inception. CenterGate Capital Partners II pursues control investments in lower middle market companies with revenues between $20 million and $250 million and EBITDA of $7.5 million to $30.0 million, operating primarily in North America. The fund targets businesses across business products and services, consumer products and services, healthcare, information technology, industrials, and manufacturing sectors. CenterGate's investment philosophy centers on providing flexible, tailored capital solutions that meet each portfolio company's unique ownership goals and growth strategies — differentiating the firm from competitors who impose standardized investment structures. The team of over 20 professionals brings deep sector knowledge and operational expertise to each investment. Fund II builds on CenterGate Capital Fund I, which established the firm's reputation for management-friendly, founder-oriented partnerships in the lower middle market. The fund's strong demand — exceeding its target at close — reflects institutional recognition of CenterGate's disciplined buy-and-build execution capability and differentiated approach to value creation. CenterGate has positioned itself as a partner of choice for founder-owned and family-owned businesses seeking institutional capital while preserving management flexibility and strategic vision. The firm's Austin, Texas base provides access to a dynamic ecosystem of lower middle market companies across the South and Southwest United States.

CenterOak Equity Fund I is the inaugural institutional private equity fund raised by CenterOak Partners, a Dallas-based middle market buyout firm founded to build differentiated businesses by partnering deeply with experienced management teams in established, operationally intensive companies. The fund marks CenterOak's emergence as an independent institutional manager focused on control-oriented acquisitions in the United States middle market, targeting industries characterized by fragmentation, steady demand, and meaningful potential for operational and strategic improvement through active ownership. CenterOak Equity Fund I pursues control-oriented buyout and recapitalization investments in middle market companies across three primary verticals: Industrial Growth, Consumer, and Business Services. The firm targets companies with enterprise values between $50 million and $250 million, making equity investments of $20 million to $90 million per transaction. CenterOak's value creation methodology centers on operational improvements, revenue growth initiatives, and disciplined buy-and-build strategies, frequently executing add-on acquisitions alongside management teams to construct market-leading platforms that achieve scale and defensibility within their respective industry niches. CenterOak Equity Fund I closed in 2016, raising $420 million in total equity commitments at its hard cap—substantially exceeding its initial $350 million fundraising target. The investor base consisted of leading endowments, foundations, and other institutional investors who recognized CenterOak's combination of sector focus and operational engagement as a differentiated approach in a crowded middle market landscape. The fund's successful deployment across Industrial Growth, Consumer, and Business Services sectors validated CenterOak's thesis and laid the groundwork for CenterOak Equity Fund II, which closed at $690 million in April 2021, and subsequently CenterOak Equity Fund III, which closed at $1.1 billion in August 2024.

CenterOak Equity Fund II is the second flagship private equity fund raised by CenterOak Partners, a Dallas-based middle market investment firm that specializes in control-oriented buyout transactions across the United States. Building upon the track record established through CenterOak Equity Fund I—which closed in 2016 at its $420 million hard cap—Fund II represents a significant scaling of the firm's investment program, reflecting strong deployment performance from the predecessor fund and heightened institutional appetite for focused, operationally engaged middle market buyout strategies. The fund continues CenterOak's established approach of pursuing control-oriented acquisitions and recapitalizations in middle market companies within Industrial Growth, Consumer, and Business Services sectors. Target investments typically involve companies with enterprise values between $50 million and $250 million, with CenterOak contributing equity checks of $20 million to $90 million per transaction. The firm's value creation philosophy emphasizes deep operational involvement, revenue acceleration through commercial initiatives, and disciplined buy-and-build strategies supported by hands-on engagement with management teams throughout the investment period to build defensible, market-leading businesses. CenterOak Equity Fund II completed its final close on April 13, 2021, raising $690 million in total equity commitments at its hard cap—surpassing the fund's original $575 million target. Investors included public and private pension funds, endowments, foundations, funds of funds, family offices, and insurance companies, reflecting a broad and diversified institutional base spanning the full spectrum of long-duration capital allocators. The oversubscription at fund close reinforced CenterOak's standing as a trusted and established middle market manager and set the stage for the firm's third fund, CenterOak Equity Fund III, which closed at $1.1 billion in August 2024.

Chequers Capital XVII is a €1.1 billion mid-market buyout fund managed by Chequers Capital, a leading Paris-based private equity firm with a 30-year heritage of European mid-market investing. Launched in early 2017, the fund completed its single and final closing above its €1 billion target in May 2017, having attracted strong institutional demand in less than three months — with demand exceeding the fundraising target by more than two times its €1.1 billion final size. Approximately 40 institutional investors committed capital to the fund, including pension funds, sovereign wealth funds, and funds of funds from across Europe and the United States. Chequers Capital XVII deploys capital through control and majority buyout investments in mid-market companies with enterprise values ranging from €80 million to €350 million, with individual deal sizes typically between €40 million and €120 million of equity invested. The fund focuses on business products and services (B2B) and manufacturing companies headquartered primarily in France, the DACH region (Germany, Austria, Switzerland), and Italy. Target businesses typically operate in niche industrial and services segments with strong market positions, recurring revenue streams, and meaningful operational improvement potential. Chequers Capital brings a sector-agnostic approach within these sub-markets, complementing its financial engineering expertise with hands-on operational support. Chequers XVII continues the firm's unbroken sequence of successful mid-market European buyout funds, making it one of the largest French-managed mid-market private equity vehicles at its vintage. Portfolio investments executed under this fund include Somacis (a European printed circuit board manufacturer), 7days jobwear (a pan-European workwear brand), and Alliance Étiquettes (a B2B label printing specialist) — illustrating the fund's preference for established industrial businesses with clear paths to operational value creation. The fund preceded the subsequent Chequers Capital XVIII, which closed at €1.2 billion, reflecting consistent step-up fundraising momentum across the Chequers Capital franchise.

Churchill Asset Management, the Nuveen affiliate focused on private capital, has held the final close of Churchill Co-Investment Fund II at its $1.5 billion hard cap—almost 3.5 times the size of its 2020 predecessor. The vehicle was heavily oversubscribed, attracting commitments from a globally diversified roster of sovereign wealth funds, public and corporate pensions, insurers, funds-of-funds, family offices and, notably, a growing private-wealth channel that now supplies roughly 20 % of the capital base. Building on Churchill’s long-standing role as an LP in more than 280 PE funds, Fund II will provide equity co-investments alongside top-tier buy-out sponsors in U.S. middle-market companies. Typical equity tickets range from $20–50 million (with flexibility down to $30 million for smaller deals) and target businesses generating EBITDA of $15–75 million. Sector-wise, Churchill is prioritising B2B software, tech-enabled and business services, professional services and healthcare, where recurring revenue, defensible market positions and cash-flow visibility are prevalent. Roughly 30 % of the fund has already been deployed across 25 such investments, demonstrating strong early momentum despite a slower exit environment for private equity more broadly.

Clarion Investors IV, L.P. is a $677 million lower middle market buyout fund managed by Clarion Capital Partners, a New York-based private investment firm founded in 1999 by Marc Utay. The fund completed its final close on April 3, 2024, exceeding both its $600 million fundraising target and $650 million soft cap — making it Clarion's second consecutive oversubscribed fund. The close reflects continued strong institutional support and recognition of Clarion's disciplined strategy of creating value in lower middle market companies through what the firm calls the 'alignment of capital and culture.' Clarion Investors IV, L.P. pursues primarily control investments in lower middle market companies generating $7.5 million to $30.0 million in EBITDA, operating across five focused verticals: Media, Entertainment & Technology; Financial Technology & Services; Business & Healthcare Services; Consumer & Education Services; and Industrial Services. The fund employs a consistent, disciplined investment approach emphasizing long-term performance through operational improvement, strategic add-on acquisitions, and management team alignment. Clarion's investment strategy centers on identifying strategically important companies where its sector expertise, capital, and network can create meaningful transformational value beyond what management teams could achieve independently. Clarion Capital Partners has generated top-quartile returns across its first two funds and was recognized by PitchBook as the number two buyout private equity firm out of 414 firms ranked for track record consistency across multiple fund vintages — one of the most rigorous performance benchmarks in the lower middle market. The firm's investment team is led by Founder and Managing Partner Marc Utay and President of Private Equity David Ragins, with a deep bench of sector-focused professionals. Fund IV follows the $427 million Clarion Investors III, L.P. (2017 vintage), which itself was oversubscribed, demonstrating Clarion's consistent ability to raise and deploy capital at scale in the competitive lower middle market segment.

Clarion Investors III, L.P. is a $427 million lower middle market buyout fund managed by Clarion Capital Partners, a New York-based investment firm founded in 1999. The fund completed its final close on November 27, 2017 at its hard cap, significantly oversubscribed from its initial $350 million target — with final closing achieved within just four months of launch. Capital commitments were received from a globally diverse group of institutional investors including public pension funds, corporate pension funds, insurance companies, funds of funds, endowments, foundations, and global family offices, reflecting strong confidence in Clarion's consistent lower middle market strategy. Clarion Investors III, L.P. pursues primarily control buyout investments in lower middle market companies generating $7.5 million to $30.0 million in EBITDA. The fund targets high-growth, strategically important businesses across four focused verticals: Business and Healthcare Services; Media, Entertainment and Technology; Consumer and Retail; and Specialty Financial Services. Clarion Capital Partners employs a consistent investment approach built on creating valuable partnerships with founders and management teams, delivering hands-on operational support alongside flexible capital to accelerate growth, execute strategic add-on acquisitions, and drive operational improvements throughout the investment period. Clarion Investors III, L.P. generated top-quartile returns, continuing the performance trajectory established by the firm's first two funds. Portfolio highlights include a final platform investment in Narrative Strategies LLC, an integrated public affairs and corporate reputation agency. The fund positioned Clarion as one of the leading lower middle market managers in the United States, a reputation subsequently reinforced by PitchBook recognizing Clarion Capital Partners as the number two buyout private equity firm out of 414 tracked firms ranked for track record consistency across multiple fund vintages. Fund III's success directly enabled the oversubscribed close of Clarion Investors IV, L.P. at $677 million in 2024.

Clarion Investors III, L.P. is a $427 million lower middle market buyout fund managed by Clarion Capital Partners, a New York-based investment firm founded in 1999. The fund completed its final close on November 27, 2017 at its hard cap, significantly oversubscribed from its initial $350 million target — with final closing achieved within just four months of launch. Capital commitments were received from a globally diverse group of institutional investors including public pension funds, corporate pension funds, insurance companies, funds of funds, endowments, foundations, and global family offices, reflecting strong confidence in Clarion's consistent lower middle market strategy. Clarion Investors III, L.P. pursues primarily control buyout investments in lower middle market companies generating $7.5 million to $30.0 million in EBITDA. The fund targets high-growth, strategically important businesses across four focused verticals: Business and Healthcare Services; Media, Entertainment and Technology; Consumer and Retail; and Specialty Financial Services. Clarion Capital Partners employs a consistent investment approach built on creating valuable partnerships with founders and management teams, delivering hands-on operational support alongside flexible capital to accelerate growth, execute strategic add-on acquisitions, and drive operational improvements throughout the investment period. Clarion Investors III, L.P. generated top-quartile returns, continuing the performance trajectory established by the firm's first two funds. Portfolio highlights include a final platform investment in Narrative Strategies LLC, an integrated public affairs and corporate reputation agency. The fund positioned Clarion as one of the leading lower middle market managers in the United States, a reputation subsequently reinforced by PitchBook recognizing Clarion Capital Partners as the number two buyout private equity firm out of 414 tracked firms ranked for track record consistency across multiple fund vintages. Fund III's success directly enabled the oversubscribed close of Clarion Investors IV, L.P. at $677 million in 2024.

Clarion Investors IV is the fourth flagship private equity fund raised by Clarion Capital Partners, a New York-based investment manager founded in 1999. The fund closed in April 2024 with 77 million in total capital commitments, exceeding its 00 million fundraising target and its 50 million soft cap, making it Clarion's second consecutively oversubscribed fund. The firm manages approximately .9 billion in regulatory assets under management across its two business segments — Private Equity and Structured Credit — and has a 42-person team. Clarion was recognized by PitchBook as the second-ranked firm out of 414 buyout private equity firms with track records across multiple vintages. Clarion Investors IV targets primarily control buyouts of lower middle-market companies generating between .5 million and 0 million in EBITDA, typically requiring equity investments of 5 to 5 million per transaction. The fund's investment universe spans Media, Entertainment & Technology; Financial Technology & Services; Business & Healthcare Services; Consumer & Education Services; and Industrial Services. The team commits 10–15% of their own capital alongside investors in each fund, closely aligning GP and LP interests. The fund continues a track record established across three prior funds, including Clarion Investors III (2017 vintage, 27 million). Clarion has generated top-quartile returns in its earliest funds and has received consecutive recognition as an Inc. Magazine Founder-Friendly Investor, a designation reflecting its partnership-oriented approach to building companies through collaboration, creativity, and disciplined capital allocation. Fund IV is domiciled in Delaware, United States, and targets lower middle-market companies in North America across technology, healthcare services, financial services, and consumer sectors.

Clearlake Icon Partners VI is a private equity fund managed by Clearlake Capital Group, the Los Angeles-based private equity firm founded in 2006 with a primary focus on software, technology-enabled services, and industrial companies. Clearlake Capital Group manages over $90 billion in assets across its flagship private equity and co-investment strategies, and is recognized as one of the leading technology-oriented private equity managers in the United States. The Icon Partners series represents a dedicated vehicle within Clearlake's broader investment platform, registered with PitchBook under its fund family identifier, targeting established companies in Clearlake's core competency sectors. Clearlake employs a proprietary value creation framework called O.P.S. (Operations, People, and Strategy) to drive performance improvement in portfolio companies, supported by a dedicated portfolio operations team that works alongside the investment team throughout the ownership period. The Icon Partners series applies this operational philosophy to companies in software, technology services, and industrials where Clearlake can leverage sector-specific expertise to accelerate growth, improve margins, and execute targeted add-on acquisition strategies. The fund focuses on control-oriented equity investments in businesses with defensible market positions, high recurring revenue, and identifiable levers for operational value creation. Clearlake Capital has established a strong performance track record across its fund series, having returned substantial capital to limited partners through exits including public market transactions, strategic sales, and secondary buyouts involving notable technology and software portfolio companies. The Icon Partners VI vehicle continues the institutional partnership with major LP constituencies including endowments, pension funds, and sovereign wealth funds that have supported Clearlake's growth from a $300 million AUM manager at founding to one of the largest technology-focused PE firms globally. Icon Partners VI builds on the track record of prior vintage funds that benefited from Clearlake's deep expertise in software and technology services buyout transactions.

Cofounders Capital Fund III is a $50 million seed-stage venture capital fund managed by Cofounders Capital, a Cary, North Carolina-based VC firm dedicated to investing in early-stage B2B software companies across the southeastern United States. The fund reached its final close in March 2023, making it the firm's largest raise to date and following Fund I ($12 million) and Fund II ($31 million) in a pattern of consistent fund-on-fund growth. The fund was raised under the leadership of Managing Partner Tim McLoughlin, Founding Partner David Gardner, and Partner Tobi Walter, and targets investments in 15 to 20 seed-stage companies with a continued emphasis on North Carolina's fast-growing technology ecosystem and the broader Southeast. Cofounders Capital Fund III invests in B2B software companies providing solutions with measurable return on investment for enterprise customers, with an increasing focus on artificial intelligence applications within the B2B sector. The firm's investment model goes beyond capital provision, offering founders deep entrepreneurial mentorship, operational guidance, and hands-on co-building support that draws on the partners' own experiences as founders and operators. Typical investments range from $300,000 to $1 million in seed-stage companies at the earliest formation stages, with active reserve capital for follow-on participation in subsequent rounds. The fund's Southeast-first geographic strategy capitalizes on Cofounders Capital's status as the most active early-stage VC in North Carolina and its established relationships with the region's corporate innovation ecosystem. Cofounders Capital has been recognized consistently as the Most Active Investor in North Carolina and manages approximately $95 million in assets under management across its three funds. Across the fund family, the firm has deployed capital into more than 40 portfolio companies, secured over $250 million in follow-on funding for its portfolio, and recorded 10 exits. Notable Fund III portfolio companies include Troupe AI, Titl, and Lineage Technologies, operating across AI-enabled B2B productivity tools, real estate technology, and financial software verticals. The fund has been profiled by PitchBook as a 2022 vintage vehicle with a final close in March 2023.

Compass Group Fund III has closed at a hard cap of $408 million, representing the firm’s second fundraising effort in the past two years. The fund focuses on thematic research and investment in the lower middle market, specifically targeting subsectors within niche manufacturing & distribution and business & consumer services industries. The geographical focus of the fund is the Mid-America “Between the Mountain Ranges,” with a strategic emphasis on the Midwestern region. The fund seeks to invest in historically successful entrepreneur and family-owned companies that exhibit characteristics such as EBITDA between $2 million and $15 million, enterprise values of $20 million to $200 million, and strong margin and cash flow generation. Compass Group aims to provide long-term capital and strategic support to small-to-medium sized private companies with revenues between $20-$100 million, typically investing $10-$30 million in control positions. The firm prioritizes partnering with businesses that have reached an inflection point for growth and are seeking continued participation and partnership, especially those without prior institutional capital. Additionally, Compass Group looks for niche markets with $100M+ potential that are highly fragmented with no clear leader or category disruption, further demonstrating the fund’s strategic focus on specific sectors and types of businesses.

The Comvest Investment Partners VI, L.P. fund (CIP VI) is a private equity that has closed with total capital commitments of $881 million. The fund targets control investments in market-leading middle-market companies throughout North America, with a focus on industries such as consumer, healthcare services, infrastructure and field services, and professional and managed services. The fund seeks to deploy up to $150 million of equity per investment and supports founder and family transitions, leveraged recapitalizations, corporate divestitures, buyouts, complex situations, and public-to-private transactions. The fund received commitments from a diverse global investor group that includes foundations, insurance companies, pension funds, asset managers, consultants, and family offices. Comvest Partners, the firm managing the fund, has nearly 25 years of experience in delivering results for investors and a proven investment team. Comvest's private equity strategy integrates specialized investment, industry, and operational expertise to help company founders and management teams scale their businesses, heighten operational performance, and drive value creation to realize their full potential. The firm has a collaborative approach and significant transaction experience as an active investor.

Crescent Mezzanine Partners VII is a mezzanine debt fund managed by Crescent Capital Group LP, a leading global alternative credit investment manager headquartered in Los Angeles with European operations in London. The fund achieved its final close in January 2017 with total investor commitments exceeding $4.6 billion — the largest mezzanine fund in Crescent Mezzanine's history and significantly above its $3.0 billion fundraising target. Crescent Capital Group was founded in 1991 and manages approximately $46 billion in assets as of December 2024, with a 25+ year track record in below-investment-grade credit across leveraged loans, high-yield bonds, mezzanine debt, and distressed securities. Crescent Mezzanine Partners VII provides mezzanine and subordinated debt capital to support leveraged buyouts, acquisitions, recapitalizations, and later-stage growth financings for companies typically controlled by private equity sponsors with enterprise values exceeding $300 million. The fund targets broadly diversified sectors including healthcare services, information technology, business services, industrials, consumer, and financial services, with a primary geographic focus on North America and Western Europe. Deal structures involve long-term subordinated financing with equity co-investment components that align returns with transaction sponsors. Limited partners represent a diverse global investor base spanning more than 20 countries, including sovereign wealth funds, pension funds, insurance companies, financial institutions, foundations, and endowments. At final close, Crescent Mezzanine Partners VII had already deployed or committed approximately $900 million across nine transactions. The fund represents the seventh vintage in Crescent's flagship mezzanine series, building on approximately $25 billion raised across all seven funds since the firm's inception in 1991. In January 2026, Crescent Capital Group and Pantheon announced the close of Crescent Credit Solutions VII CV, a $3.2 billion private credit continuation vehicle — the largest credit continuation vehicle transaction in the private credit secondaries market — established to acquire a diversified performing portfolio from this fund, validating its strong realized and unrealized performance.

Diversis Capital Partners III, L.P. is the latest flagship fund from Los Angeles-based Diversis Capital Management, LP, focused on lower-middle market investments in the software and tech-enabled services sectors. The fund successfully closed at its hard cap of $1.2 billion, exceeding its initial $850 million target and bringing the firm’s total assets under management to more than $3 billion. Fund III was significantly oversubscribed, attracting a broad global base of institutional LPs, including public and private pension funds, endowments, foundations, and family offices. Diversis continues to pursue an operationally intensive investment strategy, seeking control positions in companies with strong foundations that can benefit from growth capital, deep operational support, and long-term strategic alignment. The firm emphasizes partnership with founders and leadership teams to unlock scalable growth and build durable market leadership through innovation, AI-driven initiatives, and hands-on transformation. Fund III will target approximately nine to ten platform investments, maintaining typical equity check sizes between $10 million and $150 million. This approach reflects Diversis’s commitment to building a concentrated portfolio that allows for direct operational engagement and measurable value creation. The firm intends to leverage its growing bench of operating partners to deploy best practices across its investments and drive efficiency and profitability. Geographically, the fund will focus primarily on North America, with selective investments in Europe and Australia. The strategy remains sector-focused, particularly within enterprise software and tech-enabled verticals, where recurring revenues, high margins, and resilient valuations continue to offer attractive opportunities even amid broader private equity market challenges. Fund III positions Diversis to deploy capital at scale while maintaining its core discipline of value creation through operational excellence.

EQT VII is a large-cap buyout fund managed by EQT AB, the Stockholm-headquartered alternative investment organization. Established with a 2015 vintage, EQT VII completed its final close at EUR 6.75 billion on July 31, 2015, reaching its hard cap and finishing significantly oversubscribed, with more than 70% of commitments made by investors in prior EQT funds. Domiciled in Luxembourg, EQT VII targets control and co-control equity investments in established European companies with strong market positions, significant revenue and earnings growth potential, robust cash flows, and high-quality management platforms. Typical equity ticket sizes range from EUR 125 million to EUR 600 million, positioning EQT VII firmly in the large-cap buyout segment. The fund focuses on companies primarily in the Nordic Region, German-speaking Europe, and the Benelux Region, applying EQT's signature industrial approach — a hands-on operational value creation methodology supported by EQT's Industrial Network of senior industry advisors who serve as strategic partners throughout the ownership period. EQT VII is classified as SFDR Article 8, integrating ESG factors into investment decision-making and portfolio management. EQT VII's investment strategy focuses on sectors where EQT has built multi-decade operational expertise: healthcare and life sciences, technology and software, financial services, industrial technology, and business-to-business services. The fund pursues transformational buy-and-build strategies, internationalization of strong domestic champions, and operational improvement programs developed in partnership with portfolio company management teams. EQT's Industrial Network provides portfolio companies with access to strategic advisors, operational experts, and proprietary market intelligence that differentiates EQT's ownership model. Dedicated value creation teams embed operational resources directly into portfolio management to drive measurable improvement in revenue growth, EBITDA margins, and organizational resilience over the investment holding period. EQT VII's limited partner base reflects deep institutional quality and broad geographic diversity. Anchor LPs include AP3 and AP6 (Swedish national pension funds), APG (Netherlands), Ardian, Argentum (Norwegian private equity investor), CNP Assurances (French insurer), Danica (Danish pension), GIC (Singapore sovereign wealth fund), HarbourVest Partners, KEVA (Finnish local government pension), KIRKBI Invest (LEGO family holding), Ilmarinen (Finnish pension), New Mexico State Investment Council, New York City Retirement Systems, Partners Group, PFA (Danish pension group), Sampension, Signal Iduna (German insurer), USS (UK Universities Superannuation Scheme), and Varma (Finnish pension insurer). The fund is now fully invested and actively managing its portfolio of European buyout companies through the realization phase.

EQT XI is the eleventh flagship private equity fund raised by EQT Group, one of the world's leading purpose-driven global investment organizations headquartered in Stockholm, Sweden, with EUR 273 billion in total assets under management as of March 2025. The fund represents a continuation of EQT's established mid-to-large-cap buyout franchise, building on the success of EQT X, which raised EUR 22 billion (approximately USD 24 billion) in February 2024 and became one of the largest private equity funds ever raised in Europe. EQT XI targets controlling and co-controlling equity investments in high-quality, market-leading companies across EQT's core sectors of healthcare, technology, tech-enabled services, and industrial technology. The fund applies EQT's well-proven "active ownership" model, working closely with portfolio companies to drive organic growth, operational improvement, and strategic transformation. Individual deal sizes under the strategy typically range from EUR 200 million to EUR 1.6 billion in equity per transaction, consistent with EQT X's investment parameters. The fund will invest primarily across Europe and North America, geographies where EQT has deep local networks, sector expertise, and proven deal-sourcing capabilities built over three decades. EQT XI was announced in June 2025 with a target size of EUR 23 billion. By November 2025, EQT set a hard cap of EUR 24 billion for the fund, indicating strong LP demand. Management fees commence from either the first investment closing or the end of EQT X's commitment period, whichever comes first, aligning the fund launch with EQT X's approach toward full deployment. EQT XI continues EQT's consistent fundraising cadence, where successor funds begin raising capital as predecessor funds reach 80–90% deployment, ensuring continuity of investment activity for LPs committed across the fund family.

Eagle Merchant Partners Fund I is the inaugural lower middle-market private equity buyout fund managed by Eagle Merchant Partners, an Atlanta, Georgia-based investment firm founded by Stockton Croft and Bill Lundstrom. The fund closed at over $256 million in August 2023, surpassing its fundraising target and attracting commitments from U.S. and international institutions, endowments, foundations, wealth managers, and family offices. Aviditi Advisors served as placement agent and Kirkland and Ellis LLP as legal counsel on the fundraise. The fund targets control investments in founder-owned, lower middle-market companies seeking their first institutional capital in the Southeastern United States, focusing on businesses with $2 million to $20 million of EBITDA in the franchise, consumer, and industrial sectors. Eagle Merchant Partners' investment philosophy centers on providing operational and strategic expertise alongside capital, partnering with management teams to accelerate organic growth, professionalize operations, and build scaled regional platforms. The Southeast provides the firm with compelling demographics, a business-friendly regulatory climate, and a fragmented lower middle market where proprietary sourcing advantages are most pronounced. Eagle Merchant Partners Fund I has been fully deployed across eight platform investments, establishing the firm's track record ahead of the successful launch of Fund II. The team's collective prior investment experience spans more than $1 billion of private equity invested, forming the foundation for the firm's repeatable process for sourcing, evaluating, and partnering with founder-led businesses in the region. The inaugural fund's rapid deployment and realized investment activity validated the firm's differentiated model and paved the way for a $415 million Fund II, closed in just seven months in 2025.

Eagle Merchant Partners Fund II is a lower middle-market private equity buyout fund managed by Eagle Merchant Partners, an Atlanta, Georgia-based investment firm co-founded by Stockton Croft and Bill Lundstrom. Closed in May 2025 with $415 million in capital commitments — above its original hard cap — the fund raised its capital in just seven months, reflecting strong institutional demand for the firm's differentiated Southeast-focused strategy. Eagle Merchant Partners Fund II is the firm's second institutional vehicle and continues its mission of partnering with founder-owned businesses seeking their first institutional capital partner. The fund pursues a control-oriented lower middle-market buyout strategy targeting companies in the franchise, multi-unit, and commercial services sectors across the Southeastern United States. Eagle Merchant Partners focuses on businesses generating $2 million to $20 million in EBITDA, providing capital alongside operational expertise to support growth, professionalization, and eventual exit. The Southeastern U.S. provides the firm's target investment universe: strong demographics, a business-friendly climate, and a fragmented lower middle market with abundant proprietary deal flow from founders seeking their first institutional partner. Eagle Merchant Partners Fund I, the firm's inaugural vehicle, closed at over $256 million in August 2023 and has been fully deployed across eight platform investments, demonstrating the team's ability to source and execute proprietary transactions efficiently. Fund II broadens the firm's capacity for platform building with a larger check size and a deepened LP base comprising institutional investors, family offices, and high-net-worth individuals. Piper Sandler and Aviditi Advisors served as placement agents; Kirkland and Ellis LLP acted as legal counsel.

Eden Capital Partners II is a private equity fund managed by Eden Capital and located in New York. The fund has a fundraising target of $400 million. The fund invests in the United States, Canada and Western Europe. The fund targets investments in the IT consulting, outsourcing, healthcare, software, business product and service sectors. Eden Capital deploys $20 - $75 million of equity per transaction with the ability to invest below those thresholds for add-on acquisitions. They seek majority, or substantial minority positions with control rights, through leveraged buyouts, management buyouts, and growth equity structures. Eden invests in companies in United States, Canada, Western Europe with enterprise value smaller than $150 million, EBITDA between $3 and $15 million. As of April 2024, the fund has raised $96.4 million, according to regulatory filings with the SEC.

The Eighth Cinven Fund (Fund 8) is a buyot fund managed by Cinven. It has raised $14.5 billion and is nearly 30% larger than its predecessor fund, Fund 7. The fund has benefitted from a strong re-up rate from longstanding Limited Partners and welcomed new investors to its global Limited Partner base. The success of the fundraise is attributed to the long-term track record, depth and experience of the team, and the consistency of its strategy in building long-term, sustainable businesses with global growth opportunities. Cinven usually investors in the following sectors: Business Services, Consumer, TMT, Healthcare, Financial Services and Industrial. The strategy for Fund 8 builds on the approach successfully used in previous funds, investing in control positions in growth-oriented, market-leading, cash-generative companies. Cinven seeks to accelerate growth through active management and deliver break-out returns. The fund seeks to invest across sectors and geographies, particularly during periods of volatility, to identify attractive opportunities. Cinven seeks to build long-term, sustainable businesses that will grow, provide employment, and generate economic benefit in an environmentally and socially responsible manner. With a proven track record of investing successfully through economic cycles, the Cinven Funds have completed investments in more than 150 portfolio companies across Europe and in North America and realized or listed more than 115 investments, returning proceeds of approximately €47 billion to the Cinven Funds. Founded as the private investment arm of the British Coal pension scheme in 1977, Cinven became independent in 1995 and has raised more than €50 billion in aggregate to date through various funds."

Eurazeo PME III is the third fund managed by Eurazeo PME, the small-and-medium enterprise (SME) investment division of Eurazeo SE (EPA: RF), a leading French listed private markets group with over €35 billion in assets under management. The fund closed in 2017 with €658 million in total committed capital, comprising approximately €408 million from Eurazeo's own balance sheet and €250 million from third-party limited partners including institutional investors—asset managers, insurance companies, and family offices—that had previously backed the predecessor Eurazeo PME II fund (€520 million, 2015 close). The close marked an important step in Eurazeo's strategy of growing its third-party asset management platform alongside its proprietary capital. Eurazeo PME III targets controlling-stake buyout investments in sector-leading French small and medium-sized enterprises, with equity tickets of €15–75 million in companies carrying enterprise values of €15–75 million and EBITDA of €10–20 million. The fund focuses on founder-owned or family-owned businesses in France with demonstrable international expansion potential, partnering with management teams to accelerate organic and acquisition-led growth across European markets. Rather than concentrating on a single sector, Eurazeo PME applies a generalist mid-market approach spanning business services, technology-enabled industries, healthcare services, and consumer verticals with strong recurring revenue dynamics. Eurazeo PME III was fully invested ahead of the subsequent Eurazeo PME IV fundraise (€1,049 million, final close July 2022). Portfolio exits included Intech Médical (sold to Montagu PE, approximately 3x money multiple). In 2022, Eurazeo completed a structured secondary transaction in which approximately 50% of its balance sheet stakes in both PME III and PME IV were divested, reducing concentration while validating portfolio valuations. As of 2025, the fund is in a harvesting and tail-end phase, with residual portfolio companies under active exit preparation or secondary arrangements administered by Eurazeo PME.

Eurazeo PME V is the fifth fund in Eurazeo's lower mid-market private equity series, managed by the Eurazeo Elevate investment team — a dedicated unit within Eurazeo's broader platform comprising approximately 30 investment professionals based in Paris, London, Madrid, and Munich. The fund reached a first close exceeding €1 billion in 2025, with international investors representing 60% of total commitments, and was seeded with two initial portfolio investments at close. Eurazeo, one of Europe's leading listed private equity firms with over €35 billion in assets under management, provides the Elevate team with institutional infrastructure, cross-platform co-investment capacity, and ESG resources. Eurazeo PME V targets high-quality, fast-growing lower mid-market technology and business services companies across Europe, with a particular focus on businesses generating €5 million to €30 million in EBITDA with strong recurring revenue profiles and identifiable international expansion opportunities. The fund pursues control-oriented buyout transactions, applying Eurazeo's operational expertise in digital transformation, buy-and-build strategies, and cross-border expansion to accelerate portfolio company growth. The Elevate team's sector concentrations in enterprise software, tech-enabled services, and professional services reflect their deep expertise in European lower mid-market deal flow. Building on the strong performance of PME I through PME IV, the Eurazeo PME series has established a track record of partnering with founder-led and family-owned businesses and supporting their transition to institutional ownership. Fund V opened with portfolio investments including OMMAX, a Munich-based data-driven marketing consultancy acquired in partnership with Singulier, and Nextron Systems, a European cybersecurity threat detection platform. With a target of 15 or more portfolio companies, PME V is positioned to capitalize on the continued fragmentation of the European lower mid-market technology and services sector.

Falfurrias Capital Partners VI (FCP VI) is a $1.35 billion middle-market private equity fund managed by Falfurrias Management Partners, a Charlotte, North Carolina-based firm founded by Hugh L. McColl Jr. and Marc Oken. The fund held its final close in March 2025, surpassing its hard cap in an oversubscribed fundraise — reflecting strong institutional demand for Falfurrias' differentiated 'industry-first' investment philosophy. Falfurrias Capital Partners VI applies a concentrated, research-intensive approach to identifying durable growth opportunities in three core verticals: government and business services, food manufacturing, and industrial technology. The firm targets companies benefiting from long-term structural tailwinds driven by regulatory change, demographic shifts, and secular trends, seeking businesses with defensible competitive positions and clear paths to value creation through operational improvement and strategic add-on acquisitions. Fund VI represents the sixth installment in Falfurrias' flagship PE series. Across its fund history, Falfurrias Management Partners has raised approximately $3.6 billion across seven funds since inception. The fund is advised by McGuireWoods LLP as legal counsel and Shannon Advisors LLC as placement agent. The investment team includes Managing Partner Ed McMahan and founding partners Hugh L. McColl Jr. and Marc Oken, who bring decades of combined experience in middle-market value creation.

Falfurrias Growth Partners I (FGP I) is the inaugural growth equity fund of Falfurrias Management Partners (FMP), the Charlotte, North Carolina-based lower middle-market private equity firm founded in 2006 by Hugh McColl, Marc Oken, and Ed McMahan. FGP I closed at its hard cap of $400 million in December 2023, oversubscribed and anchored by leading global pension plans, asset managers, insurance companies, endowments, foundations, family offices, and high-net-worth investors. The general partner committed $45 million alongside limited partners. The fund employs FMP's proprietary "Industry First" methodology — identifying transformational market themes before targeting specific companies — applied to a lower EBITDA band below FMP's traditional Falfurrias Capital Partners flagship series. FGP I targets software and technology-enabled businesses in business services, fintech, information services, data analytics, marketing services, and vertical software with $1–$7 million in EBITDA and $5 million or more in annual recurring revenue. Initial check sizes range from $20–$50 million per investment, structured as control buyouts or selective minority stakes. The investment committee is led by Cam Dyer and Michael Clifton, both former Carlyle Group Partners with over 20 years of technology investing experience. FGP I operates as a distinct vehicle from FMP's flagship Falfurrias Capital Partners (FCP) buyout series, which has deployed approximately $4 billion across seven core funds. Where FCP targets established lower middle-market businesses across sectors, FGP I concentrates exclusively on growth-stage software and technology-enabled services companies at a smaller enterprise scale, offering institutional investors differentiated access to the convergence of software and business services in the US lower middle market.

Five Arrows Secondary Opportunities VI (FASO VI) is Five Arrows' sixth secondaries fund with €2 billion size. This achievement surpasses its original target of €1.5 billion and doubles the size of its predecessor, FASO V. The fund focuses on mid-market GP-led secondary transactions, emphasizing companies in the healthcare, business services, software, and IT sectors across Europe and North America. FASO VI is part of the Five Arrows Multi-Strategies platform (FAMS), which manages over €28 billion in assets across various strategies, including corporate private equity, primary and secondary fund investing, co-investments, and senior and junior credit. The fund received strong support from a globally diversified group of investors, including pension funds, insurance companies, corporations, family offices, and entrepreneurs. Notably, Rothschild & Co Group, along with its staff and investment team, made a substantial commitment to the vehicle. The fund's investment strategy is designed to capitalize on the growing GP-led secondaries market, which expanded to over $71 billion in 2024 from $29 billion in 2019. With a team that has worked together for over two decades, Five Arrows leverages its extensive experience to identify and execute transactions that offer attractive risk-adjusted returns. FASO VI aims to provide liquidity solutions to general partners and limited partners, facilitating the continuation and growth of high-quality assets.

Flexpoint Fund V is the fifth flagship buyout fund raised by Flexpoint Ford, a Chicago-based specialist private equity firm founded in 2005 by Don Edwards, a former senior executive at GTCR. With a two-decade track record and more than $7 billion deployed across over 90 transactions, Flexpoint Ford stands as one of the most specialized private equity investors in financial services and adjacent sectors. Fund V launched its fundraise in 2022 with a $2.5 billion target, ultimately closing at $2.02 billion in committed capital, with an additional $338 million raised through the parallel Flexpoint Overage Fund V, bringing total combined commitments to approximately $2.36 billion. Fund V pursues a middle-market buyout strategy with deep sector specialization in financial services—spanning asset managers, specialty finance platforms, insurance distribution, and banking-related services—as well as select healthcare services businesses. Flexpoint Ford brings sector-specific operational expertise and a flexible capital framework that allows it to deploy across control buyouts, structured equity positions, and co-investments. The fund is domiciled in the Cayman Islands and invests predominantly in North American markets, leveraging the firm's two decades of relationships in financial regulation, technology-enabled financial services, and healthcare delivery. Flexpoint also operates a complementary Asset Opportunities strategy focused on acquiring yield-generating asset portfolios, including Flexpoint Asset Opportunity Fund II ($825 million), giving LPs access to a differentiated platform combining traditional private equity with asset-oriented credit. The Flexpoint Fund family has followed a consistent growth trajectory: Fund II closed at $1.28 billion, Fund IV combined with Overage Fund IV reached $2.0 billion (2019), and Fund V surpasses both, establishing a new AUM record for the firm. Fund V has deployed capital into portfolio companies including Elliott Davis, a top-25 US accounting and advisory firm, and Clearstead Advisors, a Cleveland-based registered investment advisor. In 2025, Chris Ackerman was appointed CEO of Flexpoint Ford, with Don Edwards transitioning to Executive Chairman, signaling continued institutional strength and leadership depth as Fund V progresses through its investment period.

GTCR Capital Solutions Fund is the inaugural fund under GTCR's new capital solutions strategy, launched in 2024. The fund focuses on providing minority structured equity and debt investments to mid-market companies, offering flexible financing solutions tailored to each company's specific needs. This strategy formalizes GTCR's approach to minority investments, allowing the firm to offer bespoke capital structures that can include convertible debt, preferred equity, and other hybrid instruments. The fund targets companies across various sectors, including business services, technology, media and telecommunications (TMT), financial services, and healthcare. With a target size of $1.5 billion, the fund has attracted commitments from institutional investors such as the Washington State Investment Board, which approved a $100 million investment in November 2024. The fund is domiciled in Delaware and managed from GTCR's headquarters in Chicago.

Gemspring Growth Solutions II is the second non‑control / growth capital fund under the “Growth Solutions” banner, positioned to back middle‑market companies with scalable growth trajectories. The fund provides flexible, minority or structured equity investments as a partner to management teams, rather than seeking full control. Its purpose is to leverage Gemspring’s operational capabilities, strategic oversight, and networks to accelerate growth, margin expansion, and value creation in portfolio companies. GGS II is oriented toward businesses that already exhibit strong fundamentals and growth potential, but require additional capital, strategic resources, and operational insight to scale more aggressively. By adopting a flexible capital approach, the fund can structure its investments in the form of growth equity, preferred equity, recapitalizations, or structured instruments that align incentives with existing shareholders. Over time, the fund may also support add‑on acquisitions or strategic inorganic growth to enhance scale and market leadership. Gemspring is likely to target sectors consistent with its existing “Growth Solutions” and broader firm strategy: software, tech‑enabled services, industrial services, business services, specialty manufacturing, healthcare services, and adjacent segments. The fund can capitalize on opportunities that lie in both technology‑driven growth areas and more traditional industrial or services domains, especially where transformation or scaling is needed. Given its predecessor track record and the firm’s reputation, GGS II may attract high‑quality sponsors, founders, or management teams looking for a growth partner rather than a full take‑private transaction. Its non‑control posture allows for more flexible deal structures, enabling participation in opportunities that are less conducive to traditional buyouts, and broadening the investible universe for Gemspring.

Gladstone Investment Corporation (Nasdaq: GAIN) is a publicly traded business development company (BDC) managed by Gladstone Management Corporation, focusing on acquiring established lower middle market companies in the United States through combined equity and debt investments in connection with buyouts and recapitalizations. Founded in 2005 by David Gladstone and headquartered in McLean, Virginia, the corporation provides investors with publicly accessible exposure to private equity-style returns in the U.S. lower middle market. The investment strategy mirrors traditional buyout private equity in its focus on equity co-investments alongside debt financing. The corporation targets companies with EBITDA of $4 to $15 million in manufacturing, consumer products, and business and consumer services sectors. Individual investments typically total up to $75 million, with the portfolio designed to maintain approximately 75 percent in debt securities and 25 percent in equity at cost. This differentiated approach among BDCs positions GAIN as a hybrid equity-debt vehicle with buyout-oriented return expectations, and a regulatory structure requiring distribution of at least 90 percent of income as dividends. Gladstone Investment has historically generated dividend yields of approximately 7 percent annually, with the ability to pay supplemental distributions in years of strong realized gains—$0.70 per share was paid in October 2024. The corporation's shares trade on the NASDAQ exchange, providing daily liquidity to shareholders. Gladstone Management Corporation operates multiple BDC vehicles across the credit and equity spectrum, collectively managing capital into hundreds of U.S. lower middle market companies over two decades of operations under the Gladstone Companies platform.

Golding Buyout 2021 is the fourth-generation flagship buyout fund-of-funds from Golding Capital Partners, a Munich-based independent alternative investment manager with approximately €2.7 billion in buyout-segment assets under management. The fund reached its final close at €250 million on September 26, 2024, following a 2021 vintage launch, and targets net returns of 12 to 14 percent per annum for its investor base of foundations, savings banks, and family offices across Germany and international markets. The fund follows a diversified multi-manager approach, combining primary fund commitments, secondary transactions, and co-investments in small and mid-cap companies across Europe and the United States. Portfolio construction targets 300 or more individual underlying investments, with sector focus on technology, healthcare, and B2B services—defensive growth sectors historically insulated from cyclical volatility. The fund is classified as Article 8 under the EU Sustainable Finance Disclosure Regulation (SFDR), reflecting Golding's systematic integration of ESG criteria across its investment process. Golding Capital Partners' broader buyout franchise has delivered consistent net returns exceeding 14 percent historically, ranking the manager in the top quartile of Buyout Fund-of-Funds performance globally. Golding Buyout 2021 attracted both existing institutional investors and a cohort of new LP relationships formed at final close, underscoring the manager's growing institutional footprint in the European alternative investment market and its reputation as a trusted allocator to the global buyout ecosystem.

Goldman Sachs Alternatives launched the open-ended European Private Credit Strategy (GSEC) in early 2024, targeting resilient European mid-sized businesses through senior secured lending. As of mid-2025, the fund has raised over €6 billion in assets under management, becoming one of the largest open-ended private credit strategies in Europe. The fund invests primarily in directly originated, senior secured loans to high-quality, sponsor-backed companies. These companies are typically cash-flow generative and operate in sectors with low cyclicality. GSEC’s flexible evergreen structure allows it to serve institutional and wealth investors seeking access to private credit with periodic liquidity. Over 75% of GSEC’s portfolio is allocated to first-lien senior loans in recession-resilient sectors such as healthcare, software, and essential business services. Goldman Sachs employs a disciplined underwriting process and conservative leverage metrics to ensure capital preservation and income stability. The strategy benefits from Goldman Sachs’ scale, sourcing network, and due diligence capabilities. GSEC integrates ESG analysis, sectoral diversification, and active portfolio monitoring to deliver long-term, risk-adjusted returns for its global investor base.

Granite Creek FlexCap II, L.P. is the second private equity fund raised by Granite Creek Capital Partners, a Chicago-based lower middle market investment firm founded in 2005. The fund closed in May 2019 at $200 million in committed capital, surpassing its predecessor FlexCap I, which managed $85 million and delivered top-decile performance across a portfolio of 19 companies. FlexCap II reflects Granite Creek's continued commitment to the flexible capital model, deploying both equity and subordinated debt solutions to lower middle market businesses across the United States. The fund targets companies in four core sectors: manufacturing, business services, healthcare, and agribusiness. Granite Creek deploys $10 million to $20 million per transaction, typically taking minority or majority equity positions alongside management teams, with the portfolio designed to comprise between 15 and 20 companies. This flexible mandate — combining equity and debt capital in a single vehicle — allows the firm to tailor the capital structure to each company's specific circumstances, a meaningful differentiator in the competitive lower middle market segment. With FlexCap II's close, Granite Creek surpassed $400 million in total assets under management across all strategies. The firm subsequently raised FlexCap III at $300 million in November 2023, closing oversubscribed and demonstrating sustained LP conviction in the strategy. The FlexCap II portfolio of 16 companies included businesses such as Morrow Sodali, Veterinary Pharmaceutical Solutions, Sunset Pacific Transportation, and Odyssey Aviation. Key personnel include Co-Founder and Managing Partner Mark Radzik, who has led the firm's investment strategy since inception.

Great Hill Equity Partners IX, L.P. represents the ninth iteration of the firm’s flagship growth buyout fund series. Closed in September 2025, this fund reached $7 billion in committed capital—well above its $5 billion target—and achieved its hard cap just five months after its formal launch, underscoring strong investor demand and confidence in the firm’s strategy. Continuing Great Hill’s well-established middle‑market growth buyout strategy, Fund IX targets rapidly scaling companies across the software, financial services, healthcare, consumer, and business services sectors. This enduring focus reflects the firm’s track record of seeking disruptive, high‑growth opportunities where it can provide operational and strategic value. The fund attracted a wide‑ranging investor base from North America, Europe, Asia, the Middle East, South America, and Australia. Its investors include public and private pension funds, sovereign wealth funds, endowments and foundations, insurance companies, healthcare systems, institutional fund managers, family offices, and high‑net‑worth individuals—many of whom have previously backed Great Hill's prior funds. In tandem with the launch of Fund IX, Great Hill made key leadership adjustments: Managing Directors Chris Busby, Nick Cayer, Rafael Cofiño, and Drew Loucks joined the Executive Committee, complementing existing members Chris Gaffney, Mark Taber, and Matt Vettel. Michael Kumin transitioned to Senior Advisor, continuing to manage his existing portfolio responsibilities. Latham & Watkins LLP served as legal counsel for the fund’s formation.

HGGC Fund III is the third flagship buyout fund raised by HGGC, a Palo Alto-based private equity firm founded in 2007 and known for its 'Advantaged Investing' approach. The fund held its final close on December 14, 2016—just 99 days after launch—raising $1.84 billion in commitments against a $1.5 billion target and surpassing the $1.75 billion hard cap. This record-pace fundraise reflected exceptional LP demand: HGGC secured $1.25 billion from existing investors and $500 million from new limited partners, drawing from a global base of public and private pension funds, sovereign wealth funds, insurance companies, family offices, and institutional investors across North America, Europe, Asia, and the Middle East. HGGC Fund III pursues control buyout investments in middle-market companies with enterprise values typically ranging from $100 million to $1 billion across four primary sectors: technology and information services, business and financial services, and consumer industries. The firm's investment strategy seeks businesses using technology to disrupt or modernize established end markets—such as software-enabled services, financial technology, and consumer-facing platforms—where HGGC's operating expertise and partnership-driven culture can drive transformational value creation. Average acquisition multiples for Fund III were approximately 7.4x EBITDA, reflecting disciplined entry pricing in competitive middle-market processes. With Fund III, HGGC contributed to a cumulative track record of over 730 completed transactions totaling more than $79 billion in enterprise value across its fund family. Representative investments from the firm's track record include Dealer.com, Serena Software, Thryv, and Evolent Health, demonstrating consistent value creation in technology-enabled business services. The rapid close of Fund III—less than 100 days from launch to final close—stands as a testament to HGGC's investor relationships and the repeatability of its investment model in the U.S. middle market technology and business services segments.

HGGC Fund IV is the fourth flagship buyout fund from HGGC, a Palo Alto-based technology-focused private equity firm with over $6.8 billion in cumulative capital commitments. The fund held its final close on June 16, 2022, raising over $2.54 billion in capital commitments—exceeding its $2.25 billion target and making Fund IV approximately 38% larger than its predecessor, HGGC Fund III. The investor base spans more than 170 limited partners across 25 countries, comprising public and private pension funds, sovereign wealth funds, insurance companies, family offices, and institutional investors in North America, Europe, Asia, and the Middle East. Fund IV pursues control-oriented buyout investments in middle-market companies across HGGC's four core sectors: technology and information services, business services, financial services, and consumer industries. The fund targets businesses with enterprise values between $100 million and $1 billion where HGGC's 'Advantaged Investing' operational playbook can accelerate growth, improve margins, and create long-term value through focused talent development, technology enablement, and partnership-aligned management teams. The firm's strong co-investment network and proprietary deal origination capabilities provide sourcing advantages in competitive middle-market processes. Building on three prior flagship funds totaling more than $4.25 billion in cumulative commitments, Fund IV continues HGGC's 15-year history of middle-market investing. With over 730 completed transactions and more than $79 billion in total enterprise value across its history, HGGC has consistently generated strong LP returns through operational value creation in technology-enabled businesses. Representative investments include Thryv (business management software), Dealer.com (automotive technology), and Evolent Health (value-based care), illustrating the firm's ability to build category-defining platforms in sectors undergoing technology-driven disruption.

HGGC Fund V is the fifth flagship buyout vehicle from HGGC, a Palo Alto-based private equity firm known for its partnership-driven approach. Building on the success of its predecessor, Fund IV—which closed at $2.54 billion—Fund V aims to continue HGGC's strategy of investing in middle-market companies with strong fundamentals and growth potential. The fund focuses on sectors where HGGC has demonstrated expertise: technology, business services, financial services, and consumer industries. HGGC employs its "Advantaged Investing" model, emphasizing active collaboration with management teams, operational improvements, and strategic add-on acquisitions to drive value creation. Targeting companies with enterprise values between $200 million and $1.5 billion, HGGC Fund V seeks businesses exhibiting high-quality characteristics—such as strong economics, revenue durability, and competitive strength. The fund's investment horizon typically spans five to seven years, reflecting HGGC's commitment to long-term value creation.

Haatch SEIS Fund is a UK Seed Enterprise Investment Scheme (SEIS)-qualified pre-seed venture fund managed by Haatch Ventures LLP, a Financial Conduct Authority-authorised investment manager founded in 2013. The fund launched in February 2021 and has since deployed £31.2 million across 154 portfolio companies, maintaining an active portfolio balance of over £36 million with realised returns of £1.9 million to date. Investors in the fund benefit from up to 50% UK income tax relief on qualifying investments, alongside tax-free capital gains after a three-year holding period and inheritance tax relief after two years, subject to individual tax circumstances. The fund focuses exclusively on pre-seed B2B SaaS companies at inception—writing first cheques into founders with lived operational experience, clearly defined buyer personas, and scalable recurring-revenue software solutions. Haatch's investment model is deeply operator-led: the firm's partners and advisors provide hands-on support to help portfolio companies progress from early product to £1 million in annual recurring revenue, deploying a repeatable playbook built from more than 150 investments. Each fund vintage builds a concentrated portfolio of 9–15 companies, maintaining clean cap tables with no charges to portfolio companies and offering co-investment access alongside strategic institutional partners. Haatch has been recognised as 'Best SEIS Manager' by the Enterprise Investment Scheme Association (EISA) and 'Seed VC Manager of the Year' by the UKBAA, reflecting consistent delivery within the UK early-stage B2B SaaS ecosystem. The managing partners have personally invested over £2.3 million across all fund tranches, aligning interests closely with external investors. With a target portfolio of high-conviction B2B SaaS investments and a track record spanning over 150 portfolio companies, Haatch has established itself as one of the UK's most active pre-seed investors and a leading specialist in SEIS-qualified venture capital.

HL SCOPE Access Fund 1 is a tokenized feeder fund providing institutional-quality private credit exposure through Hamilton Lane's Senior Credit Opportunities Fund (SCOPE), an all-weather open-ended evergreen private credit vehicle managed by Hamilton Lane (NASDAQ: HLNE). The underlying SCOPE fund is a Luxembourg-domiciled SICAV RAIF (registration B 266219) launched in October 2022, which had grown to approximately $804 million in assets under management as of October 2024. Hamilton Lane manages approximately $958 billion in total assets under management and supervision globally, with over 30 years of institutional private markets expertise. SCOPE targets floating-rate, first lien senior secured loans to privately-held, market-leading companies in historically recession-resilient sectors, emphasising capital preservation, downside protection, and consistent income generation across economic cycles. The portfolio is diversified across multiple private credit managers, geographies, and industries, with approximately 75% allocated to North American credits and 25% to European credits. Target net annual returns are 8–10%. The HL SCOPE Access Fund 1 feeder vehicle, launched via Securitize in May 2023, democratises access to this institutional strategy with a minimum investment of $10,000 and is available across multiple blockchain networks as an ERC-20 tokenized asset, with monthly subscription and redemption windows providing superior liquidity relative to traditional closed-end credit vehicles. Hamilton Lane's SCOPE strategy has demonstrated consistent performance across market cycles by maintaining a focus on senior-secured, floating-rate credit in defensive sectors. Key target industries include healthcare, information technology, business services, and industrials — asset classes characterised by contractual revenue streams, strong free cash flow generation, and demonstrated resilience to economic headwinds. The tokenized access structure has attracted a new generation of institutional and sophisticated individual investors seeking regulated, institutional-grade private credit exposure with enhanced liquidity, lower minimum investment thresholds, and the operational efficiencies of onchain settlement and custody.

Hg Saturn 4 is the latest iteration of Hg’s large-cap buyout strategy, focusing on software and services businesses with enterprise values exceeding $1.5 billion. Launched in December 2024, the fund aims to make 8–10 platform investments, each requiring equity checks of over $1.25 billion. Hg Saturn 4 continues Hg's commitment to investing in resilient, mission-critical software companies that exhibit strong recurring revenues and significant growth potential. The fund targets companies operating in sectors such as tax and accounting, ERP and payroll, legal and regulatory compliance, healthcare IT, and insurance software. These sectors align with Hg's expertise and historical investment success, allowing the firm to leverage its deep industry knowledge and operational support to drive value creation. Hg Saturn 4's investment strategy emphasizes both organic growth and strategic acquisitions to scale its portfolio companies effectively. Geographically, Hg Saturn 4 focuses on European-headquartered and transatlantic businesses, many of which have a global footprint. The fund seeks to deliver a gross multiple on invested capital (MOIC) of 3.0x and a gross internal rate of return (IRR) between 20% and 25%. Hg's disciplined investment approach and sector specialization position Saturn 4 to capitalize on opportunities in the evolving software and services landscape.

Closed in May 2020 at its hard cap of €2.85 billion, the IK IX Fund is the ninth mid-cap buyout fund raised by London-based IK Partners. Despite launching during the early stages of the COVID-19 pandemic, the fund successfully closed within weeks of its launch at its targeted hard cap, demonstrating extraordinary demand from IK Partners' established institutional investor base. The IK IX Fund continues IK Partners' long-standing strategy of investing in mid-cap businesses across Northern and Western Europe, with a particular focus on the Nordic region, the DACH region (Germany, Austria, and Switzerland), France, and the Benelux. Target sectors include Business Services, Consumer and Food, Engineered Products, and Healthcare — areas where IK has developed deep sector expertise and proprietary deal flow over three decades of investing. The fund applies a hands-on value-creation approach, working closely with management teams to drive organic and acquisitive growth without relying predominantly on financial leverage. The IK IX Fund attracted capital from institutional investors across Europe (representing approximately 60% of commitments), North America (30%), Asia (7%), and South America (3%), with over one-third of commitments coming from new limited partners investing in IK funds for the first time. The fund's institutional LP base spans pension funds, sovereign wealth funds, insurance companies, and endowments across multiple continents. Building on the track record of IK VIII (€1.9 billion, closed 2017) and earlier predecessor funds, IK IX has deployed capital across more than 20 portfolio investments in its core European markets and has entered its active divestment phase as portfolio companies reach maturity.

Closed in April 2021 at its hard cap of €1.2 billion in just three months, the IK Small Cap III Fund is the third small-cap buyout fund raised by IK Partners and more than double the size of its €550 million predecessor, IK Small Cap II. Significantly oversubscribed, the fund was allocated exclusively to existing investors in the IK platform — a testament to the strong demand from IK Partners' most committed institutional limited partners and the firm's track record in European small-cap private equity. IK Small Cap III targets smaller businesses across Northern Europe, following IK Partners' established strategy of acquiring controlling stakes in growing, resilient companies with strong market positions and significant value-creation potential. The fund focuses on the Nordic region (Sweden, Norway, Denmark, and Finland) and adjacent markets, pursuing opportunities in Business Services, Consumer and Food, Healthcare, and Industrials — sectors where IK has developed deep networks and operational expertise over three decades. With investments typically ranging from €10 million to €60 million of equity per transaction, the fund participates in a segment of the European market characterised by lower competition and more attractive pricing relative to the mid-cap segment. The fund's rapid and oversubscribed close reflects IK Partners' strong track record across its small-cap vehicle series, with Small Cap I and Small Cap II having demonstrated consistent returns in Northern European markets. IK Partners manages the Small Cap strategy in parallel with its flagship mid-cap programme, currently on IK X (€3.3 billion, closed April 2025), creating a comprehensive suite of European private equity strategies for its institutional investor base. IK Small Cap III has been actively investing across its target Nordic and Northern European markets since its close.

Closed in October 2013 with investor commitments of approximately €1.4 billion, the IK VII Fund is the seventh mid-cap buyout fund raised by IK Partners (then known as IK Investment Partners). The fund represented a significant step in the firm's development as it expanded its geographic reach and deepened its sector focus across Northern and Western Europe. IK VII continued IK Partners' core investment strategy of acquiring controlling or significant minority stakes in mid-cap businesses with strong market positions in its target geographies — the Nordic countries, the DACH region (Germany, Austria, and Switzerland), France, and the Benelux. The fund targeted companies in Business Services, Consumer and Food, Healthcare, and Industrials, applying IK's value-creation approach centered on operational improvement, management team development, and strategic acquisitions. Portfolio companies were typically held for four to six years, with value created through revenue growth and margin improvement rather than financial engineering. Fully invested and in an advanced stage of divestment, IK VII generated meaningful returns for its institutional investor base, with notable exits including Cérélia (acquired by Ardian in December 2019) and various healthcare and business services businesses. The fund's track record contributed to the continued growth of IK Partners' franchise and supported the successful fundraises of subsequent vehicles including IK VIII (€1.9 billion, 2017), IK IX (€2.85 billion, 2020), and IK X (€3.3 billion, 2025). IK VII spans an investment period covering significant macroeconomic change across its European target markets, including post-GFC recovery and the early phase of the current digital transformation wave in European industrials and services.

Closed in April 2025 at its hard cap of €3.3 billion, the IK X Fund represents the tenth mid-cap buyout fund raised by London-based IK Partners and the firm's largest fundraise to date. IK Partners is a private equity firm with more than 30 years of investing experience focused on mid-sized companies in Northern and Western Europe, with offices in London, Stockholm, Hamburg, Paris, Amsterdam, and Luxembourg. The Fund continues IK Partners' established strategy of acquiring controlling stakes in resilient, growing mid-cap businesses across its core markets of the Nordic region, the DACH region (Germany, Austria, and Switzerland), France, and the Benelux. IK X targets companies operating in four key sectors: Business Services, Consumer and Food, Engineered Products, and Healthcare. The Fund applies IK's differentiated value-creation methodology — combining operational improvements, strategic acquisitions, and management team development — typically seeking to hold businesses for four to six years before exiting through trade sales, secondary PE transactions, or public market listings. The IK X Fund attracted commitments from a geographically diverse institutional investor base, with EMEA investors representing 64%, Asia-based investors 20%, and Americas-based investors 16% of total commitments. A record proportion of capital was raised from limited partners investing in IK funds for the first time, reflecting growing international interest in European mid-cap private equity. With €3.3 billion under management, IK X surpasses its predecessor IK IX Fund (€2.85 billion, closed May 2020) and positions IK Partners to continue building on a 30-year track record spanning more than 150 investments across its target markets in Northern and Western Europe.

IK Small Cap IV closed on 24 July 2025 with €2.0 billion in total commitments, reaching its hard cap and concluding the fundraise within just six months. The strong investor response underscores IK Partners’ continued success in the small-cap segment and highlights market confidence in the firm's ability to identify and scale lower mid-market businesses across Europe. The fund includes a dedicated €600 million Development Capital pool focused on smaller companies with enterprise values between €20 million and €80 million. The core Small Cap IV strategy targets companies with enterprise values ranging from €80 million to €200 million. This dual-track structure allows IK to address a broader range of opportunities and tailor capital solutions across the small-cap spectrum. IK Small Cap IV received broad support from institutional investors worldwide. Approximately 71% of the capital came from EMEA-based investors, 18% from North America, and 11% from Asia. Notably, around 80% of the capital commitments were from existing investors across the IK platform, demonstrating strong loyalty and ongoing trust in the firm’s investment capabilities. Specific LP names were not disclosed, although the Minnesota State Board of Investment was identified in public records.

INVL Baltic Sea Growth Fund, managed by INVL Asset Management, is a closed-end private equity fund launched in June 2018 with committed capital of €164.7 million. The fund invests in late-stage growth SMEs and small to mid-cap companies, acquiring either controlling or significant minority stakes. Typical equity investments range from €5 million to €25 million, with capacity for larger deals via co-investments. Target companies are generally valued between €10 million and €100 million. The fund focuses on businesses with strong potential to become industry leaders in their respective sectors. Core geographies include the Baltic States and Poland, while investment scope extends across the broader European Union. INVL Baltic Sea Growth Fund specializes in complex transactions, providing customized capital solutions for companies undergoing structural, strategic, or ownership transitions. It supports growth through a combination of organic expansion, acquisitions, and active value creation initiatives. Taking an active ownership approach, the fund works closely with management teams to align long-term goals and drive transformation. It typically invests by acquiring stakes from existing shareholders and providing growth capital. With an ESG-integrated investment model and a hands-on strategy, INVL Baltic Sea Growth Fund helps its portfolio companies scale operations, increase efficiency, and execute cross-border expansion strategies.

ISAI Expansion III is a €300 million growth equity fund managed by ISAI, a Paris-based venture and growth capital firm with a network of approximately 500 entrepreneur-LPs from France's tech and digital ecosystem. The fund reached its hard cap on February 6, 2025, one year after its first closing at €190 million, doubling the size of its predecessor vehicle. It holds an Article 8 classification under SFDR, reflecting formal commitments to responsible investment criteria throughout its portfolio construction. ISAI Expansion III targets profitable technology SMEs in France, Southern Europe, Switzerland, and the Benelux region, providing between €10 million and €50 million in equity per transaction, with co-investment rights available to LPs for tickets up to €80 million. The fund pursues two complementary deal types: Growth Buyouts — backing companies with sales of at least €10 million and EBITDA above €2 million — and Tech Growth transactions in high-growth profitable businesses expanding at 25–30% or more annually. Target sectors include SaaS, managed services, marketplaces, and tech-enabled companies in traditional sectors. The fund expects to back 12 to 15 companies over its investment period. ISAI Expansion III made its first investment in Staffmatch, a digital-native temporary employment group in France, in September 2024. Institutional investors represent 60% of the fund's LP base, comprising funds of funds, banks, insurance companies, and family offices, alongside ISAI's distinctive entrepreneur-LP network who co-invest with founder-level judgment and operational credibility. ISAI manages parallel strategies in early-stage venture (ISAI Venture IV) and Expansion, building a full-stack technology investment platform in France.

Inflexion's Enterprise Fund VI is a £975 million lower mid-market private equity fund managed by Inflexion, one of the United Kingdom's leading growth-focused private equity firms. The fund achieved its final close in September 2024 in less than five months, hitting its hard cap and attracting commitments almost exclusively from its existing institutional investor base, with participants on average more than doubling their prior vintage commitments. Enterprise Fund VI is Inflexion's dedicated vehicle for investing in smaller, entrepreneurial businesses valued up to £150 million, and at £975 million it is more than double the size of its predecessor Enterprise Fund. Enterprise Fund VI pursues a lower mid-market buyout and growth equity strategy targeting high-growth, entrepreneurial businesses primarily in the United Kingdom and Western Europe, with a sector focus spanning Business Services, Technology, Healthcare, Industrials, Consumer, and Financial Services. The fund takes both majority and minority stakes in portfolio companies and provides access to Inflexion's proprietary Value Acceleration resources, including M&A support, international expansion capabilities, and digital enhancement services. Enterprise Fund VI holds Article 8 status under the EU Sustainable Finance Disclosures Regulation, reflecting Inflexion's commitment to integrating environmental and social considerations across the portfolio lifecycle. Inflexion has deployed capital across more than 175 investments since its founding and has built a strong reputation for accelerating the growth of UK-focused lower-mid-market businesses through operational improvements, management team development, and buy-and-build strategies. The fund draws from an institutional investor base spanning the United States, Europe, Asia, and the Middle East, and its rapid oversubscription reflects sustained demand for Inflexion's differentiated approach. Led by Malcolm Coffin as Head of the Enterprise Fund with Simon Turner as Managing Partner, Enterprise Fund VI won Fundraise of the Year at a major industry awards event and is well-positioned to back the next cohort of high-potential entrepreneurial businesses in the UK growth economy.

Innova/6 SCA SICAV-RAIF is the sixth private equity buyout fund managed by Innova Capital, one of Central and Eastern Europe's most established mid-market private equity firms. Founded in 1994 and headquartered in Warsaw, Poland, Innova Capital has invested in more than 50 companies across Central and Eastern Europe over its three-decade history, operating across Poland, Czech Republic, Slovakia, Hungary, Romania, and neighbouring markets. The fund is structured as a Societe en Commandite par Actions under Luxembourg law, organised as a Reserved Alternative Investment Fund (RAIF) — a private, regulated structure available exclusively to professional and well-informed investors — and was established in 2017 as the successor to Innova's fifth vehicle. The fund pursues a buyout and growth equity strategy focused on mid-market companies with enterprise values typically between EUR 30 million and EUR 150 million in Central and Eastern Europe. Innova targets businesses with strong regional market positions, scalable business models, and the potential to consolidate fragmented sub-sectors or expand across the CEE region. Priority sectors include consumer goods and retail, technology and software services, healthcare and pharmaceuticals, business and professional services, food and beverage, and industrials — all areas where Innova has accumulated specialised knowledge through decades of regional investing. The firm provides operational support, strategic guidance, and cross-border acquisition expertise alongside financial capital. Innova Capital's track record includes successful investments in leading CEE companies such as OSHEE (functional beverages, sold to Mid Europa Partners), Prime Label Group (label manufacturing), and numerous other regional champions across Poland, Czech Republic, and neighbouring markets. The Innova/6 vehicle builds on the firm's prior funds, which have collectively generated strong returns for institutional LPs including pension funds, sovereign wealth funds, and development finance institutions. The fund's RAIF structure provides operational flexibility while maintaining compliance with the EU Alternative Investment Fund Managers Directive (AIFMD) framework, ensuring investor protections appropriate for professional alternative investment allocators.

Innova Capital’s newest fund, Innova/7, has a strategic focus on three key sectors – business and financial services, industrials, and consumer & lifestyle (including healthcare). The fund prioritises digitisation and modern technology integration in each sector. Moreover, central to the fund’s management is Innova’s new ESG strategy, encapsulated by the ‘Beyond Profit’ ethos. This approach commits to conducting thorough analysis of investment targets to identify ESG-driven growth opportunities, while also assessing associated risks and impacts comprehensively. The fund has attracted the interest of foreign institutional and commercial players from Europe and North America, as well as Polish investors, whose total share in now over 25%. With a target of raising EUR 407 million, the fund surpassed both the initial target of EUR 350 million and the hard cap of EUR 400 million. The first of the Innova/7 investments was completed in May 2023, as a part of which Innova acquired NETOPIA Group, a Romanian payment services provider. Subsequently, Innova Capital has also invested in R-GOL, EMI Group, Pfleiderer Polska, Dimark Manufacture S.A., and CloudFerro. Additionally, the firm plans to use the assets remaining in the sixth fund to make further acquisitions within the existing portfolio (add-ons). Overall, Innova Capital seeks to deliver attractive returns through a proven track record of profitable investments using, innovative strategies, commitment to excellence, and support for management. The firm prefers to invest in financial services, business services, technology, manufacturing, consumer products and services, healthcare, and retail sectors. Innova has maintained a single-minded commitment to mid-market buyouts in Poland and Central Europe. The firm focuses on making control investments in companies with EV’s of €25–150 million with equity tickets of €25–40 million.

Insignia Capital Partners III is the third flagship private equity fund managed by Insignia Capital Group. The fund was launched with a $375 million target and closed at its $500 million hard cap in November 2025, reflecting strong investor demand and oversubscription. Despite a challenging fundraising environment, Insignia attracted significant re-ups from existing LPs and welcomed a select number of new institutional investors, including pensions and endowments. The fund's investment strategy targets control and influential minority equity positions in North American lower-middle-market companies. Insignia focuses primarily on tech-enabled business services and consumable products — sectors where the firm has demonstrated domain expertise and operating leverage. Platform building through a mix of organic initiatives and strategic add-on acquisitions is a hallmark of the approach. Insignia seeks to partner with founder-led or entrepreneurially managed companies, supporting them with both capital and operational resources. Its value creation strategy combines revenue growth, margin expansion, and scalable systems implementation to drive durable performance improvements. Management alignment is a key consideration, with Insignia often maintaining close collaboration with leadership teams post-investment. The fund will concentrate on opportunities that can deliver outperformance relative to public benchmarks, with an emphasis on businesses that show scalability and multiple expansion potential. In a market environment characterized by elevated dry powder and competitive deal processes, Insignia’s disciplined selection and operational playbook aim to deliver premium returns.

Integral Fund V Series is the fifth Japan-focused mid-market buyout fund raised by Integral Corporation (Tokyo Stock Exchange: 5842), a private equity firm founded in 2007 and headquartered in Tokyo's Marunouchi district. The fund held its final close on 23 May 2024 at its hard cap of JPY 250 billion, approximately USD 1.6 billion, substantially exceeding its JPY 200 billion target and attracting commitments from Japanese and international investors including US pension funds, European institutions, sovereign wealth funds, and insurance companies. Approximately 50% of capital was sourced internationally. The fund is structured as three parallel vehicles: Integral 5 Limited Partnership, Innovation Alpha V L.P., and Initiative Delta V L.P. (collectively the Fund V Series), and represents the fourth-largest Japan-focused buyout vehicle raised by an independent manager by size. Integral Fund V invests primarily in buyout and effective-control opportunities in Japan's middle market, targeting companies with enterprise values of JPY 10 to 50 billion. The fund pursues three primary deal types: founder succession situations capitalising on Japan's structural generational transition in family-owned businesses, corporate carve-outs from large conglomerates divesting non-core assets, and take-private transactions. Value creation is driven by two proprietary frameworks: the i-Engine system, which embeds investment professionals within portfolio companies for multi-year operational secondments at the gemba, and Deal Inducing Investment, under which Integral co-invests balance sheet capital alongside the fund to align incentives with founders and support IPO-exit pathways. The fund targets approximately 13 to 14 investments with deal sizes of JPY 2 to 40 billion, acquiring companies at 5 to 8x EBITDA. Integral's track record across earlier funds demonstrates consistent outperformance in the Japanese middle market. Fund II returned 2.9x gross MOIC; Fund III achieved 2.1x gross MOIC with 86% of capital realised; and Fund IV was tracking at 1.9x gross MOIC with 70% deployed within three years. Collectively, Funds I to III delivered 2.5x gross MOIC and 25.8% gross IRR across 31 investments and 16 exits, including 7 IPO listings on Japanese exchanges. Representative portfolio companies include Skymark Airlines, Yohji Yamamoto, Apaman, QBnet Holdings, and BPS. In September 2023, Integral became the first Japanese private equity firm to list on the Tokyo Stock Exchange, with total AUM reaching JPY 470 billion at Fund V's closing.

Integrity Growth Partners Fund II is a $220 million growth equity vehicle raised by Integrity Growth Partners, a Los Angeles-based private equity firm founded in 2018 by Doyl Burkett and Ryan Anderson. The fund is the firm's first committed-capital pool, succeeding a deal-by-deal era in which the IGP team deployed more than $250 million across six single transactions, establishing a track record in founder-owned software and technology-enabled businesses throughout the lower middle market.The fund targets capital-efficient, bootstrapped B2B software and technology-enabled services companies at the growth stage, focusing on businesses with established products, predictable revenue models, and significant remaining growth runway. IGP blends a founder-focused partnership philosophy with a proprietary data and AI platform to drive thesis-driven deal sourcing and post-investment value creation. The firm's differentiated approach centers on collaborative tailoring, sector specialization, flexible investment structures, and active value-add partnership—providing founders with both capital and strategic support without compromising operational independence.Integrity Growth Partners Fund II closed in December 2025 at $220 million, exceeding its $200 million target and attracting commitments from StepStone Group, Oxford Financial Group Ltd., and Olympus Ventures, among others. The oversubscription reflects strong institutional validation of IGP's transparent, relationship-driven approach. Portfolio investments under the fund's strategy span digital advertising automation (Fluency), property management technology (Pest Share), healthcare coaching (Eon Health), and payment solutions platforms, demonstrating the breadth of the firm's B2B software expertise across technology and tech-enabled services verticals.

The Golden Horizon Cooperation Fund is a private equity platform managed by Investcorp, a leading Bahrain-headquartered global alternative investment manager, in strategic partnership with the China Investment Corporation (CIC), one of the world's largest sovereign wealth funds. The fund achieved a final close of $750 million in October 2025, against an original target of $1 billion. Its limited partner base includes prominent institutional investors spanning the Gulf Cooperation Council, Asia, and China: Jada Fund of Funds (a subsidiary of the Saudi Public Investment Fund), Saudi Venture Capital, the Silk Road Fund, and the Bank of China, among others. The fund's investment strategy focuses on high-growth, profitable mid-market companies across Consumer, Healthcare, Transportation & Logistics, and Business Services sectors, with a mandate to foster cross-border expansion and commercial tie-building between the GCC and China. Capital allocation is structured with approximately 70 percent deployed into GCC investments through Investcorp's SPIPO mechanism and the remaining 30 percent into China-linked opportunities with a GCC angle. Early portfolio investments include NourNet, a leading ICT services provider in Saudi Arabia; Trukker, a digital trucking aggregator operating across MENA and Europe; and Salla, a SaaS e-commerce platform based in Saudi Arabia. The Golden Horizon Cooperation Fund represents a continuation of Investcorp's longstanding presence in the GCC private equity market and its expanding footprint in cross-regional China-GCC investment partnerships.

Investcorp North American Private Equity Fund I is the inaugural dedicated North American private equity fund from Investcorp, a leading alternative investment firm with a 40-year heritage managing private equity and real asset strategies for institutional and private wealth clients across the Gulf region, North America, and Europe. The fund achieved its final close at over $1.2 billion in February 2023, surpassing its original target and establishing a significant capital base for Investcorp's mid-market North American buyout platform. The fund pursues control buyout investments in family- and founder-owned middle-market services businesses across six subsectors: tech-enabled services, knowledge and professional services, data and information services, supply chain and logistics, industrial services, and specialty consumer services. This focused mandate targets resilient, recurring-revenue businesses with strong cash flow profiles that are well-positioned to absorb operational improvement, add-on acquisition programs, and management team upgrades over a five-to-seven-year holding period. At the time of the final close announcement, Fund I held a portfolio of seven investments spanning Investcorp's core business services verticals. The fund's limited partner base includes pension plans, family offices, private wealth vehicles, and insurance companies from North America, Europe, and the Gulf Cooperation Council—reflecting Investcorp's distinctive cross-regional distribution reach. The North American PE platform is led by a dedicated team that has collectively completed approximately 70 transactions and deployed over $22 billion in capital since inception.

Investcorp North American Private Equity Fund I, L.P. is the inaugural dedicated North American private equity vehicle raised by Investcorp, the Bahrain-headquartered alternative investment manager with more than four decades of cross-border private equity experience spanning the Gulf Cooperation Council, Europe, and the United States. The fund closed at over $1.2 billion in total capital commitments in February 2023, attracting a globally diversified investor base comprising pension plans, family offices, private wealth funds, and insurance companies from North America, Europe, and the Gulf region. Investcorp's North America PE group has completed approximately 70 transactions over its history, deploying more than $22 billion in aggregate transaction value across the United States and Canada.The fund executes a control buyout strategy targeting family- and founder-owned, middle-market services businesses headquartered in North America. The investment team focuses on six core business services verticals: tech-enabled services, knowledge and professional services, data and information services, supply chain services, industrial services, and specialty consumer services. The team seeks companies with recurring revenue, defensible market positions, and strong organic growth prospects, where operational resources and add-on acquisition capabilities can accelerate enterprise value creation. Investments typically target profitable or near-profitable companies in fragmented markets with meaningful consolidation potential and the ability to benefit from operational improvement initiatives and strategic add-on activity.Since its final close in February 2023, the fund has built a portfolio of seven platform investments reflecting disciplined, thematic deployment across Investcorp's target services verticals. Investcorp manages approximately $51.6 billion in total assets across private equity, real estate, infrastructure, credit management, and absolute return strategies, providing Fund I with the operational infrastructure, sourcing networks, and portfolio monitoring tools of a large global alternatives platform while maintaining the focused, control-oriented strategy of a dedicated middle-market buyout manager. The fund benefits from Investcorp's longstanding relationships with Gulf-based, European, and North American institutional investors, enabling ongoing LP engagement and co-investment capacity throughout the investment period.

LLCP Fund VII is the seventh flagship private equity fund raised by Levine Leichtman Capital Partners (LLCP), a Los Angeles-based alternative asset manager with over three decades of experience in Structured Private Equity. Closed in July 2025 with total capital commitments exceeding $3.6 billion — materially surpassing its target and representing approximately 1.5 times the size of its predecessor, LLCP Fund VI ($2.5 billion, 2018 vintage) — Fund VII marks LLCP's largest vehicle to date and reflects continued strong institutional demand for the firm's differentiated, income-and-growth approach to middle market buyouts. The fund was significantly oversubscribed, attracting commitments from both long-standing limited partners and a diverse set of new institutional investors globally. LLCP Fund VII targets established North American middle market companies through the firm's proprietary Structured Private Equity strategy, which combines customized debt and equity capital to generate a blend of current income and long-term capital appreciation. This approach differentiates LLCP from traditional buyout firms by creating downside protection through debt-like structures while preserving equity upside. The fund focuses on businesses with proven cash flow profiles across LLCP's four core sectors: franchising, business services, education, and engineered products. Typical investments involve control or significant minority positions in companies with enterprise values generally between $100 million and $750 million, sourced through proprietary relationships and competitive processes. LLCP and its affiliates currently manage approximately $12.7 billion in assets across all active fund strategies, having deployed capital into more than 100 platform companies since the firm's founding in 1984. The Structured Private Equity model has been refined across seven flagship funds and multiple lower middle market vehicles, producing a track record of consistent value creation through operational improvement, strategic add-on acquisitions, and disciplined capital structure management. Fund VII's oversubscription and scale increase underscore LLCP's standing as one of the leading middle market buyout managers in North America.

LLCP Lower Middle Market Fund III, L.P. (LMM III) is the third dedicated lower middle market buyout fund raised by Levine Leichtman Capital Partners (LLCP), a Los Angeles-headquartered alternative asset manager specializing in Structured Private Equity. Completed at its increased hard cap of $1.38 billion in September 2021 — more than double the size of its predecessor, LMM II ($615 million, 2016 vintage) — LMM III was significantly oversubscribed and received commitments from a combination of returning institutional limited partners and a broad set of new global investors. The fund represents LLCP's most ambitious lower middle market vehicle to date and reflects growing institutional appetite for differentiated, income-generating private equity strategies targeting founder-led businesses in the smaller end of the U.S. market. LMM III employs LLCP's Structured Private Equity strategy to target entrepreneur-led businesses in the lower middle market segment, focusing on U.S.-based companies with less than $50 million in annual revenues. The fund concentrates its deal activity in four core sectors where LLCP has developed deep sourcing networks and domain expertise: franchising, business services, education, and engineered products. By combining bespoke debt structures with equity ownership, LLCP generates current income alongside capital appreciation, providing institutional investors with a risk-return profile differentiated from traditional leveraged buyout strategies. Control and significant minority positions are the typical investment structure across the portfolio. LLCP's lower middle market franchise has grown substantially across three fund generations: LMM I (approximately $400 million), LMM II ($615 million, 2016), and LMM III ($1.38 billion, 2021). Portfolio companies benefit from LLCP's operational resources, management recruiting capabilities, and proprietary add-on acquisition sourcing network. The broader LLCP platform manages approximately $12.7 billion in assets and has backed more than 100 platform companies, with LMM III representing the firm's most recently closed and largest dedicated lower middle market investment vehicle.

Levine Leichtman Capital Partners VII (LLCP Fund VII) is a $3.6 billion oversubscribed flagship private equity fund from LLCP, a Los Angeles-based middle-market investment firm with a 41-year track record of disciplined investing. Closing in July 2025 with commitments nearly 44% larger than its predecessor Fund VI ($2.5 billion, closed 2018), Fund VII was significantly oversubscribed despite challenging fundraising conditions, reflecting strong support from LLCP's existing institutional investor base supplemented by substantial commitments from new investors including corporate pension plans, public pension funds, endowments, and sovereign wealth funds. The fund focuses exclusively on market-leading middle-market businesses in LLCP's four core sectors, led by a global team of 9 partners with an average 19-year firm tenure. Fund VII targets four core sectors: franchising, business services, education and training, and engineered products and manufacturing. LLCP identifies acquisition targets typically valued between $50 million and $400 million in enterprise value, seeking companies with strong market positions, resilient business models, and significant value creation opportunities. The fund employs LLCP's differentiated, uncorrelated investment strategy that has performed consistently through multiple economic cycles. Platform investments already underway at close include All4, Schülerhilfe, and USA Water, demonstrating rapid deployment into attractive middle-market opportunities across the firm's focused sector universe. Since inception, LLCP and its affiliates have managed approximately $18.1 billion across nearly 20 investment funds and invested in approximately 120 portfolio companies. The firm has executed 89 cumulative exits, including notable recent realizations such as Global Loan Agency Services (January 2026) and Capsa Healthcare (April 2026). Over the past three years alone, LLCP completed approximately $4.6 billion in realizations, demonstrating active portfolio management and consistent exit execution. Fund VII's oversubscribed close underlines the firm's recognized edge in identifying middle-market value creation opportunities within its focused sector universe.

Lexington Co-Investment Partners VI (CIP VI) is one of the largest dedicated global co-investment vehicles ever raised, closing on October 28, 2025 with $4.6 billion in committed capital — surpassing both its $4.0 billion target and its predecessor CIP V ($3.5 billion, closed 2021). Managed by Lexington Partners, a subsidiary of Franklin Templeton and one of the world's largest managers of secondary private equity and co-investment funds with over $82 billion in total capitalization, CIP VI is led by one of the industry's most experienced co-investment teams, with partners averaging 22 years of tenure at Lexington. The fund's successful oversubscription reflects broad LP demand for direct equity exposure to institutional private equity transactions across global markets. CIP VI's investment strategy leverages Lexington's 28-year track record in co-investing, selecting best-in-class co-investment opportunities within sponsor-led transactions across North America, Europe, and select other geographies. The fund provides investors with direct equity exposure to private equity and growth equity transactions across all major industry sectors without requiring commitment to multiple primary fund vehicles. CIP VI co-invests alongside more than 200 leading private equity and growth sponsors, constructing a diversified portfolio designed to capture attractive risk-adjusted returns while managing sector and sponsor concentration risk through broad diversification. Since the inception of the Co-Investment Partners program in 1998, Lexington has invested over $10.5 billion across 600+ co-investments, managing approximately $15 billion of cumulative committed capital across eight fund vintages. Lexington's broader transaction experience encompasses completed transactions in excess of $78 billion in total value through more than 1,100 secondary and co-investment transactions acquiring over 4,100 fund interests. The firm's deep relationships with leading sponsors, proprietary deal sourcing, and sophisticated valuation methodologies position CIP VI to deliver diversified exposure to leading PE-backed companies with strong governance and active value creation programs.

Limerston Capital Partners I, L.P. is the debut fund of Limerston Capital, a London-based lower mid-market private equity firm founded in 2015 by Joao Rosa (former Investment Director at TDR Capital), James Paget (former Managing Director at UBS Investment Bank) and Martim Avillez (former Executive Director at Nomura and JGR Capital). Registered as an English limited partnership (Companies House LP016795) with GP entity Limerston Capital Partners I GP LLP (OC401165), the fund held its final close above its GBP 200 million target on August 2, 2017. It attracted commitments from a geographically diverse institutional investor base spanning US university endowments (Ohio State University, University of Chicago), pension funds (BJC Pension Plan Trust), charitable foundations (Alfred I. duPont Testamentary Trust), fund of funds (Commonfund Capital International Partners) and a Swiss cantonal bank (Banque Cantonale de Geneve). MVision Private Equity Advisers served as global placement agent and Latham and Watkins as legal counsel. Limerston Capital is authorised and regulated by the Financial Conduct Authority. Fund I pursues a concentrated, operationally intensive control investment strategy targeting UK lower mid-market businesses with entry EBITDA of GBP 4-10 million. Differentiated by in-house sector-specialist operating partners, the firm deploys low initial leverage and focuses on operational improvements to de-risk investments quickly after acquisition, before accelerating growth through a disciplined buy-and-build acquisition programme. Preferred sectors include healthcare services, forensic and commercial services, testing and compliance (TICC), HR outsourcing and consumer food products. The strategy is UK-focused with selective opportunistic extension into Continental Europe and the United States. Across the firm, Limerston has executed 31 buy-and-build acquisitions, demonstrating the systematic nature of the value creation approach. Fund I's realised track record demonstrates strong risk-adjusted returns. The most prominent exit, Village Bakery — a premium private label baked goods supplier to major UK retailers — was sold to Groupe Menissez of France in July 2024, delivering 3.5x money-on-money and approximately 50% IRR, the fund's third exit. During Limerston's ownership, Village Bakery's staff nearly doubled to over 900 employees and a 140,000 square foot automated bakery was constructed in Wrexham. Forensic Access (acquired 2020) completed four bolt-on acquisitions during the Fund I holding period. The track record of Fund I underpinned the raise of Fund II, which closed at GBP 245 million in March 2024 — a 22.5% step-up reflecting strong investor confidence in the team's continued ability to identify and transform UK mid-market businesses.

Limerston Capital Partners I, L.P. is the debut buyout fund of Limerston Capital, a London-based specialist private equity firm focused exclusively on the United Kingdom lower mid-market. The fund held its final closing in August 2017, raising commitments in excess of its £200 million target from a geographically diverse institutional investor base spanning the United States, Europe, and Asia Pacific. Limerston Capital was founded by a team of experienced buy-out executives and focuses on control investments in UK lower mid-market businesses with EBITDA of between £4 million and £10 million, a segment characterized by strong deal flow and limited institutional competition. Limerston Capital Partners I invests in control positions in UK lower mid-market companies, deploying a disciplined buy-and-build model to create platform businesses with sustainable competitive advantages and scalable revenue models. The fund targets fragmented sectors including business and commercial services, healthcare services, and industrials, where acquisition-led consolidation can generate meaningful synergies and accelerate profitable growth. Limerston's team includes dedicated in-house operating partners who work alongside portfolio company management teams throughout the investment period — a differentiating capability in the UK lower mid-market. Target companies typically have revenues between £15 million and £75 million and are either owner-managed businesses or corporate carve-outs. Limerston Capital Partners I made nine platform investments across the UK lower mid-market, demonstrating consistent ability to source and execute transactions in competitive conditions. Notable portfolio investments include Spark Energy in energy retail and AdviserPlus in HR outsourcing, both examples of operationally intensive platform build-ups. The fund's performance supported the successful launch and close of Limerston Capital Partners II in March 2024 at £245 million — exceeding Fund I's size and validating the firm's investment thesis. Across both funds, Limerston has completed over 40 bolt-on acquisitions, reinforcing the operational buy-and-build capability at the core of the firm's value creation approach.

Limerston Capital Partners II closed with £245 million in total capital commitments on March 9, 2024, representing a significant step up in fund size from Limerston's inaugural fund and reflecting strong institutional investor conviction in the firm's buy-and-build investment strategy. Based in London, Limerston Capital is a UK lower middle-market private equity firm focused on acquiring and building platform businesses through targeted bolt-on acquisitions, with selective opportunistic expansion to the United States and Continental Europe. The fund targets established companies with EBITDA between £5 million and £15 million that possess solid underlying value propositions and clear potential for operational improvements and growth acceleration through disciplined buy-and-build strategies led by ambitious management teams. Limerston Capital Partners II pursues controlling stakes in lower middle-market UK companies, deploying a systematic buy-and-build strategy to create scale and sector leadership. Core investment sectors include healthcare and life sciences, business services, and testing, inspection, certification and compliance (TICC). The fund employs conservative leverage structures and works collaboratively with management partners to implement operational improvements early in each investment lifecycle — reducing portfolio risk while building durable competitive positions. By the time of final close, the fund had already deployed capital across three platform investments: Largo Leisure (Scottish holiday parks), Concept Life Sciences (drug discovery and manufacturing services), and Astoriom (specialty storage solutions). Limerston Capital distinguishes itself through a deliberate, low-volume approach to platform investments — prioritizing depth of engagement over breadth of portfolio — and integrates environmental, social, and governance considerations throughout the investment lifecycle. The firm works actively with management teams on ESG improvement programs, targeting measurable progress on employee wellbeing, diversity, and environmental impact metrics. Limerston Capital Partners II was advised by Ropes and Gray LLP on fund formation, reflecting institutional process quality consistent with LP expectations. The firm's focused sector approach, conservative capital structure discipline, and hands-on operational model have positioned Limerston as a differentiated lower middle-market buyout manager in the UK private equity landscape.

Linzor Capital Partners IV (LCP IV) closed its fourth institutional private equity fund with aggregate capital commitments exceeding $200 million, demonstrating strong investor confidence in Linzor's proven track record across Latin America. Linzor Capital Partners was founded in 2006 by former J.P. Morgan professionals Tim Purcell, Alfredo Irigoin, and Carlos Ingham, and has established itself as one of the leading regional private equity firms focused on mid-market investments across Latin America excluding Brazil. The firm has deployed approximately $1.2 billion across 25 transactions since inception, with offices in Mexico City, Santiago, Bogotá, and Madrid providing deep local market access and management networks across target geographies. LCP IV's investment strategy focuses on acquiring controlling stakes in companies with enterprise values typically ranging from $100 million to $400 million and EBITDA between $10 million and $100 million. The fund targets market-leading businesses across healthcare, fintech, technology, business services, education, and telecommunications — sectors with structural growth tailwinds in Latin American economies. Linzor creates value through operational improvements, strategic acquisitions, and management team strengthening, exiting via strategic sales, IPOs, or recapitalizations. Early LCP IV deployments include Numaris (a Mexico-based SaaS telematics provider serving 3,000+ enterprise clients managing 200,000+ connected vehicles) and a consortium investment in a leading Chilean private health platform alongside Patria Investments and Moneda. Linzor Capital is distinguished by its commitment to ESG and impact investing principles, integrating responsible investing throughout the entire investment lifecycle from screening through exit. The firm prioritizes portfolio companies contributing to sustainable development in areas including financial inclusion, quality education, affordable healthcare, and technology access, with measurable impact metrics tracked across the fund. With approximately $736 million in total assets under management across multiple funds, Linzor combines disciplined capital allocation with a purpose-driven approach to advancing Latin American economic development, making LCP IV a compelling vehicle for investors seeking private equity exposure to high-growth Latin American markets.

Magnesium Capital I focuses on profitable European companies with proven technologies or tech-enabled services that are positively impacting the decarbonisation of the production, distribution, and consumption of energy. The team has been backing the buyouts of such businesses for a number of years on a direct deal basis. Since inception, Magnesium has completed seven platform investments, signed six follow-on acquisitions, and exited two investments for 4.2x gross MOIC. The fund targets high-growth, profitable businesses in Europe and the UK that support the energy transition. It likes to partner with entrepreneurial management teams and support them on their next stage of growth. Magnesium looks for companies with competitive advantages in their core technology or tech-led service that have a positive impact on the way energy is produced, distributed, or consumed. The fund takes controlling stakes in each of its investments but considers significant minority positions in certain circumstances. The fund closed its inaugural Fund, Magnesium Capital I, at its hard cap of €135m, exceeding the €100m Fund target. The final close occurred less than a year after the Fund’s first close with Magnesium attracting blue-clip institutional investors from the US, Europe, and the UK. The combined impact of these portfolio companies already directly contributes to the avoidance of over 30 million tonnes of CO2 equivalent per annum, demonstrating their focus on impactful investments with positive environmental outcomes. The fund prefers investments ranging from €15 million to €50 million in companies with enterprise values of €25 million to €100 million.

MCP Continuation Fund I is a multi-asset continuation vehicle managed by Main Capital Partners, the Netherlands-based private equity firm headquartered in The Hague that specialises in software and technology buyouts across Northern Europe. Closed in May 2025 with total commitments of EUR 520 million, the fund was established to extend the investment horizon for three high-performing portfolio companies held across several predecessor Main Capital Partners funds, providing existing limited partners the option of taking liquidity or maintaining ongoing participation in the continued growth of these businesses. The fund pursues a buyout strategy within the European B2B software and technology sector, with concentration in GovTech, healthcare IT, and financial administration software. By consolidating proven high-performers into a continuation vehicle, Main Capital Partners allows the three portfolio companies additional runway and capital to execute further value-accretive buy-and-build acquisitions under continued stewardship. The transaction was co-led by Lexington Partners and StepStone Group as lead limited partners, with Trinity River Holdings serving as sub-lead, reflecting strong secondary market demand for quality European vertical software assets. Main Capital Partners manages approximately EUR 6.5 billion in assets across its fund family. MCP Continuation Fund I holds three portfolio companies: SDB, a leading Dutch healthcare software provider serving hospitals and long-term care organisations across the Netherlands; MACH, a German GovTech powerhouse supplying document management and process automation solutions to public sector authorities; and Bjorn Lunden, a Sweden-based financial administration software company widely used by small and mid-sized enterprises throughout Scandinavia. All three assets were transitioned from earlier Main Capital Partners funds, with the continuation structure reflecting the firm's conviction in their ongoing growth potential within Europe's fragmented vertical software market, where Main Capital has been an active investor since 2004.

The Manulife Capital Partners VII (MCP VII) private credit fund has closed at $752m and will focus on 20-30 portfolio companies with over $20m in EBITDA. The fund will target sectors including business services, industrial manufacturing, aerospace and defence, as well as building products. MCP VII aims to provide high yield with equity upside through investment of junior credit capital in US middle market companies. It is backed by a global investor base of institutional and private capital investors, including a capital commitment from Manulife. The fund's investment approach includes a target mix of subordinated and second-lien debt and structured and common equity, allowing for meaningful participation in growth balanced by the potential for double-digit yield. The veteran team has deployed more than US$3.3 billion into 126 companies as a result of their experience and ability to bring flexible capital to a selective portfolio of companies that meet their investment criteria. The fund is managed by Josh Liebow and Matt Szwarc, who serve as Portfolio Managers.

South Cove 2025-3 CLO is a USD 377 million middle market collateralized loan obligation managed by Manulife | Comvest Credit Partners, a private credit platform formed through Manulife Investment Management's 75% acquisition of Comvest Credit Partners in November 2025. The fund represents the platform's fifth CLO since its 2024 debut and third new issuance in 2025, contributing to over USD 2.3 billion in cumulative middle market CLO assets under management. The CLO is collateralized by a diversified portfolio of senior secured loans originated and managed directly by Manulife | Comvest Credit Partners, targeting sponsored and non-sponsored middle market companies across North America. The platform provides flexible financing solutions — including senior secured, unitranche, and second lien facilities of up to USD 300 million-plus — to support growth, acquisitions, buyouts, refinancings, and recapitalizations. The fund features a three-year-plus reinvestment period and a one-year non-call period, rated by S&P Global Ratings, with Scotiabank as lead arranger. Manulife | Comvest Credit Partners manages USD 19.5 billion in AUM with a combined 30+ years of investment experience and approximately 625 investments completed since inception, having been recognized as Specialty Finance Lender of the Year by Private Debt Investor.

Maple Park Capital Partners Fund I is the inaugural fund launched by Maple Park Capital, a private equity firm established in December 2024 by former RedBird Capital Partners executives Alex Blankfein and Andrew Lauck. The fund achieved a first close of $125 million in March 2025, reaching half of its $250 million target within approximately 90 days—a notable accomplishment in a challenging fundraising environment for first-time funds. The fund focuses on control-oriented investments in service businesses that benefit from the growing trend toward experiential consumer spending. Target sectors include multi-unit businesses, franchisors and franchisees, location-based entertainment, youth enrichment, travel and hospitality, and business services. Maple Park aims to invest equity amounts ranging from $25 million to $75 million or more in North American companies with EBITDA between $5 million and $20 million. The firm's investment team brings a wealth of experience from their time at RedBird Capital Partners, where they co-led consumer services investments. Their track record includes investments in companies such as Main Event, a family entertainment center business, and Go Rentals, a luxury car rental provider. In January 2025, Maple Park announced its first investment: a majority growth investment in Rita’s Italian Ice & Frozen Custard, a franchised dessert concept with approximately 575 locations.

Marlin Heritage Europe III, SCSp is the third dedicated European fund from Marlin Equity Partners, a global investment firm specializing in software, technology, and services sectors. The fund closed at its €1 billion hard cap, significantly surpassing its initial target, reflecting strong investor confidence. Building on Marlin's 20-year track record, Heritage Europe III focuses on acquiring and scaling high-potential companies through operational enhancements, product innovation, and strategic M&A. The fund has already invested in Treasury Intelligence Solutions (TIS), Radar Healthcare, Napier AI, and Didomi. With a presence in London and a history of over 260 acquisitions, Marlin leverages its extensive network and expertise to drive growth in its portfolio companies. The firm emphasizes a collaborative approach, aiming to deliver strong returns for its investors.

Maven UK Regional Buyout Fund II is a UK-focused lower mid-market buyout fund managed by Maven Capital Partners, one of the United Kingdom's most active private equity firms. Registered as a Private Fund Limited Partnership on March 4, 2024 (Companies House LP023583) and classified as an Article 8 fund under SFDR, the fund targets management buyouts and growth equity investments in profitable, owner-managed UK businesses with enterprise values between 10 million and 50 million pounds. Maven Capital Partners was founded in 2009 and is majority-owned by Mattioli Woods, the UK wealth management group that acquired Maven in 2021. The firm operates from offices across the United Kingdom including London, Edinburgh, Glasgow, Manchester, and Newcastle, giving it significant regional origination capability. Fund II builds on the success of Fund I, which closed at 100 million pounds in April 2019 and generated a strong portfolio of UK SME investments. Fund II's strategy focuses on four primary sectors: technology and technology-enabled business services, financial services, healthcare, and niche IP-led manufacturing. Investments of 10 to 20 million pounds per company target majority ownership stakes, with management teams retaining equity alongside Maven as an active value-creation partner. Confirmed limited partners include Strathclyde Pension Fund (30 million pounds) and Dundee Investment Partnership (30 million pounds). Portfolio investments include Digital Rewards Group, Summize (40 million pounds, January 2026), and Chorus Intelligence (15 million pounds, March 2026).

McCarthy Capital Fund VIII is a lower middle-market private equity fund that achieved its final close in April 2024 at $870 million, exceeding its $700 million target by nearly 25 percent. The fund is managed by McCarthy Capital, an Omaha, Nebraska-based investment firm with more than 35 years of experience partnering with owner-operated and founder-led businesses across the U.S. lower middle market. In September 2025, McCarthy Capital rebranded as M-One Capital, though the fund continues under its original designation. The fund pursues management buyouts, recapitalizations, and growth equity investments in established companies with enterprise values between $25 million and $300 million, deploying equity checks of $30 to $125 million per transaction. Portfolio companies retain meaningful management ownership, and the firm emphasizes organic growth alongside strategic add-on acquisitions. Target sectors include technology-enabled business services, consumer products, healthcare, financial services, and staffing industries, focused on U.S.-based businesses. Committed limited partners include the Nebraska Investment Council ($56 million), Montana Board of Investments ($70 million), and Omaha School Employees Retirement System, alongside insurance companies, endowments, and family offices. Over its 35-year history, McCarthy Capital has completed more than 80 partnerships with lower middle-market companies and maintains offices in Omaha, Nebraska and Wellesley, Massachusetts.

MindWorks Capital (概念资本, Gàiniàn Zīběn) is a pan-Asia venture capital firm headquartered in Hong Kong, with additional offices in Beijing, Shanghai, and Jakarta. Founded in 2013, MindWorks has built a differentiated cross-border investment platform that bridges Greater China and Southeast Asia — markets with distinct opportunity profiles that reward locally embedded expertise and cross-regional access rather than a single generalist approach. As of its Fund IV close in October 2024, MindWorks manages approximately $1.4 billion in total assets across its fund vehicles, cementing its position as one of the largest dedicated pan-Asia VC firms not affiliated with a major corporate or sovereign institution. MindWorks operates a bifurcated strategy calibrated to the specific stage characteristics of its two core geographies. In Greater China, the firm targets Series A investments in innovative and disruptive companies — backing the highest-conviction early bets before competitive dynamics intensify. In Southeast Asia, MindWorks focuses on Series B-stage companies with proven business models, prioritising logistics technology, financial technology, and enterprise software — sectors where Southeast Asian consumer and SME adoption curves are most rapidly converging toward Chinese and global benchmarks. This stage-geographic alignment allows the firm to deploy capital where its analytical edge is highest and avoid crowded areas. MindWorks Capital Fund IV closed in October 2024 at $220 million, exceeding its $200 million target and reflecting continued LP confidence in the team's track record despite a challenging global VC fundraising environment. The firm's total AUM of $1.4 billion spans five fund vehicles. The LP base includes sovereign wealth funds, university endowments, global asset managers, family offices, and Asia new economy entrepreneurs. Notable portfolio companies include Lalamove (HK:2030), the pan-Asia on-demand logistics platform; XTransfer, the B2B cross-border payments leader serving Chinese exporters; and Qupital, the supply-chain finance platform. MindWorks' portfolio reflects its consistent focus on infrastructure-layer and fintech businesses enabling Asia's intra-regional trade and digital economy.

Miura Fund IV is the fourth flagship buyout fund of Miura Partners, a Barcelona-based private equity firm founded in 2007 by Luis Seguí and Juan Leach. The fund closed at its hard cap of €475 million in September 2024 — 44% larger than its predecessor Miura Fund III (€330 million) — and received commitments from institutional investors across Europe, North America, and Asia, including over €259 million from new entrants to the Miura platform. The fund is registered with Spain's CNMV (Comisión Nacional del Mercado de Valores) as Miura Fund IV, FCR (Fondo de Capital Riesgo), with Banco Inversis as depository. Miura Fund IV pursues control-oriented mid-market buyouts in Spain and Portugal, targeting established family-owned businesses and SMEs in niche sectors with defensible market positions. Equity investments typically range from €20 to €50 million per company, with co-investment opportunities available for larger transactions. Value creation is pursued through three core levers: consolidation of fragmented industry sectors through strategic acquisitions, internationalization of Iberian market leaders into broader European markets, and organic operational improvement initiatives. Target sectors include healthcare services, education, specialized business services, consumer goods, agri-food, industrial niches, and hospitality — areas where Miura has built deep expertise and a proven track record across 16 years of investing in Southern Europe. Miura Partners manages over €1.5 billion in assets across all strategies and has completed more than 70 investments since its first fund in 2008, representing over €3 billion in total transaction value. Fund IV's initial investments included Serpis-Cándido Miró, a Spanish leader in branded and unbranded olive distribution, and Proclinic Group, the leading specialized dental supply distributor across Spain and Europe — exemplifying the fund's strategy of consolidating and scaling niche market leaders. In 2024, Miura raised over €800 million across three strategies (Fund IV, the Miura Impact Fund, and Dent&Co continuation vehicle), cementing its position as one of Southern Europe's most active and institutionally recognized private equity managers.

MPEP VI is a €350 million fund-of-funds that maintains MPEP's "pure play" strategy, investing exclusively in primary buyout funds within the lower mid-market. The fund is structured into two separate vehicles, allowing institutional investors to customize their geographic exposure between Europe and North America. Classified as an Article 8 product under the Sustainable Finance Disclosure Regulation (SFDR), MPEP VI underscores a commitment to integrating sustainability considerations into its investment process. The fund aims to invest in 10 to 12 buyout funds per region, selecting managers based on consistent outperformance, sourcing advantages, and alignment of interests. Since its inception in 2011, MPEP has backed over 100 buyout funds, achieving a gross multiple on invested capital (MOIC) of 3.6x across 121 realized exits. The firm's investor base includes pension funds, banks, insurers, family offices, and foundations both in Germany and internationally.

The Natixis Direct Lending Fund is a private credit vehicle being established by Natixis SA, the French banking and financial services group, to expand its direct lending capabilities beyond the institution's balance sheet. As of May 2025, Natixis was in advanced discussions to raise approximately $1.5 billion for the fund, with the fundraising expected to conclude within months of that date. The fund represents a strategic evolution for Natixis, whose prior direct lending activity was conducted primarily through balance sheet commitments of up to $25 million per transaction targeting companies likely to become leveraged loan market borrowers. The Natixis Direct Lending Fund targets senior and unitranche loans to highly leveraged corporate borrowers, with a focus on providing scalable credit to mid-to-large companies across European markets. The vehicle is designed to complement Natixis's existing leveraged finance and structured credit capabilities, allowing the institution to deploy third-party capital alongside or in lieu of balance sheet exposure. The strategy enables Natixis to service its corporate lending client base with larger ticket sizes while managing balance sheet risk, addressing demand from institutional investors seeking yield in the private credit space. The fund launch comes following a significant restructuring of Natixis's private credit operations: in September 2024, Natixis Investment Managers divested MV Credit — a pan-European private credit business with approximately $5.1 billion in AUM managing senior direct lending, subordinated lending, hybrid and CLO strategies — to Clearlake Capital Group. The new Direct Lending Fund positions Natixis to rebuild its private credit presence through a focused direct origination strategy anchored in the firm's established European corporate lending relationships.

Navis Asia Fund VIII is the eighth flagship private equity fund raised by Navis Capital Partners, the Kuala Lumpur-headquartered investment firm founded in 1998 that specialises in control-oriented buyout investments across Southeast Asia, Greater China, and Australia and New Zealand. The fund closed at $900 million in July 2021, below its initial target of approximately $1.75 billion — reflecting the challenging macro environment during the COVID-19 recovery period — but squarely within Navis's operating sweet spot for mid-market control transactions across emerging Asia. Alongside Fund VIII, Navis Capital Partners simultaneously closed the Navis Asia Green Loop Fund, a $450 million continuation vehicle holding five legacy companies from its sixth fund, underscoring the firm's proactive portfolio lifecycle management. The fund's investment mandate mirrors those of its predecessors: taking predominantly controlling or co-controlling equity interests in growing mid-market companies with revenues typically between $50 million and $300 million. Navis targets three core sectors where it has built deep operator networks over its two-decade-plus history: healthcare and private healthcare services; private education; and food-related consumer goods. Investment tickets typically range from $10 million to $50 million per platform acquisition, allowing the fund to build a diversified portfolio across its geographies. Fund VIII includes a dedicated $150 million co-investment sidecar for Cambodia, Laos, Myanmar, and Vietnam — frontier markets where Navis sees earlier-stage control opportunities complementary to its core ASEAN thesis. Portfolio companies seeded through Navis Asia Fund VIII include Dan-D Foods Group (specialty Asian food processing), S-Spine and Nerve Hospital (Southeast Asian neurosurgical healthcare), Eton Solutions (global payroll and HR technology), Ambassador Education Group (private education), and Software Combined (enterprise software distribution). Navis Capital Partners' seven predecessor flagship fund vintages since 1998 have generated a track record across multiple Asian economic cycles, establishing the firm as one of the most experienced and disciplined practitioners of control-oriented mid-market buyout investing in the Asia-Pacific region.

New Mountain Partners VII is a buyout fund managed by New Mountain Capital and located in New York. The fund will acquire controlling stakes in companies valued between $100 million and $1 billion, typically investing between $100 million and $500 million per transaction​. New Mountain Capital targets sectors characterized by sustainable and noncyclical growth, which they refer to as "defensive growth industries." These include life sciences, advanced materials, healthcare technologies, infrastructure services, and digital transformation services, among others. As of APril 2024, the fund has raised US$12.4 billion, above its target of US$12 billion. The fund expects to do around 20 investments.

New Mountain Strategic Equity Fund I, L.P. (SEF I) is the inaugural non-control private equity fund raised by New Mountain Capital, a leading New York-based alternative asset manager with approximately $60 billion in assets under management. SEF I closed in 2020 with approximately $640 million of capital commitments, establishing New Mountain Capital's strategic equity platform as a distinct investment strategy alongside the firm's flagship buyout and credit vehicles. The fund is dedicated to minority, non-control investments in founder- and sponsor-backed businesses across New Mountain Capital's core thematic focus areas, including infrastructure services, life sciences and advanced materials, healthcare technologies, advanced data and analytics, software, financial and insurance services, and technology-enabled business services. Unlike the firm's buyout funds, SEF I operates without seeking operational control, instead partnering with management teams and sponsors to provide capital and operational resources in a collaborative structure designed to preserve entrepreneurial leadership and accelerate growth trajectories. SEF I was the proving ground for a strategy that went on to raise an oversubscribed successor fund. The fund's performance and investor reception directly led to the formation of New Mountain Strategic Equity Fund II, which closed in January 2026 at $1.2 billion — an 88% increase over SEF I — reflecting sustained institutional confidence in the non-control strategy. SEF I is managed within New Mountain Capital's strategic equity team, which applies the same sector-research discipline and business-building philosophy that defines the broader firm platform.

New Mountain Strategic Equity Fund II, L.P. (SEF II) is the second non-control private equity fund raised by New Mountain Capital, a New York-based alternative asset management firm with approximately $60 billion in assets under management across private equity, strategic equity, credit, and net lease real estate strategies. SEF II closed in January 2026 with $1.2 billion in capital commitments, exceeding the fund's $1.0 billion hard cap after limited partners supported an increase in the cap to accommodate the oversubscribed interest. General partner commitments of more than $150 million represented the single largest LP commitment in the fund, reflecting strong GP/LP alignment. SEF II is dedicated to minority, non-control investments in founder- and sponsor-backed businesses, positioning the strategy as partnership-oriented and focused on operational support and business-building rather than control buyouts. The fund targets companies across a defined set of thematic areas where New Mountain has deep sector expertise: infrastructure services, life sciences and advanced materials, healthcare technologies, advanced data and analytics, software, financial and insurance services, and technology-enabled business services. Investments are intended to support organic growth and strategic initiatives while preserving the entrepreneurial ownership structure of portfolio companies. SEF II builds directly on the performance track record established by its predecessor, New Mountain Strategic Equity Fund I, which raised approximately $640 million in 2020. The more than 85% growth between the two funds reflects investor confidence in the strategy and New Mountain Capital's established franchise in the non-control private equity space. The fund is managed by New Mountain Capital's Strategic Equity team, which operates within the same research-driven, business-building culture that defines the firm's flagship buyout funds, extending those capabilities into minority investment structures.

NewSpring Growth Capital VI is a private equity growth expansion fund managed by NewSpring Capital. The fund is located in Radnor, Pennsylvania and invests in the United States. Focus sectors of the fund are: Business services, Enabling technologies (disruptors in business and tech), Information technology (Enterprise and infrastructure software, fin tech, security, and business intelligence). The fund seeks business with trailing twelve months (TTM) revenue superior to $5 million in the United States. The fund delivers working capital to scale fast-growing, industry transforming technology companies According to a SEC filing, NewSpring Capital is seeking to raise $400 million for the fund.

NewSpring Mezzanine Capital is a mezzanine debt and equity fund managed by NewSpring, a Radnor, Pennsylvania-based private equity firm founded in 1999. NewSpring has operated as a licensed U.S. Small Business Administration Small Business Investment Company (SBIC) through its mezzanine strategy since its founding, targeting flexible subordinated debt and equity co-investment solutions for lower-middle-market businesses. As one of the earliest and most consistent SBIC mezzanine franchises in the Mid-Atlantic and broader U.S. market, NewSpring has built a multifund track record across multiple vehicles spanning more than two decades of capital deployment. The fund invests between $5 million and $25 million per transaction in established lower-middle-market companies with at least $20 million in revenue and $2 million in EBITDA. Transaction types include unitranche structures, second lien debt, preferred equity, and equity co-investment. NewSpring's mezzanine team concentrates on businesses in business and consumer services, niche manufacturing, distribution, and healthcare—sectors where private credit solutions can accelerate organic growth or support ownership transitions without the full dilution of traditional equity buyouts. The SBIC license structure also provides the fund access to SBA-guaranteed leverage, enhancing returns for its limited partner base. NewSpring's mezzanine strategy has evolved across five distinct SBIC-licensed vehicles. Successive funds have raised $170 million (Fund III), $364 million (Fund IV, hitting hard cap), and $390 million (Fund V, also oversubscribed, closed July 2024). The strategy has deployed capital into more than 80 portfolio companies cumulatively, emphasising capital preservation, current income, and meaningful equity upside participation through warrants and co-investment rights. The limited partner base includes banks, insurance companies, public pension plans, financial institutions, and high-net-worth individuals who value the income and downside protection characteristics of senior subordinated debt.

NewSpring Mezzanine Capital V LP (NSM V) is the fifth mezzanine fund raised by NewSpring Capital, a diversified private capital firm headquartered in Radnor, Pennsylvania. NSM V held a final close on July 23, 2024 with $390 million of capital commitments, exceeding the fund's original target and attracting a diverse investor base including banks, insurers, public pension plans, financial institutions, and high-net-worth individuals. Like its predecessors, NSM V is licensed as a U.S. Small Business Administration Small Business Investment Company (SBIC), enabling the fund to access additional federal leverage to support investments in eligible lower-middle-market businesses. NSM V provides flexible mezzanine debt and equity co-investment solutions to lower-middle-market companies, partnering with business owners and financial sponsors who seek growth capital without relinquishing majority ownership. The fund focuses on four core sectors: business and consumer services, niche manufacturing, distribution, and healthcare. Typical transactions include subordinated debt with equity participation features, allowing NSM V to capture upside while protecting downside through senior-ranking structures. NewSpring works alongside portfolio companies as an operational partner, providing access to the broader NewSpring network and management resources. At the time of its final close, NSM V had already deployed approximately $273 million across 19 portfolio companies, demonstrating rapid deployment consistent with the firm's lower-middle-market pipeline. This follows on the firm's fourth fund, NewSpring Mezzanine Capital IV, which raised $364 million and hit its hard cap. NSM V's $390 million close represents continued growth in NewSpring's mezzanine franchise and reflects sustained institutional confidence in the SBIC-leveraged mezzanine structure as a yield-enhancing private credit strategy.

Nextalia Private Equity Fund is the flagship private equity vehicle of Nextalia SGR S.p.A., an Italian asset manager regulated by CONSOB and headquartered in Milan. Nextalia Private Equity announced a first close of €563 million in November 2021, representing one of the largest first closes for an Italian private equity fund in recent years, and indicated an intent to reach the fund's hard cap target of €800 million in the first half of 2022. The investor base at first close comprised approximately 45 percent banks and insurance companies, 20 percent pension funds and banking foundations, and 35 percent family offices and entrepreneurs, reflecting the diversity of Italian institutional and private capital participation. Nextalia Private Equity targets majority investments in Italian small and medium enterprises (SMEs) with high growth potential and leadership positions in their markets. The fund's strategy encompasses family-owned businesses undergoing generational transitions, buy-and-build opportunities in fragmented sectors, and co-investments with institutional partners. The investment approach is guided by principles of sustainable value creation, incorporating digital transformation support, operational efficiency improvements, and access to Nextalia's proprietary network of industrial and institutional advisors alongside managerial support. Nextalia SGR was founded by a team of experienced Italian private equity and investment banking professionals committed to supporting the Italian entrepreneurial ecosystem. The fund's launch coincided with a period of strong institutional appetite for Italian mid-market PE, driven by post-pandemic recovery tailwinds and structural opportunities in Italian family business succession. Nextalia has since broadened its investment platform to include ventures in energytech and agritech, with AUM reported at €1.5 billion. The private equity fund represents the core institutional strategy of the firm, targeting long-term value creation in the Italian economy.

Nippon Sangyo Suishin Kiko NSSK Series IV Funds is a JPY 250 billion (approximately USD 1.7 billion) private equity fund managed by NSSK (Nippon Sangyo Suishin Kiko), a Tokyo-based buyout firm established in 2014 and focused exclusively on the Japanese mid-market. Reaching final close at the hard cap on April 1, 2026, with commitments more than 2x oversubscribed and the fund substantially allocated within four months of launch, the Series IV fundraise positions NSSK as one of the largest independent private equity franchises in Japan by assets under management. Thrive Alternatives served as exclusive placement agent for the raise, facilitating distribution to a global and domestic investor base. NSSK pursues control-oriented buyout investments across the Japanese mid-market, specialising in four transaction types: business succession from retiring founders and family owners; carve-outs from large Japanese conglomerates undertaking portfolio rationalisation; management buyouts in which NSSK partners with incumbent management teams; and special situations involving operationally or financially complex businesses. The firm targets market-leading niche businesses with strong cash flow, resilient competitive positions, and the ability to sustain performance across economic cycles. NSSK's value creation model focuses on corporate governance reform, professionalising management teams, accelerating organic and inorganic growth, and leveraging Japan's evolving regulatory environment around cross-shareholding unwinding and conglomerate restructuring. The Series IV fundraise drew a broad global and Japanese institutional investor base spanning sovereign wealth funds, public and private pension funds, financial institutions, endowments, foundations, family offices, and asset managers. The 2x oversubscription and sub-four-month close pace represent the strongest fundraising outcome in NSSK's history, reflecting consistent investment performance across the firm's first three series funds and growing global investor conviction in the Japanese mid-market as a distinct and differentiated private equity opportunity set.

Nordic Capital Evolution II is a mid-market buyout fund managed by Nordic Capital Advisors, a leading Northern European private equity firm founded in 1989 and headquartered in Jersey with offices across Stockholm, London, Frankfurt, New York, and other major financial centres. The fund achieved its final close on December 20, 2024, raising EUR 2 billion at its hard cap — 65 percent larger than its predecessor, Evolution I, which raised EUR 1.2 billion in 2021. The target of EUR 1.4 billion was substantially exceeded, and the fund was fully subscribed within four months of launch with meaningful excess demand. Institutional investors representing public and private pension funds (41%), asset managers (26%), sovereign wealth funds (14%), family offices and foundations (13%), and financial institutions (6%) committed capital, drawn from Europe (41%), the Americas (35%), Asia (21%), and the Middle East (3%). Nordic Capital manages more than EUR 25 billion in committed capital across its flagship large-cap series and the Evolution mid-market platform. Nordic Capital Evolution II targets control buyouts and non-cyclical growth opportunities in Northern European mid-market companies with enterprise values of EUR 100 million to EUR 400–500 million. The fund applies a subsector-specialist investment model across four core sectors: Healthcare, Technology & Payments, Financial Services, and Services & Industrial Tech, with deep operational expertise driving value creation through management support, add-on acquisitions, and strategic repositioning. Structured as an Article 8 fund under the EU Sustainable Finance Disclosure Regulation, it integrates ESG considerations throughout deal sourcing, due diligence, and portfolio management. The fund is domiciled in Luxembourg and primarily targets investments in the Nordic region, with global reach for its Healthcare and Technology & Payments verticals. Evolution II is the second vehicle in Nordic Capital's dedicated mid-market programme, building on the Evolution I franchise launched in 2021. Nordic Capital's broader track record spans over 125 investments across more than 35 years of private equity investing in Northern Europe, including sector-defining platform build-ups in healthcare services, financial software, and B2B services. The Evolution series addresses the EUR 100–500 million enterprise value segment of the market, a distinct tier from Nordic Capital's flagship funds, enabling the firm to capture value-creation opportunities in a less contested part of the buyout landscape while leveraging the full depth of Nordic Capital's sector expertise and operational resources.