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Google has launched the AI Futures Fund, a strategic initiative designed to empower startups working in artificial intelligence. The fund provides early access to cutting-edge models from Google DeepMind, such as Gemini (for advanced reasoning), Imagen (image generation), and Veo (video generation). These tools give startups a technological edge in developing their AI solutions. In addition to product access, the AI Futures Fund makes direct equity investments in selected startups. Beneficiaries also receive generous Google Cloud credits and hands-on mentorship from Google’s experts in AI research, engineering, and business development. This holistic support model is aimed at helping startups quickly iterate, scale, and go to market. The fund accepts applications on a rolling basis, without fixed deadlines. By offering capital, infrastructure, and deep expertise, Google aims to accelerate the development of transformative AI applications across a broad range of industries.

Adams Street Private Equity Navigator Fund LLC is an evergreen, closed‑end interval fund registered under the Investment Company Act of 1940 in April 2025. Managed by Adams Street Advisors, LLC, it continues the investment program of its predecessor Cayman Islands fund, offering investors broad access to global private markets strategies. The Fund’s objective is to deliver long‑term capital appreciation via a diversified portfolio comprised of primary and secondary private equity fund interests, direct equity and debt investments in private companies (including growth equity, co‑investments, and private credit), along with liquid high‑quality assets to maintain operational flexibility and periodic liquidity. As an interval fund, it balances the illiquid nature of private markets with investor access through periodic repurchase offers, which provide limited liquidity alongside private market exposure. The structure includes multiple share classes—Class S, D, I, and M—each with different fee and expense structures. The Fund seeks exemptive relief to allow this multi‑class structure, early withdrawal charges, and asset‑based distribution/service fees, aligning with standard interval fund frameworks that support investor access and operational resilience.

Adenia Capital (IV) is a sub-Saharan Africa-focused private equity fund managed by Adenia Partners, one of the continent's most established mid-market private equity firms. Founded in 2002 and headquartered in Mauritius, Adenia Partners has built a two-decade track record of supporting the growth of medium-sized profitable companies across Africa through a blend of growth capital and buyout transactions. The fund closed in May 2017 at its hard cap of EUR 230 million, exceeding its initial EUR 200 million target and attracting strong interest from international development finance institutions, pension funds, funds of funds, family offices, and high-net-worth individuals. The European Investment Bank committed EUR 20 million to the vehicle. Adenia Capital (IV) targets equity investments in companies generating annual revenues between USD 5 million and USD 40 million, operating across consumer goods, business services, manufacturing, financial services, information and communications technology, telecommunications, hospitality, and healthcare sectors. As the fourth generation of Adenia's consecutive flagship fund series — following Adenia Capital I (2002), II (2006), and III (2012) — the fund reflects the firm's established strategy of acquiring majority and significant minority stakes to professionalize management, drive operational improvements, and unlock value in underserved African markets. Adenia Capital (IV) has been succeeded by Adenia Capital (V) LP, which closed oversubscribed at USD 470 million in April 2024, underscoring the firm's continued momentum in African private equity.

Adenia Capital (V) LP is a closed-end private equity fund managed by Adenia Partners Ltd, a pan-African investment firm with seven offices across the continent and a 20-year track record of mid-market private equity in Africa. The fund marks a significant milestone in Adenia's history as the firm's first fully pan-African vehicle, expanding beyond its historic focus on select sub-Saharan markets to invest across the entire African continent. Fundraising launched in early 2022 and reached a first close of USD 300 million in January 2023, exceeding 75% of the USD 400 million initial target. The fund closed on April 4, 2024 at its hard cap of USD 470 million, significantly oversubscribed. Adenia Capital (V) LP targets between 10 and 12 control investments in medium-sized companies with proven business models, with a median deal size of USD 30-50 million. The fund integrates ESG criteria and has been designated a 2X Flagship Fund for its commitment to gender equality, and commits to setting carbon reduction targets for all portfolio companies over their investment lifecycle. The fund attracted a diverse consortium of development finance institutions and institutional investors, including the European Investment Bank (EIB), FMO, Proparco, Norfund, FinDev Canada, the US International Development Finance Corporation (DFC), the South African Public Investment Corporation (PIC), and pension funds from Kenya and Ghana. Target sectors include financial services, agribusiness, renewable energy, consumer goods, telecommunications, healthcare, education, business services, light manufacturing, and specialty distribution.

Adenia Capital (V) LP is a closed-end private equity fund managed by Adenia Partners Ltd, a pan-African investment firm with seven offices across the continent and a 20-year track record of mid-market private equity in Africa. The fund marks a significant milestone in Adenia's history as the firm's first fully pan-African vehicle, expanding beyond its historic focus on select sub-Saharan markets to invest across the entire African continent. Fundraising launched in early 2022 and reached a first close of USD 300 million in January 2023, exceeding 75% of the USD 400 million initial target. The fund closed on April 4, 2024 at its hard cap of USD 470 million, significantly oversubscribed. Adenia Capital (V) LP targets between 10 and 12 control investments in medium-sized companies with proven business models, with a median deal size of USD 30-50 million. The fund integrates ESG criteria and has been designated a 2X Flagship Fund for its commitment to gender equality, and commits to setting carbon reduction targets for all portfolio companies over their investment lifecycle. The fund attracted a diverse consortium of development finance institutions and institutional investors, including the European Investment Bank (EIB), FMO, Proparco, Norfund, FinDev Canada, the US International Development Finance Corporation (DFC), the South African Public Investment Corporation (PIC), and pension funds from Kenya and Ghana. Target sectors include financial services, agribusiness, renewable energy, consumer goods, telecommunications, healthcare, education, business services, light manufacturing, and specialty distribution.

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.

Advent Latin American Private Equity Fund VII (LAPEF VII) is the seventh dedicated Latin American fund raised by Advent International, one of the most active and longest-tenured private equity investors in the region. Closed on 29 September 2020 with USD 2 billion in commitments from institutional investors across the globe, LAPEF VII represents Advent's largest dedicated Latin American vehicle and brings the firm's total capital raised for the region since 1996 to approximately USD 8 billion — more than any other private equity manager operating in Latin America. The fund deploys capital primarily in Brazil, Colombia, Mexico, and Peru, with the flexibility to invest opportunistically in adjacent markets including Argentina and Chile. LAPEF VII targets control-oriented investments across five core sectors: business and financial services, healthcare, industrials, retail and consumer, and technology. Deal structures span buyouts, corporate carve-outs, and growth equity transactions, with equity investments ranging from USD 50 million to USD 300 million or more. This flexible, multi-stage mandate allows the fund to access opportunities across the full spectrum of company size and development stage in each target market. Advent International has operated in Latin America for over 25 years, with a permanent on-the-ground presence in São Paulo and Mexico City, and extensive networks across all five target countries. The firm's regional team combines deep local market knowledge with access to Advent's global platform of sector experts and portfolio company operating resources. Advent's six predecessor Latin American funds have delivered consistent returns to institutional limited partners including sovereign wealth funds, endowments, pension funds, and insurance companies from Europe, North America, and Asia.

AlpInvest Co-Investment Fund IX (ACF IX) is the ninth iteration of AlpInvest Partners' flagship co-investment strategy. Managed by AlpInvest Partners, a subsidiary of The Carlyle Group, the fund focuses on providing investors with access to private equity buyouts by co-investing alongside leading private equity firms. ACF IX aims to capitalize on attractive investment opportunities in the mid-market segment, leveraging AlpInvest's extensive network and experience in the private equity space. The fund has successfully raised $4.1 billion, surpassing its predecessor's $3.5 billion close in 2021. ACF IX attracted commitments from 185 global investors, including pension funds, asset managers, and family offices. The fund's strategy involves investing in whole-company buyout transactions and equity stakes across various industry sectors worldwide. By focusing on mid-market deals, ACF IX seeks to achieve favorable entry valuations, often at 15% to 20% discounts compared to peak-period prices. AlpInvest's co-investment platform has a track record of over 400 equity co-investments, committing more than $19 billion over the past 25 years. The firm's approach emphasizes building long-term partnerships with top-tier private equity sponsors, enabling access to high-quality deal flow and efficient execution. ACF IX continues this tradition, aiming to deliver attractive risk-adjusted returns to its investors through a diversified portfolio of co-investments.

Altor Equity Partners, the Stockholm-headquartered private equity firm founded in 2003 by a team with deep Nordic investment heritage, closed its fourth buyout fund on 3 July 2014 at its EUR 2.0 billion target and hard cap, completing the fundraise in under three months. The fund attracted commitments predominantly from US university endowments, charitable foundations, and pension funds, alongside Nordic and broader European institutional investors. Altor Fund IV is structured as an Alternative Investment Fund regulated by the Swedish Financial Supervisory Authority and domiciled in Stockholm, marking the firm's transition to a locally regulated AIFM structure from previous Jersey vehicles. The fund targets private mid-market companies with revenues typically in the range of EUR 50 million to EUR 500 million, with a primary geographic focus on Nordic countries — Sweden, Denmark, Finland, and Norway — and the DACH region (Germany, Austria, Switzerland). Altor's investment approach centres on creating world-class companies through growth initiatives and operational improvements across target sectors including business products and services, consumer products and services, commercial services, and technology, media, and telecommunications. The fund operates with a 15-year investment term, reflecting the firm's conviction in patient, hands-on capital deployment. Altor's prior three funds — launched between 2003 and 2007 — generated an average annual net return of 20% since inception, establishing the firm as a top-quartile Nordic private equity manager. Altor Fund IV has since completed 27 investments across its target markets. Portfolio companies have benefited from the firm's operational playbook and cross-border Nordic and DACH industrial network. The fund is now in its harvesting phase, returning capital to its institutional LP base through strategic exits and secondary transactions.

Altor Equity Partners completed the final close of Altor Fund VI on 19 January 2024, raising EUR 3.0 billion at its hard cap — breaking the firm's own fundraising record set by Fund V. The fund is structured under Swedish AIFMD regulation and classified as an Article 8 fund under SFDR, reflecting Altor's commitment to investing in companies that promote environmental or social characteristics as part of its value-creation approach. At the time of the final close, more than one-third of committed capital had already been deployed across seven portfolio investments, demonstrating exceptional pipeline momentum from the outset of fundraising. Altor Fund VI targets mid-market companies headquartered in the Nordic region — Sweden, Denmark, Finland, and Norway — and the DACH countries (Germany, Austria, Switzerland), consistent with the firm's two-decade investment franchise. The strategy focuses on businesses in business services, consumer products, industrials, and technology sectors, with particular attention to investments aligned with the green transition and environmental sustainability themes. Altor employs a disciplined operational and growth value-creation playbook: the firm's portfolio companies achieved 16% EBITA growth during 2023 and 60% aggregate value growth since the onset of the COVID-19 pandemic, illustrating the efficacy of the approach even through disruption. The fund's realized portfolio track record stands at a gross IRR of 29% and a 3.0x money-on-invested-capital multiple across Altor's prior vehicles. Altor Fund VI has since made additional investments including Imbox Protection in September 2025, continuing the firm's focus on technology-enabled, sustainability-aligned businesses across northern Europe and German-speaking markets. With EUR 3 billion in committed capital, Fund VI represents Altor's largest vehicle to date and positions the firm as one of the pre-eminent Nordic mid-market private equity managers.

Apax Funds is the flagship global private equity investment program of Apax Partners, one of the world's largest and most established private equity firms, founded in 1969 and headquartered in London with offices across North America, Europe, Asia Pacific, and Israel. The Apax Funds program represents Apax Partners' core large-cap and mega-cap leveraged buyout strategy, through which the firm has raised successive global buyout fund vehicles—from Apax I through Apax XI—since the 1980s, making it one of the most tenured buyout franchise programs in private equity history. Apax Partners manages approximately USD 75–80 billion in cumulative committed capital across its funds as of 2024. The Apax Funds strategy focuses on global buyout investments in three primary sectors: Technology (including software, IT services, and semiconductors), Services (including business process outsourcing, healthcare services, and financial services), and Internet/Consumer (including e-commerce, digital media, and consumer brands). Target enterprise values for portfolio companies range from USD 100 million to USD 5 billion, with flexibility for larger transactions. Apax Partners applies deep sector expertise and a thematic investing approach, partnering with management teams to drive transformational operational and strategic improvements in portfolio companies across North America, Europe, and Asia Pacific. The firm is known for its concentrated, high-conviction investment approach and operational engagement. The most recent fund in the Apax Funds program, Apax XI, closed at over USD 12 billion in total capital commitments in March 2024, succeeding Apax X (USD 11.8 billion final close, January 2021) and Apax IX (USD 9.0 billion close, 2019). These vehicles have invested in companies such as Idealista, Unilabs, Mynd, EVERI, Wehkamp, and Dun & Bradstreet, across their flagship sectors. In parallel, Apax manages complementary strategies including Apax Digital Growth (minority technology-focused investments), Apax Credit (private debt), Apax Global Impact, and Apax Mid-Market Israel, forming a broad multi-product alternative asset platform.

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).

The Apollo S3 Equity & Hybrid Solutions Fund I (ASEHS) is a buyout fund managed by Apollo Global Management, headquartered in New York, NY. The fund is part of Apollo's Sponsor and Secondary Solutions (S3) platform, which provides flexible capital solutions across the yield, hybrid, and equity spectrum to asset managers and limited partners. ASEHS focuses on acquiring secondary interests in private equity funds and providing liquidity solutions to general partners and limited partners. The fund aims to capitalize on the growing demand for liquidity in the private markets by offering innovative financing options, including net asset value (NAV) loans and structured equity solutions.​ With a fund size of $5.4 billion, ASEHS seeks to deliver attractive risk-adjusted returns by investing in a diversified portfolio of secondary transactions. The fund leverages Apollo's extensive network and expertise in private equity, credit, and real assets to identify and execute complex deals. By providing tailored liquidity solutions, ASEHS supports the evolving needs of private market participants and contributes to the overall efficiency and resilience of the alternative investment ecosystem.​ ASEHS targets a broad range of sectors through its investments in secondary interests of private equity funds. These sectors include, but are not limited to:​ - Technology - Healthcare - Consumer Goods - Industrial Manufacturing - Financial Services​ The fund's diversified approach allows it to capitalize on opportunities across various industries, depending on the underlying assets of the secondary interests acquired. ASEHS primarily focuses on investments in North America and Europe, reflecting the regions where Apollo has a strong presence and deep market knowledge. The fund may also consider opportunities in other developed markets, depending on the attractiveness of the secondary transactions and the quality of the underlying assets.​

Arbor Investments VI is the sixth flagship private equity fund launched by Arbor Investments, a Chicago-based firm specializing exclusively in the food, beverage, and related sectors. The fund builds on Arbor’s proven strategy of targeting control buyouts in middle-market companies, with a strong operational focus and industry specialization. With a target size of $1.5 billion, Arbor Investments VI seeks to capitalize on long-term secular trends within the food ecosystem by investing in companies where it can apply its in-house operational expertise and strategic playbook. The firm is known for its intensive hands-on approach and value creation through operational improvement, commercial expansion, and strategic repositioning. Fund VI will maintain Arbor’s focus on North American opportunities, particularly within the United States, and will target businesses that are founder- or family-owned, or those requiring generational transitions or corporate carve-outs.

Aruwa Capital Fund II is a gender-lens, early-growth equity fund managed by Aruwa Capital Management, a Lagos-based, female-founded and led private investment firm. The fund seeks to empower underrepresented founders and address funding gaps for growth-stage companies in West Africa, especially those creating scalable solutions in essential sectors. Building on the success of its inaugural fund, Aruwa Capital Fund II targets high-impact businesses that generate both financial returns and measurable social value. The fund focuses particularly on companies that promote inclusive economic development and improve livelihoods, with a strong emphasis on enhancing opportunities for women as business owners, consumers, and employees. The fund has already backed two companies—Yikodeen, a safety boots manufacturer, and a fast-casual restaurant chain—selected for their alignment with Aruwa’s mission of inclusive growth and economic empowerment. With strong investor demand, Aruwa is considering increasing the fund’s hard cap from its original $40M target to $50M or even $60M.

The Avendus Future Leaders Fund III is seeking to raise about $300 million for its private equity unit, with plans to write larger checks more frequently. The firm's third private equity fund aims to target growth-stage startups, as evidenced by its previous work with companies like Zepto, Lenskart, Xpressbees, CaratLane, and Atomberg. This represents a shift from its earlier fund sizes, with its second fund totaling around $185 million and its maiden fund at $50 million in size. Target sectors include information technology, insurance, food product, apparel, accessory, asset management and fintech sectors. The fund is designed to create value for its investors by investing opportunistically in ‘best of breed’ late stage private companies. The fund pursues a unique and differentiated strategy by focusing primarily on opportunistic situations for investment. The Fund is indifferent between primary and secondary investments and offers a quick turnaround to companies/ entrepreneurs. Investment Size: USD 10-30 million per transaction, minority stake.

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.

Bain Capital Asia Fund V is a 2023 vintage buyout fund managed by Bain Capital. The fund is located in Hong Kong and invests in Asia. Bain Capital's fifth Asia-focused fund has exceeded its initial target of $5 billion and has raised around $7.1 billion from global investors. The firm, which started fundraising in the second half of last year, aims to complete the exercise in the coming weeks. Bain Capital's new Asia fund will focus heavily on Japan, where it has landed marquee deals such as the $18 billion buyout of Toshiba Corp’s memory chip business.

Bain Capital Fund XIV marks the latest flagship private equity vehicle launched by Bain, achieving a successful raise of USD 14 billion, surpassing its initial USD 10 billion target. The fund is anchored by both external investors (USD 11.8 billion) and Bain‑affiliated entities, which retain a leading investor role. This oversubscription underscores the confidence in Bain’s strategy and capacity to execute at scale. Structured across U.S. (Delaware) and Luxembourg vehicles, Fund XIV supports Bain’s global investment ambitions. The firm integrates its capital across geographies and sectors, leveraging its operational platform and deep domain expertise. The fund benefits from Bain’s global infrastructure, which includes over 330 professionals globally, and a dedicated 90‑member portfolio group focused on digital transformation, supply chain, and talent development. In its investment approach, Fund XIV emphasizes operational value creation over financial engineering. Bain estimates that about 80 % of value across its prior decade of portfolio performance was driven by operational improvements—reflecting its hands‑on, transformational approach in complex environments. The fund will compete in core sectors such as consumer, healthcare, industrials, services, and technology, deploying significant equity capital into fewer, well‑chosen companies. With greater scale and ambition, Fund XIV positions Bain to broaden its platform and generate durable value creation even in competitive markets. The fund will look for investments where Bain’s sector expertise, cross‑platform capabilities, and global insights can make a differentiating impact. Its success will further cement Bain’s position among the world’s leading private equity firms.

Ballast Equity Partners Fund I marks the inaugural fund by Ballast Equity Partners, a secondary-focused investment firm based in Providence, Rhode Island. The fund successfully closed with $93 million in capital commitments, including a $30 million anchor investment from the State of Wisconsin Investment Board. Founded in 2022, the firm was created to address a growing demand for flexible, structured liquidity solutions in the venture and growth equity markets. The fund specializes in acquiring limited partner interests in venture and growth equity funds, as well as direct secondary interests in privately held, venture-backed companies. Ballast’s strategy offers a range of secondary solutions—such as strip sales, tender offers, and unfunded commitments swaps—designed to support limited partners, general partners, founders, and early employees seeking liquidity options while preserving alignment with ongoing fund management and operations. Ballast Equity Partners targets smaller, less competitive segments of the secondary market, deploying between $500,000 and $5 million in direct company interests and $1 million to $20 million in LP fund interests. The fund focuses primarily on U.S.-based technology and innovation-driven companies across consumer, fintech, and enterprise software sectors. By combining institutional rigor with a boutique approach, the firm aims to be a nimble and reliable liquidity provider in a dynamic and underserved portion of the secondary ecosystem.

Banner Capital Fund I is a $400 million multi-asset continuation fund established by Banner Capital Management to acquire interests in eight of its pre-fund portfolio companies. This strategic recapitalization, led by Hamilton Lane, aims to provide additional time and capital to these businesses, while offering partial liquidity to early investors and crystallizing performance. The fund's structure allows Banner Capital to continue supporting its portfolio companies' growth trajectories, leveraging its expertise in the lower middle market. By consolidating these assets into Fund I, Banner ensures a focused approach to value creation, aligning the interests of new and existing investors. As of the closing of this transaction, Banner Capital reports $653 million in assets under management, reflecting its commitment to nurturing founder- and family-owned businesses across the Western United States.

Banner Capital Fund II is a lower middle market buyout fund launched by Banner Capital Management, LLC, with a target size of $200 million. The fund focuses on investing in founder- and family-owned businesses across the Western United States, particularly in the Intermountain West region. Banner Capital aims to support these companies by providing partnership capital to facilitate growth and operational improvements. The fund has already held a preliminary closing to facilitate its first platform investment in Western Pavement Services, a company focused on asphalt maintenance in the Western U.S. This initial investment underscores Banner Capital's commitment to its investment strategy and regional focus. The Larry H. & Gail Miller Family Foundation, along with other legacy limited partners, participated in this initial closing, demonstrating strong investor confidence in the fund's approach. Banner Capital Fund II continues the firm's dedication to investing in the industrial, services, consumer, and healthcare sectors. With a traditional first closing anticipated in the fourth quarter of 2025, the fund is poised to build a diversified portfolio of lower middle market companies, leveraging Banner Capital's experience and network to drive value creation.

Blackstone Capital Partners Asia III is the third edition of Blackstone’s Asia-focused buyout strategy, targeting control and significant minority investments across high-growth sectors in the Asia-Pacific region. The fund launched fundraising in September 2024 and quickly attracted strong global institutional interest, building on Blackstone’s proven track record in the region. As of October 2025, the fund has reached its $10 billion target and is on track to close at its $12.9 billion hard cap by Q1 2026. Approximately 90% of existing LPs from prior Asia funds have recommitted, increasing their allocations by an average of 30%. The strong backing reflects confidence in Blackstone’s historical performance, particularly the 41% net return and 80% capital returned from Fund II. Geographically, India and Japan remain core to the strategy. In previous Asia funds, India accounted for 31% of capital deployed, followed by 22% in Japan and 9% in Australia. Fund III will pursue broader regional diversification, adapting to evolving market dynamics and tapping into emerging opportunities across the wider Asia-Pacific landscape. Despite macro headwinds such as high interest rates and a muted exit environment, Blackstone and other top-tier global firms continue to raise mega-funds by leveraging strong brands, deep operational teams, and global scale. Asia-Pacific’s long-term secular growth, demographic trends, and economic transformation continue to make it a compelling region for private equity deployment.

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.

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.

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.

Carlyle Japan Partners V (CJP V) is The Carlyle Group's fifth Japan-focused buyout fund, achieving a final close at ¥430 billion (approximately $2.8 billion USD), marking it as the largest Japan-focused buyout fund to date. This fund represents a significant increase of nearly 70% over its predecessor, reflecting strong investor confidence and demand from both domestic and international limited partners. CJP V continues Carlyle's established strategy of investing in upper middle-market opportunities within Japan. The fund focuses on sectors such as Technology, Media, and Telecom (TMT); Consumer, Retail, and Healthcare (CRH); and General Industries (GIG). Investment approaches include succession transactions, corporate carve-outs, and strategic take-private deals, aiming to support companies through transitions and growth phases. With over two decades of experience in the Japanese market, Carlyle leverages its local expertise and global resources to identify and nurture investment opportunities. The firm's commitment to Japan is underscored by its plan to expand its local investment team, ensuring robust support for portfolio companies and sustained value creation for investors.

Cathay Innovation Fund III is a €1 billion global venture capital fund launched by Cathay Innovation to invest in startups driving the sustainable transformation of industries and society. The fund focuses on application-layer AI companies across sectors such as digital health, fintech, consumer applications, and energy/mobility. It targets Series A to late-stage startups, with investment amounts ranging from €5 million to €80 million. Fund III is backed by institutional investors and multinational corporations, including Sanofi, TotalEnergies, and BNP Paribas Cardif. The fund aims to support companies that are accelerating the sustainable transformation of industries and society through next-generation technologies, business models, and platforms. Cathay Innovation leverages its global investment platform and extensive corporate ecosystem to provide startups with access to new markets and strategic partnerships. The fund integrates sustainability into every step of the investment cycle to measure, track, and maximize the impact of startups while helping entrepreneurs build more responsible, resilient businesses. Cathay Innovation has a strong investment track record, having backed over 120 early-stage startups across Europe, Asia, and North America. Of these, 19 have become unicorns, including Chime Bank, Wallbox, Ledger, and Glovo. Fund III continues this legacy by investing in companies with high growth potential and the capacity to expand internationally, aiming to empower businesses to lead the large markets of the future.

Clarion Capital Partners, LLC has closed its fourth private equity fund, Clarion Investors IV, L.P. with $677 million in total capital commitments. The Fund seeks long-term investment outperformance primarily through partnering in buyouts of lower-middle market companies. The fund exceeded its fundraising target of $600 million and marks Clarion’s second oversubscribed fund in a row. Clarion focuses on making primarily control investments in a diversified portfolio of lower middle-market companies generating $7.5-30.0 million of EBITDA. The firm seeks to invest in growth companies in sectors such as Media, Entertainment & Technology, Financial Technology & Services, Business, Healthcare & Industrial Services, and Consumer. In addition to the private equity business, Clarion established a credit business focused on structured corporate credit in 2018, which will continue to be led by Robert Klein, President and Chief Investment Officer of Structured Credit. Clarion has experienced tremendous growth since its founding in 1999 and has generated top-quartile returns in its first two funds. The firm was recognized by Pitchbook as the number two firm out of 414 buyout private equity firms with track records across multiple vintages. In addition, GCI Publishing announced in March that the firm was chosen as a 2024 Top 50 Private Equity Firm in the Middle Market. The fund was raised with the help of Paul, Weiss, Rifkind, Wharton, & Garrison LLP as legal counsel. The fund invests in the U.S..

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.

Comvest Credit Partners VII is a a direct lending fund focused on traditional first lien and asset-based loans for niche sponsor, non-sponsor, and non-traditionally sponsored borrowers in North America. The fund is located in West Palm Beach, Florida. - Financial Profile of target: EBITDA greater than $7.5 million, with exceptions for recurring revenue, specialty finance, high growth or special situation businesses. - Up to $250+ million hold size per transaction. Potential for follow-on capital.

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.

ECP Growth, formerly known as Emil Capital Partners, is a growth-stage investment firm dedicated to partnering with entrepreneurial businesses that create innovative products, solutions, and technologies within the consumer value chain. Established in 2011 in collaboration with the Tengelmann Group, a 150-year-old family-owned holding company, ECP Growth leverages deep industry expertise to support companies in navigating complex growth challenges. With the recent close of its $100 million Fund IV, ECP Growth aims to invest in high-potential companies situated at the intersection of significant market transformations and evolving consumer needs. The firm adopts a thematic investment approach, focusing on sectors that enhance human mobility across life stages, deliver personalized health and wellness experiences, and optimize resource efficiency in daily living. ECP Growth typically partners with companies generating over $10 million in revenue, offering investment sizes ranging from $5 million to $20 million. The firm emphasizes businesses that demonstrate a clear path to profitability within 18 months, ensuring both immediate growth potential and sustainable long-term value.

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 IV is a €1.1 billion private equity buyout fund managed by Eurazeo, focusing on small to mid-sized French companies. Launched in 2022, it surpassed its predecessor by 50%, reflecting strong investor confidence in Eurazeo’s strategy. The fund targets enterprises valued between €50 million and €500 million, with investments ranging from €20 million to €100 million. The fund's strategy centers on supporting leading French SMEs in their international growth and transformation. By providing capital and strategic guidance, Eurazeo PME IV aims to help these companies expand their global footprint and enhance operational capabilities. The fund leverages Eurazeo’s extensive network and expertise to drive value creation. Eurazeo PME IV has attracted a diverse group of investors, including institutional investors, sovereign funds, insurance companies, and family offices from France, Europe, and Asia. This broad investor base underscores the fund's strong market appeal and Eurazeo's reputation in the private equity landscape.

The Evergreen Park Investment Fund is a co-investment private equity vehicle managed by Fisher Lynch Capital, a boutique firm specializing in collaborative investments. Launched in 2021, the fund was initially capitalized with $2 billion from the Washington State Investment Board (WSIB), its sole limited partner. Subsequent commitments of $1 billion in 2023 and $800 million in 2024 have brought total assets under management to $3.8 billion. The fund's strategy focuses on co-investing alongside existing private equity managers in which WSIB already holds positions. This approach allows for enhanced alignment with WSIB's broader investment portfolio and leverages established relationships to access high-quality deal flow. The fund targets buyout and growth equity opportunities, aiming to capitalize on the expertise of its partner managers. Fisher Lynch Capital, headquartered in San Mateo, California, brings a disciplined investment process and a track record of successful co-investments. The firm evaluates deals across various industries and geographies, seeking opportunities that offer strong potential for value creation. The Evergreen Park Investment Fund represents a significant commitment to this collaborative investment model, aligning the interests of WSIB and Fisher Lynch Capital in pursuing long-term growth.

Founders Fund Growth III is the third growth-stage venture fund from Founders Fund, a San Francisco-based firm co-founded by Peter Thiel. The fund closed at $4.6 billion in April 2025, surpassing its initial $3 billion target, with participation from 270 limited partners. This fund focuses on late-stage investments in sectors such as artificial intelligence, defense technology, and advanced manufacturing. Founders Fund aims to support companies that are developing transformative technologies with significant long-term impact. With a history of backing companies like SpaceX, Stripe, and Anduril, Founders Fund Growth III continues the firm's strategy of investing in high-growth startups poised to become industry leaders.

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.

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.

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 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.

Hellman & Friedman Capital Partners XI is a private equity buyout fund managed by Hellman & Friedman that focuses on investing in a range of sectors, including technology, financial services, healthcare, retail and consumer products. Geographically, the fund targets companies primarily in North America and Europe, with a focus on established businesses with strong growth potential and proven track records. The fund is located in San Francisco, California. In terms of financial targets, the fund typically looks for companies with annual revenues of $500 million or more, and EBITDA of at least $100 million, indicating a preference for larger, more established businesses. The fund will invest between $400 million and $4 billion in mid to large caps. Overall, Hellman & Friedman Capital Partners XI seeks to invest in companies with strong management teams, competitive market positions, and opportunities for operational improvement and growth.

The $750 million private equity multi-asset continuation fund announced by Hildred Capital is focused on healthcare and specializes in partnering with middle-market companies. The fund was structured to align the interests of the general partnership and limited partners, with the co-founders rolling over 100% of their economic interests into the continuation fund. Limited partners had the option to roll all, sell all, or sell a portion of their interests and roll a portion into the continuation fund. This fund aims to provide additional committed capital for companies to execute organic growth initiatives, pursue strategic acquisitions, and continue to drive operating leverage. It has generated significant liquidity and attractive returns for selling limited partners while also providing new investors with the opportunity to participate over time in the appreciation of strong and growing companies.

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.

IRIS Fund II is the second fund from Barcelona-based IRIS Ventures, a sector-specialist firm focused on the modern consumer. With nearly €100 million raised in a rapid first close, the fund aims to reach €200 million in total commitments. Backed largely by European family offices, the vehicle reinforces IRIS Ventures' long-term commitment to purpose-driven consumer brands. The fund specifically targets high-growth companies in wellness, nutrition, beauty, personal care, longevity, and modern lifestyle. In contrast to many contemporary funds pursuing AI and deep tech, IRIS Fund II is deliberately positioned outside that trend, doubling down on brand-led consumer businesses with scalable digital commerce models and strong unit economics. IRIS Fund II plans to deploy between €5 million and €20 million per investment across 12–15 companies over the next four years. The fund will focus on growth-stage businesses with proven market traction, offering active support through five-year partnerships and typically two board seats per company. Its model is founder-friendly but hands-on, focused on scaling operations, products, and global reach. Geographically, the fund will invest approximately 80% of its capital in Europe and 20% in the United States. IRIS Fund II builds on the experience of the firm’s first €100 million fund (2021), which created a portfolio of 12 companies, including Olistic, Essentialist, Maurten, Healf, and Artemest. This second vehicle intends to scale that thesis further, maintaining a tight focus on consumer categories poised for global growth.

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.

KKR North America Fund XIV is the fourteenth flagship buyout fund managed by KKR & Co. Inc., a leading global investment firm. Launched in June 2024, the fund aims to raise $20 billion, slightly exceeding its predecessor, Fund XIII, which closed at $19 billion in March 2022. Fund XIV continues KKR's strategy of investing in large-scale buyouts across various sectors, leveraging the firm's extensive experience and global network.The fund focuses on investments in North America, particularly the United States, Canada, and Mexico, with an additional emphasis on opportunities in Latin America. KKR seeks to deploy capital steadily, targeting an annual deployment rate of 20% to 25% of the fund's total capital. The fund aims for a net internal rate of return (IRR) in the high-teens, reflecting KKR's commitment to delivering strong returns to its investors. Fund XIV has attracted commitments from various institutional investors, including a $365 million commitment from the Oregon State Treasury and a $70 million commitment from Fubon Life Insurance. As of April 2025, KKR has raised approximately 70% of the fund's target, securing $14 billion in its first close.

Kamet Founders Fund 1 is a $70 million 2022 vintage buyout fund managed by Kamet Capital Partners. The fund is located Singapore. The fund closed below its $100 million original target set in early 2022 when it started fundraising for the vehicle. Kamet Capital employs innovative techniques and a flexible approach to curate custom strategies for families: 1. It focuses on the growth markets of US, China and Southeast Asia.. 2. Investing in Growth and Innovation within 3 Key themes of Technology, Consumer, and Healthcare. The bulk of the commitments in the first close (US$50 million) came from Kamet Capital’s existing stable of family office clients. About a third of the funds were from two new family offices based in Singapore, and ultra high net worth individuals. The first investment of the fund was into a Chinese semiconductor startup’s Series A round. The company designs and sells data processing units, used in data centres. The fund also invested in Pax8, as part of the cloud ecommerce marketplace’s recent $185 million fundraising led by Softbank Vision Fund 2.

L Catterton India Fund I marks the firm’s first India-dedicated investment vehicle focused exclusively on the consumer sector. Backed by LVMH and co-led by Sanjiv Mehta (former CEO of Hindustan Unilever), the fund aims to capitalize on India’s fast-growing consumption trends. Launched in 2024, the fund operates as a determinate close-ended trust registered under SEBI's Category II AIF regime, reflecting strong compliance and governance standards. With a fundraising target of $600 million, the fund achieved a first close of $200 million in September 2025. Key anchor commitments include International Finance Corporation (IFC) with $30 million, and clients of Kotak Private. The fund also has a green-shoe option of an additional $200 million, potentially increasing the total fund size to $800 million. The fund will deploy capital across 7 to 9 mid-stage companies, with investment tickets ranging from $25 million to $150 million. L Catterton India Fund I will focus on high-growth consumer sub-sectors such as food & beverage, consumer services (including healthcare), retail & restaurants, and consumer brands. Its strategy aligns with India’s expanding middle class and rising disposable incomes. L Catterton India Fund I leverages the global private equity expertise of L Catterton and the local leadership of Sanjiv Mehta. Backed by institutional LPs like IFC and supported by distribution through Kotak Private, the fund combines capital with operational value-add to help Indian consumer companies scale both locally and internationally. The fund’s value proposition is centered on growth acceleration and brand building.

The Libra Hybrid Capital Fund is a private credit vehicle launched by Granite Asia, a Singapore-based multi-asset investment platform. The fund has secured over US$250 million in anchor commitments from leading Asian sovereign wealth funds, general partners, and a network of founders and entrepreneurs. With a target size of US$500 million, the fund aims to provide non-dilutive capital to mid-market companies across the Asia-Pacific region. Libra focuses on offering secured loans with a defensive risk profile, targeting established businesses that are profitable or have positive cash flow. These companies span various sectors, including those undergoing digital transformation or pursuing growth through acquisitions. The fund leverages Granite Asia's technology ecosystem and operational expertise to deliver stable cash yields and enhanced returns. Managed by partners Ming Eng and Roger Zhang, the fund is part of Granite Asia's broader strategy to support a diverse range of businesses that form the backbone of Asia's economy. By providing flexible, non-dilutive financing solutions, Libra aims to bridge funding gaps for companies scaling within and across the region.

The Mastercard Foundation Africa Growth Fund is a $200 million Fund-of-Funds initiative that supports African-owned and African-led investment vehicles. These vehicles finance early-stage and growth-oriented small and medium-sized enterprises (SMEs) with the aim of fostering inclusive economic development across sub-Saharan Africa. The Fund is deeply focused on enabling dignified and fulfilling work opportunities for young people, especially young women. It accomplishes this by de-risking and strengthening impact investment vehicles that are committed to gender equity and social inclusion. Since its launch in 2022, the Fund has backed 18 investment vehicles operating in 12 African countries, facilitating financing for 49 SMEs and creating more than 2,500 full-time jobs—over 1,100 of which are held by women. Through this structure, the Fund not only boosts access to capital for underrepresented entrepreneurs but also builds the long-term capacity of Africa’s investment ecosystem.

Mediterrania Capital IV Mid Cap (MC IV) is a private equity fund managed by Mediterrania Capital Partners, focusing on growth investments in mid-cap companies across North Africa and Francophone Sub-Saharan Africa. With a target fund size of €350 million, MC IV aims to support businesses with strong growth potential and established market positions. The fund seeks to invest in sectors crucial for the region's development, including healthcare, education, financial services, consumer goods, and manufacturing. By providing both capital and strategic support, MC IV assists companies in scaling operations, enhancing governance, and expanding into new markets. MC IV is committed to responsible investing, integrating environmental, social, and governance (ESG) considerations into its investment process. The fund also emphasizes gender diversity, aligning with the 2X Challenge by aiming for a significant portion of its portfolio to meet gender inclusion criteria.

Menlo Inflection IV, L.P. is a late‑stage venture capital fund managed by Menlo Ventures, legally domiciled in Delaware with operational headquarters in Menlo Park, California. It was launched in 2025 and belongs to Menlo’s Inflection Fund series aimed at bridging early‑stage investing and mega‑growth funding. The fund targets approximately $800 million in capital commitments, as disclosed in SEC filings in early September 2025. Menlo Inflection IV focuses on companies at the 'inflection stage'—high‑momentum startups with growing product‑market fit, efficient unit economics, and a lower risk profile than typical early‑stage ventures. The fund is expected to collaborate closely with Menlo’s early‑stage funds to identify standout late‑stage opportunities. The general partner leadership team includes Venky Ganesan, Shawn Carolan, and Matthew Murphy, reflecting continuity across Menlo’s recent fund strategy.

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.

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.

Oakley Capital Fund VI is the sixth flagship fund from pan-European private equity manager Oakley Capital. Launched in September 2024 and closed in March 2025, the fund raised €4.5 billion — reaching its hard cap in just six months — and marking a 58% increase over its predecessor, Fund V. This successful raise reflects strong investor demand and continued confidence in Oakley’s distinctive investment strategy. The fund focuses on acquiring founder-led, mid-market private companies across Europe. It aims to drive growth through buy-and-build strategies, operational transformation, and international expansion. With a larger pool of capital than prior funds, Fund VI offers enhanced flexibility — allowing Oakley to pursue a higher volume of transactions or commit more capital per deal. Oakley Capital Fund VI concentrates on four core sectors: Technology, Digital Consumer, Business Services, and Education. These verticals are chosen for their strong fundamentals, growth potential, and consolidation opportunities. Oakley leverages its expertise and network to support companies in scaling operations, improving margins, and executing M&A strategies. While its primary geographic focus is Europe, Oakley places particular emphasis on Iberia (Spain and Portugal), where it sees significant growth and deal origination opportunities. The fund typically targets companies with enterprise values ranging from €200 million up to €1 billion+, operating in fast-growing niches with recurring revenues and strong EBITDA margins. Oakley’s global LP base also positions it to support internationalization and cross-border expansion.

The Onex Partners V fund is a flagship buy‑out vehicle of Onex Corporation, targeting upper‑middle market companies in North America and Europe. It leverages Onex’s long‑standing private equity platform and deep experience in control investments across business services, consumer, industrial and financial sectors. With an approximate size of US $7.15 billion, the fund is deployed to make controlling equity investments, typically in companies with significant existing scale, strong management teams and sustainable competitive positions. Onex Partners V emphasises a hands‑on approach: partnering with management teams to accelerate growth, operational improvement and strategic expansion, while maintaining discipline in transaction size (targeting roughly US$200‑750 million of equity per deal) and portfolio diversification by sector and geography. The fund’s geographical mandate encompasses the U.S., Canada and Europe, and it focuses on sectors including consumer products & services, financial services and business services (B2B) as well as industrial supplies and parts. The strategy aims to create value through operational initiatives, bolt‑on acquisitions and selective leverage, delivering attractive returns to limited partners.

PAI Froneri Continuation Fund is a dedicated single‑asset continuation vehicle created to acquire and hold PAI Partners’ 50 % interest in Froneri, the global ice‑cream business that PAI formed in joint venture with Nestlé. The fund was structured to provide liquidity to existing investors while enabling PAI to retain upside exposure to a high‑growth consumer platform. In tandem with new co‑investment from ADIA and backing from Goldman Sachs’ alternatives platform, the vehicle supports a refreshed ownership structure. Froneri itself was launched in 2016 through the combination of PAI’s R&R Ice Cream and Nestlé’s European ice‑cream operations. Over time it has evolved from a European focused private‑label ice cream producer into a global branded leader, expanding into the U.S. via the acquisition of Nestlé’s U.S. ice cream business, and building a diversified portfolio across geographies and product segments. The continuation fund backs a €3.6 billion equity transaction to recapitalize and reposition Froneri’s capital structure, bringing in new capital from ADIA and repositioning PAI’s stake into the new vehicle. The transaction was described as heavily oversubscribed, reflecting strong investor confidence in Froneri’s growth trajectory and resilience. Going forward, the fund’s strategy is to support Froneri through organic growth, operational enhancements, strategic consolidation, and continued brand expansion in existing and adjacencies markets. The continuation vehicle aligns PAI, management, and new investors for a multi‑year investment horizon, enabling Froneri to capture further scale in the global ice cream and snacking sectors.

PAI Mid‑Market Fund II is a European buy‑out fund managed by PAI Partners, domiciled in Luxembourg with management operations led from Paris. The fund builds on PAI’s inaugural mid‑market platform and aims to support growth and consolidation in medium‑sized companies across Europe. It focuses on businesses in sectors including business services, consumer & food, industrials, and healthcare, leveraging PAI’s operational expertise in these areas. Target geography includes major European markets such as France, Spain, Italy and Germany. The fund seeks enterprise value targets broadly in the range of €100‑300 million per company, with equity tickets from €70 million and above, depending on deal size and opportunity. It applies a buy‑and‑build or transformational strategy, working closely with management teams to scale operations and possibly expand cross‑border. As a successor fund, MMF II is likely to follow similar fund size, investment pacing, and ESG and operational value‑creation frameworks as the original MMF, while adapting to current market conditions and valuation landscapes.

Pacific Avenue Fund II is a buyout fund managed by Pacific Avenue Capital Partners, focused on complex corporate carve-outs and operationally intensive situations in the middle market. The fund leverages Pacific Avenue’s experience in building standalone businesses from non-core divisions of large corporations. The fund closed with over $1.65 billion in commitments, raised in a single fundraising cycle completed in under four months. This swift and oversubscribed raise reflects strong investor confidence in the firm’s track record and its differentiated strategy during a time when capital raising has been generally more challenging across private equity. Fund II includes a dedicated European sidecar of over €100 million to pursue cross-border carve-outs and platform investments. This reflects the firm’s growing international footprint, with operations and deal sourcing capabilities in both Los Angeles and Paris. Backers of the fund include a diverse set of institutional investors such as public pensions, consultants, endowments, insurance companies, funds of funds, and family offices. The fund was advised by Lazard (placement agent) and Weil, Gotshal & Manges LLP (legal counsel). With Fund II and its sidecar, Pacific Avenue now manages approximately $3.8 billion in total assets.

Pacific Equity Partners (PEP) is the seventh flagship buyout vehicle, Fund VII, in 2024 with a target size of A$3 billion. The fund held a first close at over A$1.5 billion in April 2024, reflecting strong demand from both existing and new investors.:contentReference[oaicite:74]{index=74} Fund VII continues PEP’s strategy of acquiring mid-to-large market businesses in Australia and New Zealand that have strong market positions in growing and defensible sectors. The fund aims to double the profits of its portfolio companies over the investment period through operational improvements and strategic growth initiatives.:contentReference[oaicite:77]{index=77} The fund targets a gross internal rate of return (IRR) exceeding 20% and a multiple of capital (MoC) of 2.0x over a 10-year horizon. PEP's approach involves close collaboration with management teams to drive transformational profit improvements, leveraging its extensive experience in the Australasian private equity market.</p

The target investments for Percheron Capital's Fund II are high-quality essential services businesses in North America. The firm focuses on acquiring and rapidly growing businesses with superior operating models in resilient and fragmented markets generating long-term growth. They partner with outstanding management teams and deploy a systematic operational process and functionally-designed support model to drive transformational growth at their portfolio companies. Fund II closed at its hard cap of $1.55 billion, with commitments from a diverse, global group of investors. The significant interest in the fund reflects the quality of Percheron's team and strategy. The firm's previous fund closed at its $770 million hard cap in September 2021. Wisconsin Investment Board and the State Teachers Retirement System of Ohio are among the known investors in Fund II. Percheron's differentiated approach and its ability to identify strong essential services businesses are cited as reasons for the resounding support from returning and new limited partners. The firm's track record and outcomes have also contributed to the significant interest in Fund II. Percheron's fund counsel for Fund II was Kirkland & Ellis LLP.

Performance Direct Investments V (PDI V) is the fifth direct co-investment vehicle managed by Performance Equity Management (PEM), a private equity firm based in Greenwich, Connecticut. The fund closed at $383 million, exceeding its $300 million target. PDI V continues PEM’s strategy of partnering with leading private market managers to build a diversified portfolio of direct co-investments. The fund targets small and middle-market buyouts and growth equity investments. PEM applies a disciplined investment process to identify opportunities across sectors such as information technology, financial services, consumer and business services, and industrials. The fund primarily invests in companies located in North America and Europe. With $8.9 billion in assets under management, PEM has a strong track record of managing co-investment programs. Its senior investment team has committed more than $30 billion across 175+ private equity sponsors globally. In 2023, PEM became part of Sagard’s platform following a strategic investment, strengthening its global reach and future growth capabilities.

Roark Capital Partners VII is the flagship private equity vehicle of Roark Capital, targeting $5 billion to fuel its strategy of investing in franchise and multi-location consumer-facing businesses. The fund builds on Roark’s extensive experience in the consumer, services, and franchise sectors, where it has backed brands such as Arby’s, Dunkin’, and Subway. With more than half of its target already raised, Fund VII reflects robust investor confidence in Roark’s disciplined buy-and-build approach. The fund’s core strategy is centered around acquiring platform businesses with strong brand equity and accelerating growth through consolidation and operational improvement. Roark specializes in supporting management teams in scaling their networks, improving unit economics, and expanding footprints across geographies. Fund VII will continue this strategy with a particular focus on multi-brand platforms and growth-stage operators with potential for franchising. Roark Capital aims to deploy capital through control-oriented buyouts, platform acquisitions, and select growth partnerships. Target companies typically exhibit predictable cash flows, high customer retention, and potential for franchise replication. The fund also allows for meaningful add-on activity to bolster existing platforms, with a focus on building category leaders in fragmented industries. Fund VII reinforces Roark’s positioning within the large-cap private equity space. As fundraising continues, the firm is expected to pursue investments across North America, leveraging its operational playbook, brand development expertise, and longstanding LP relationships. The vehicle is designed to generate value through scale, network effects, and the continued expansion of its consumer and franchise-driven ecosystem. The fund aims to partner with strong operating teams, acquire businesses with predictable cash‑flows, scalable platforms and well‑positioned brands, and drive long‑term value creation through operational improvement and growth initiatives. With approximately US$5 billion in commitments, the fund targets companies typically generating revenues from around US$20 million up to US$5 billion or more, and EBITDA from roughly US$10 million up to US$500 million or above. The principal geographic focus is North America, with select international franchise‑oriented opportunities, and sectors include restaurants, health & wellness, fitness, youth/education services, consumer products and business services.

Sixth Street Opportunities Partners VI is a flexible, all-weather investment vehicle that seeks to capitalize on complex, high-value opportunities across the capital structure. The fund focuses on control-oriented transactions, asset opportunities, and corporate dislocations, employing a thematic and actively managed approach. The strategy is designed to provide downside protection while targeting attractive risk-adjusted returns. Investments may include control or minority equity, preferred equity, debt, or hybrid instruments, tailored to the specific needs of each opportunity. Sixth Street leverages its deep sector expertise and global platform to source and execute investments that are often complex and require bespoke solutions. The fund aims to deliver value through active management and strategic partnerships.

Spark Capital VIII is an early stage VC fund managed by Spark Capital, out of Boston, Massachusetts. The $770 million fund will invest in early stage companies across a variety of sectors. Spark Capital's portfolio is composed of companies in the following sectors: Crypto & Fintech, AI, Frontier tech, Marketplaces, Enterprise & Consumer. Gunderson Dettmer represented Spark Capital in the formation of Spark Capital VIII.

Strategic Value Special Situations Fund VI is the latest flagship fund from SVPGlobal, targeting distressed and special situation investments worldwide. The fund is designed to identify mispriced or underperforming credit and equity opportunities, focusing on companies experiencing operational or financial distress. With a flexible mandate, the fund invests across the capital structure—including debt, equity, and hybrid instruments—tailoring its approach to the unique needs and dynamics of each situation. This adaptability allows SVPGlobal to pursue opportunities across industries and regions, optimizing for value creation and downside protection. The strategy emphasizes hands-on value enhancement. Fund VI leverages SVPGlobal’s deep expertise in restructuring, turnaround execution, and stakeholder negotiation to unlock trapped value in distressed businesses. The fund often takes an active role in governance and strategic decision-making to guide portfolio companies toward recovery and growth. Strategic Value Special Situations Fund VI continues SVPGlobal’s legacy of producing strong returns through contrarian investing, capitalizing on inefficiencies in global credit markets, particularly during periods of volatility or economic transition.

TPG Partners X is the latest flagship buyout fund from TPG, aiming to raise $13 billion. This target reflects a strategic adjustment from the $14–$15 billion goal of its predecessor, TPG Partners IX, which closed at just over $12 billion. The revised target acknowledges the current fundraising challenges in the private equity landscape, influenced by factors such as increased interest rates and market volatility. The fund is designed to make significant investments, with plans to write checks of approximately $1 billion per deal. TPG Partners X will focus on acquiring businesses in the healthcare, information technology, services, and consumer sectors. This approach aligns with TPG's strategy to capitalize on market dislocations and invest in sectors with strong growth potential. Despite the headwinds in the fundraising environment, TPG continues to demonstrate resilience and adaptability. The firm holds $57 billion in deployable capital across various investment classes and has recently made notable investments, including the $2.2 billion take-private of fintech firm AvidXchange and the acquisition of digital infrastructure investment firm Peppertree Capital Management. These moves underscore TPG's commitment to identifying and seizing investment opportunities in a dynamic market.

Tiger Global PIP Fund XVI, located in New York, is an early-stage venture capital fund managed by Tiger Global Management. The fund targets to invest in the artificial intelligence, machine learning, software, consumer and fintech sectors globally. Previous funds of Tiger Global Management have invested in hundreds of companies across more than 30 countries. According to sources,Tiger Global has raised $2.2 billion for Tiger Global PIP Fund XVI. Tiger Global started raising for its 16th fund in October 2022 and had received commitments of about $2 billion by the middle of last year. But it only received further commitments of just $200mn in last months.

TowerBrook Investors VII represents the next flagship vehicle of TowerBrook Capital Partners, aimed at building on the firm’s trans‑Atlantic private equity platform and longstanding focus on buy‑out investments. The fund is expected to deploy capital in companies where the firm can partner with strong management teams to drive operational transformation, improve market positioning, and build resilient service‑led businesses. The strategy reflects TowerBrook’s identity as a “modern value investor” focused on services businesses across North America and Europe.In terms of geography, the fund is expected to invest in mid‑to‑large companies in both Europe and North America, acknowledging TowerBrook’s dual‑headquarters in London and New York and the firm’s recent push to deepen its footprint across Europe, the Middle East and the Nordics.While the fund is still being raised, the deployment strategy is anticipated to emphasise control‑oriented capital (and potentially structured or minority investments where appropriate) in companies with proven business models and strong management teams. The value creation thesis will leverage TowerBrook’s operational capabilities, its emphasis on responsible ownership (including ESG integration) and a disciplined approach to transaction structure and transformation.