Consumer

4×4 Fund III is the third flagship buyout fund raised by 4×4 Capital, a New York-based middle-market private equity firm founded in 2018. The firm was established by Alex Medicis, Paulo Macedo, and Rafael Teixeira, with a concentrated investment strategy focused on the US consumer and consumer-adjacent market. According to an amended SEC Form D filing submitted in October 2024, 4×4 Fund III recorded a total offering of approximately $365 million, making it the largest vehicle in the firm's fund family to date. Aggregate committed capital across all 4×4 Capital funds reached $675 million with over $2 billion in enterprise value transacted as of early 2026. The fund pursues a control-oriented buyout strategy targeting middle-market companies across the consumer products, consumer services, and industrial sectors in North America. 4×4 Capital invests equity checks in the $100–500 million range, seeking majority or 100% acquisition positions in businesses where active ownership and operational improvement can drive outperformance. The firm's sector-specialist approach allows the investment team to leverage deep knowledge across branded consumer, food and nutrition, and consumer-adjacent industrial platforms to identify and build scalable businesses. Prior funds in the 4×4 Capital family demonstrated this sector depth: 4×4 Fund I was dedicated to the healthy snacking and nutrition space, while 4×4 Fund II focused on building a frozen food platform. Portfolio investments by the firm include Yelloh (formerly Schwan's Home Delivery), one of the largest door-to-door frozen food delivery services in the United States, and 1440 Foods, an active nutrition platform holding brands such as Pure Protein, Met-RX, Body Fortress, FitCrunch, and Balance Bar. 4×4 Fund III continues this investment thesis, targeting the next generation of consumer and industrial platform businesses in the US middle market.

AC Ventures Fund V (ACV Capital V L.P.) is the fifth flagship fund of AC Ventures (ACV), a Jakarta-headquartered venture capital firm dedicated to backing technology-enabled businesses across Indonesia and Southeast Asia. The fund achieved its final close in January 2024, raising $210 million in capital commitments including co-investment vehicles, bringing AC Ventures' total assets under management to over $500 million across five funds. With over 90% of commitments from institutional capital and more than 50% from returning limited partners—including the World Bank's International Finance Corporation (IFC) alongside prominent institutions from the United States, the Middle East, and North Asia—ACV Fund V reflects the firm's established track record as one of Southeast Asia's most active early-stage investment platforms. ACV Fund V invests primarily at early to growth stages, deploying initial checks of $2 to $5 million into tech-enabled companies building solutions for Indonesia and the broader Southeast Asian market, with the capacity to commit $20 to $30 million in follow-on capital for high-growth portfolio companies aligned with the firm's impact goals. The fund targets approximately 25 new companies across fintech, e-commerce, consumer technology, logistics, climate technology, and MSME (micro, small, and medium enterprise) enablement—extending AC Ventures' existing portfolio of over 120 startups. Indonesia's position as approximately 40% of the region's total economic output anchors the fund's geographic thesis, while the climate mandate introduced in Fund V reflects AC Ventures' role as a signatory of IFC's Invest2Equal program and the UN Women's Empowerment Principles. AC Ventures' track record across predecessor funds demonstrates a +37% impact ratio versus the Nasdaq Small Cap average of +29%, with a portfolio emphasizing diversity: the firm operates with 50% female senior leadership and reports 41% female C-level representation across its portfolio companies. ACV Fund V launched its first close at approximately $162.5 million in September 2022 (65% of its $250 million target) before completing its final close at $210 million in January 2024. Among the fund's early investments are MAKA Motors, Indonesia's leading electric vehicle developer, and Koltiva, a sustainable farming platform connecting smallholder farmers to global supply chains—both exemplifying AC Ventures' dual mandate to generate financial returns while delivering measurable environmental and social impact across Southeast Asia's emerging digital economy.

ACV Capital AC Ventures Malaysia Southeast Asia Frontier Fund LP (also referred to as the Southeast Asia Frontier Fund, or SEAFF) is managed by ACV Capital Malaysia, the Kuala Lumpur-based arm of AC Ventures — one of Southeast Asia's leading early-stage venture capital firms with over US$500 million in AUM across its fund series. The fund was selected as one of eight fund managers under Malaysia's Dana Penjana Nasional (DPN) government fund-of-funds programme, combining government-backed capital from Penjana Kapital with strategic co-investors including Translink Capital, Vertex Force, and international institutional partners from South Korea and Taiwan. The fund deploys capital into tech-enabled startups at Series A and Series B stages that demonstrate cross-border expansion potential across Southeast Asia. Thematic priorities include fintech, consumer technology, logistics, healthcare, automotive, and agriculture-food — with a strategic emphasis on bridging the Malaysian and Indonesian markets and enabling Malaysian startups to access Indonesia's large and growing economy. The fund is led by Managing Partner Hann Yeoh and operates from Kuala Lumpur, with close collaboration with the broader AC Ventures platform based in Jakarta. Portfolio highlights include Carsome (ASEAN's leading used-car marketplace, confirmed unicorn), Xendit (Indonesian payments infrastructure, unicorn), and Food Market Hub (a B2B F&B procurement platform). The fund had deployed approximately RM 200 million (US$48 million) as of late 2021, targeting a total of RM 300 million (US$72 million) at final close. Confirmed limited partners include Dana Penjana Nasional (Malaysia Ministry of Finance fund-of-funds) and GrandTech, a Taiwan-based digital experience operator that also provides cloud optimization services to portfolio companies.

ACV Capital V (also known as ACV Fund V) is the fifth investment fund raised by AC Ventures, a growth-stage venture capital firm headquartered in South Jakarta, Indonesia, founded in 2014 by managing partners Pandu Sjahrir, Adrian Li, and Michael Soerijadji, with Helen Wong serving as an additional Managing Partner for this vehicle. The fund reached its final close in January 2024 at US$210 million, including co-investment vehicles, against an initial target of US$250 million set at its 2022 first close. More than 50% of capital came from limited partners who reinvested from AC Ventures’ prior funds, with over 90% of total commitments from institutional investors. Key backers include the World Bank’s International Finance Corporation (IFC) and leading financial institutions from the United States, Middle East, and North Asia. ACV Capital V is domiciled in the Cayman Islands and managed by ACV Capital, the investment management entity of AC Ventures, which oversees over US$500 million in assets under management across its five-fund family. ACV Capital V invests in growth-stage technology-enabled businesses in Indonesia and the broader Southeast Asian region, concentrating on verticals where digital adoption is reshaping large established sectors. Core sectors include fintech, e-commerce and consumer retail, MSME enablement, health technology, logistics, and climate-oriented technology including electric mobility and sustainable agriculture. The fund writes initial tickets of US$2–5 million and can deploy up to US$20–30 million per company through multiple follow-on rounds, allowing AC Ventures to lead later financing rounds in its highest-conviction portfolio companies. The investment thesis emphasizes businesses addressing structural shifts in consumption and the digitalization of Indonesia’s large informal economy. The fund formally integrates environmental, social, and governance (ESG) metrics into its screening and portfolio monitoring, reflecting an impact-oriented philosophy that links commercial returns with measurable benefits for Southeast Asia’s digital economy. At final close in January 2024, ACV Capital V was expected to back approximately 25 new companies, extending AC Ventures’ existing portfolio beyond 120 startups. The fund drew IFC investment as a signal of its impact credentials, and over 50% institutional LP re-up rate confirms confidence in the prior fund’s returns. Notable portfolio companies reflect the fund’s climate and digital focus: Koltiva (sustainable agriculture), MAKA Motors (electric vehicles), and IDEAL (consumer finance, an early investment). Fifty per cent of AC Ventures’ senior leadership are women, and the firm reports 41% female C-level representation across portfolio companies. The fund extends AC Ventures’ track record as one of the most active technology investors in the Indonesian startup ecosystem.

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.

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

Adenia Capital (III), formerly known as I&P Capital III, is a pan-African private equity fund managed by Adenia Partners, a specialist impact-oriented private equity firm focused on sub-Saharan Africa. The fund raised EUR 95.8 million in capital commitments, making it one of the largest dedicated private equity vehicles focused on the Indian Ocean region including Mauritius, Madagascar, Seychelles, and the Comoros, as well as West Africa, at the time of its raise. Adenia Capital III is structured as a 10-year closed-end fund targeting primarily control and majority positions in small and medium-sized companies in its focus markets. The fund's investment strategy centers on backing locally rooted businesses operating in sectors with strong domestic consumption drivers: consumer goods, financial services, healthcare, and agribusiness. Adenia Partners seeks companies with experienced management teams and genuine growth potential in markets where access to long-term private capital remains scarce. Portfolio companies typically have revenues between EUR 5 million and EUR 50 million, and the fund invests between EUR 3 million and EUR 15 million per transaction, with flexibility to provide follow-on capital to accelerate expansion across priority markets. Adenia Partners was founded in 2000 and is headquartered in Mauritius, with local teams across Abidjan, Dakar, and Nairobi, maintaining on-the-ground presence across its priority markets. Adenia Capital III attracted a broad coalition of development finance institutions as limited partners, including the European Investment Bank (EIB), the International Finance Corporation (IFC), Swedfund, FMO, BIO, CDC, and DEG, alongside local institutional investors such as the Sugar Industry Pension Fund of Mauritius. The fund was succeeded by Adenia Capital IV (EUR 230 million, 2017) and Adenia Capital V ($470 million, 2023).

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 the fifth flagship private equity fund managed by Adenia Partners, a Pan-African buyout firm founded in 2002 and headquartered in Mauritius. The fund closed oversubscribed at its $470 million hard cap in April 2024, becoming Adenia's largest vehicle to date and its first fully Pan-African fund. It builds on the firm's on-the-ground presence across eight African markets — Kenya, Madagascar, Ghana, Côte d'Ivoire, South Africa, Nigeria, Morocco, and Mauritius — deploying capital across the continent's fastest-growing private sector segments. Adenia Capital V pursues control investments in medium-sized companies with proven business models and meaningful potential for operational and ESG improvement. The fund targets 10 to 12 platform investments with median deal sizes of $30 million to $50 million, deploying across financial services, agribusiness, renewable energy, consumer goods, telecommunications, healthcare, education, business services, light manufacturing, and specialty distribution. The fund carries 2X Flagship Fund designation, reflecting its commitment to advancing gender equality through leadership promotion and quality employment creation across portfolio companies. The fund attracted commitments from a broad base of global and African institutional investors. Returning limited partners — representing 60% of total commitments — include DEG, EIB, FMO, IFC, Proparco, SIFEM, and South Suez, with existing investors more than doubling their average ticket sizes. New investors include DFC, Findev Canada, Norfund, the Public Investment Corporation of South Africa, and pension funds from Kenya and Ghana, alongside European family offices and US impact foundations. The fund succeeded AC(IV), which closed at €230 million in 2017, reflecting Adenia's consistent growth in institutional capital raised per vintage.

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

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

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

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

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

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

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

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

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 equity fund raised by Arbor Investments, a Palm Beach-based private equity firm and one of the longest-standing specialist investors in the North American food and beverage sector. The fund achieved final close with over $1.2 billion in capital commitments across the main fund and parallel vehicle Arbor Investments VI-A, bringing total firm assets under management to approximately $3.1 billion as of early 2024. The fund is a successor to Arbor Investments V, which raised $1.5 billion in 2020, and represents Arbor's continued exclusive focus on the food and beverage industry over its 26-year investment history. Arbor Investments VI pursues control-oriented buyout investments in mid-market food, beverage, food packaging, and food service companies in the United States. The fund targets businesses benefiting from durable consumer demand, where Arbor's deep sector knowledge and established supplier, retailer, and distribution relationships can drive operational improvements, brand building, and strategic add-on acquisitions. Founder Gregory Purcell and the Arbor team bring over two decades of food sector specialization, enabling the firm to evaluate proprietary deal flow and create value in niche markets inaccessible to generalist private equity buyers. Arbor Investments VI launched with the recapitalization of Rubix Foods, a culinary science and innovative flavors provider formerly known as Darifair Foods. Subsequent investments include Furlani Foods and Acxion Foodservice. The fund continues Arbor's track record as a distinctive specialist vehicle in the mid-market buyout landscape, with exclusive sector focus differentiating the firm's sourcing and value creation capabilities from generalist competitors.

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

Aruwa Capital Fund II is the second venture capital and impact fund of Aruwa Capital Management, a Lagos-based investment firm founded by Adesuwa Okunbo Rhodes. The fund targets high-growth businesses in Nigeria and Ghana with a mandate that combines commercially attractive returns with measurable positive social impact. Fund II began fundraising in November 2023, and by May 2025 had reached a second close of $35 million, representing approximately 90% of its initial $40 million target. The fund subsequently raised its target to $50 million with a hard cap of $60 million. Aruwa Capital Fund II targets early- and growth-stage companies in healthcare, financial services, energy access, and consumer goods sectors in Nigeria and Ghana. The fund employs a dual-return thesis, seeking both competitive financial returns and quantifiable impact outcomes including job creation, improved healthcare access, expanded financial inclusion, and climate resilience. Investment sizes typically range from $1 million to $5 million per company. The fund applies a gender-lens investing framework, with particular attention to businesses led by women or serving women as a primary customer segment, consistent with Aruwa's identity as a female-founded firm. Key institutional investors in Fund II include British International Investment (BII), the UK's development finance institution, the Mastercard Foundation Africa Growth Fund, Visa Foundation, and Nigeria's Bank of Industry. Aruwa Capital successfully closed its inaugural Fund I at $20 million and published a comprehensive Impact Report in 2023 documenting portfolio performance. Fund II represents a significant step-up in scale and reflects growing institutional confidence in high-growth African markets.

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.

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

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

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

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

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

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.

BroadLight Capital Fund I is the $225 million inaugural growth equity fund managed by BroadLight Capital, a New York-based private investment firm founded in January 2021 by David Dorfman, Kevin Yorn, and Rick Yorn. The fund employs a differentiated late-stage venture and growth equity strategy that pairs financial capital with a proprietary network of globally recognized artists, athletes, creators, and entertainment personalities who serve as operating advisors and distribution accelerators for portfolio companies. This cultural and consumer network is a distinctive competitive advantage that BroadLight leverages to help investee businesses reach mainstream audiences faster than conventional growth equity models. BroadLight Capital Fund I targets high-growth technology, media, consumer, and entertainment companies, with an emphasis on businesses where cultural access, brand building, and consumer distribution represent meaningful levers for value creation. The fund's sector focus spans AI and voice technology, legal technology, healthcare technology, and digital media — sectors where distribution, brand, and community are increasingly decisive competitive factors. Among the fund's notable portfolio companies is ElevenLabs, the AI voice platform that crossed $500 million in ARR in 2026 and raised $500 million in a Sequoia-led round at an $11 billion valuation. BroadLight Capital Management LLC is registered as an investment adviser with the SEC (CRD #315015) and operates from its New York headquarters. The firm's founding partners bring a deep background in both financial structuring and creative industry deal-making, giving BroadLight a dual competency that differentiates its approach in the growth equity market.

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

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

CRV (formerly Charles River Ventures) is one of the world's oldest active venture capital firms, backing technology founders continuously since 1970. The CRV 20th Flagship Fund is the firm's twentieth primary fund vehicle, raised at $750 million and formally closed in August 2025. The fund represents a deliberate downsize relative to CRV's prior $1 billion flagship, reflecting the firm's conviction that early-stage returns compress at scale. Notably, CRV returned $275 million of unallocated capital from its prior $500 million Select late-stage vehicle before beginning the new raise, signaling a full refocus on early-stage opportunity and meaningful ownership in each portfolio company. The fund invests exclusively at the seed and Series A stages in the United States, organized around two founding themes: consumer companies and developer tools (devtools). These verticals distill CRV's observed edge over five decades: the firm has backed consumer-first breakouts including DoorDash and Mercury, and developer tooling leaders including Vercel and CodeRabbit. CRV leads rounds rather than following, with a stated commitment to deliver term sheets within 24 hours of meeting a founding team. No companion late-stage vehicle is being raised alongside this fund, ensuring portfolio focus and maximum ownership depth at entry. The CRV 20th Flagship Fund raised commitments from a deep institutional LP base in approximately four weeks, with investor demand reported at double the $750 million hard cap — an unusually fast close pace for a fund of this size. Since 1970, CRV has backed over 750 startups, of which at least 80 have gone public. The fund entered an active Investing phase immediately following its August 2025 close and will deploy capital over a standard 3 to 4 year investment period into seed and Series A companies primarily in the United States technology ecosystem.

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 Asia Partners I (CAP I) is the inaugural Asia-Pacific buyout fund managed by The Carlyle Group, one of the world's largest and most diversified global investment firms. Launched in 1999 with a final close of USD 750 million, CAP I represents Carlyle's first dedicated vehicle for leveraged buyout and control transactions across the Asia-Pacific region, marking the firm's strategic entry into the continent following the establishment of its first Asian offices in 1998. The fund targets control and co-control transactions in established, profitable companies operating across the dynamic economies of Asia. CAP I's investment mandate covers buyout and majority control transactions in large and mid-sized companies across Greater China, South Korea, Taiwan, Southeast Asia, and Australia. The fund focuses on select high-growth sectors including financial services, media and telecommunications, consumer goods, and industrial manufacturing, where Carlyle's global network and operational expertise can accelerate portfolio company value creation. The strategy emphasizes active ownership, strengthening management teams, implementing best practices in corporate governance, and leveraging Carlyle's international industry relationships to drive growth through strategic acquisitions and partnerships. CAP I was among the pioneering institutional buyout vehicles in the Asia-Pacific region, investing at a time when private equity was in its infancy across most of the continent. Notable early investments included Taiwan Broadband Communications and Office Depot China, demonstrating Carlyle's cross-sector and multi-market approach. CAP I established the blueprint for a fund family that has grown substantially through successive vintages: CAP II ($1.8 billion, 2002), CAP III ($2.55 billion, 2008), CAP IV ($3.88 billion, 2013), and CAP V ($6.55 billion, 2018), cementing Carlyle as one of the premier private equity franchises in Asia-Pacific with more than USD 18 billion invested and over 160 companies partnered across the continent.

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.

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

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

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

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

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

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

Clarion 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..

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

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

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

Companion Fund I is a $100 million corporate venture capital fund co-created by Mars Petcare and managed by Digitalis Ventures, a specialist animal health investment firm. Launched in March 2018, Companion Fund I represents the first institutionalized dedicated venture fund focused exclusively on the global pet care industry, bringing together the strategic resources of Mars Petcare, the world's largest pet care company, with the investment expertise of Digitalis Ventures to back early and growth-stage companies advancing the health, well-being, and quality of life of companion animals. The fund operates globally with offices in New York City, San Francisco, Los Angeles, and London, and invests across the full scope of pet care innovation. Companion Fund I invests primarily across Digital Health for companion animals, advanced Diagnostics, Nutrition, and Veterinary Services and technology, targeting companies applying technology, life sciences, data science, and behavioral insights to improve pet health outcomes and strengthen the human-animal bond. Investment stage encompasses both early and growth-stage opportunities, enabling the fund to support companies from initial product development through commercial scale-up. The fund has made 30 investments in companies across its target verticals, including Wild Earth (plant-based pet food), MySimplePetLab (at-home pet health diagnostics), Mixlab (specialty pet pharmacy), Smalls (fresh pet food subscription), and Scratch (fresh pet food for cats), among other innovative pet care businesses. The Companion Fund I model combines Mars Petcare's deep industry network, distribution relationships, retail channel access, and commercial expertise with Digitalis Ventures' independent investment governance and venture operating capabilities, creating a distinctive corporate-VC hybrid structure designed to provide portfolio companies with both capital and strategic value. The fund established the first pure-play institutional venture vehicle for the pet care sector and has since been succeeded by Companion Fund II, a $300 million vehicle co-launched by Mars and Digitalis Ventures in 2023 to continue and expand upon the thesis pioneered by the first fund, validating both the investment strategy and the corporate-VC partnership model.

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.

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

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

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."

Encore Consumer Capital Fund III is the third flagship buyout fund managed by Encore Consumer Capital, a private equity firm specialising in lower middle market consumer brands in the United States. The fund reached a first and final close in July 2015 at $260 million, meeting its hard cap after a rapid two-month fundraise. The close significantly exceeded the fund's target size of $225 million, reflecting strong re-commitment rates from existing limited partners and new institutional investors who recognised the firm's track record in consumer-focused investing. Encore Consumer Capital targets established consumer brands with annual revenues between $10 million and $150 million, operating in the underserved lower middle market of the US consumer sector. The firm focuses on consumer staples including food and beverage, personal care, household products, and specialty consumer goods. Encore applies deep operational expertise in marketing, brand building, retail channel development, and supply chain optimisation to accelerate revenue and EBITDA growth in portfolio companies. Fund III's strategy continued Encore's established playbook of acquiring majority control stakes in founder-led or family-owned businesses and applying institutional resources to accelerate their development. By the time Fund III closed, Encore had raised approximately $640 million in prior committed capital across its predecessor funds, building a track record across more than 38 consumer investments. Fund III was reported as the firm's highest-returning fund, with returns strong enough to generate exceptional LP re-commitment rates for subsequent vehicles: Fund IV closed at $258 million in February 2024 and Fund V closed at $350 million in less than five months of fundraising. Encore Consumer Capital is based in San Francisco, California and invests exclusively in North American consumer businesses.

Endeavor Catalyst IV is the fourth co-investment fund in the Endeavor Catalyst series, managed by Endeavor Catalyst, the investment arm of Endeavor, the global nonprofit supporting high-impact entrepreneurship in emerging and underserved markets. The fund held its final close in June 2022 at USD 292 million, surpassing its original target of USD 200–250 million, and brought total assets under management across all Endeavor Catalyst vehicles to over USD 500 million since the series' inception in 2012. The fund is backed by more than 100 Endeavor Entrepreneurs as limited partners, alongside prominent global investors and founders. Endeavor Catalyst employs a rules-based co-investment model, investing exclusively in companies led by entrepreneurs who have been selected into Endeavor's global network. The fund co-invests in priced equity rounds, primarily at Series A, B, and C stages, alongside leading institutional venture capital and growth equity funds including Andreessen Horowitz, General Atlantic, Insight Partners, Lightspeed Venture Partners, and SoftBank. The geographic mandate spans 35 or more emerging markets including Brazil, Mexico, Indonesia, Pakistan, the Middle East, Africa, and Southeast Asia, with sector allocations across fintech, consumer tech, and enterprise software. Endeavor Catalyst IV attracted LP commitments from iconic technology founders including Reid Hoffman (LinkedIn), Marcin Zukowski (Snowflake), Kevin Ryan (DoubleClick, MongoDB), and Bill Ackman (Pershing Square), as well as over 100 Endeavor Entrepreneurs representing more than 30% of the LP base. As of the fund's closing, the cumulative Endeavor Catalyst portfolio had generated 49 unicorn-valued companies, nearly 2 million jobs, and USD 17 billion in annual revenue. Endeavor Catalyst manages USD 540 million or more in AUM across all fund vehicles as of 2024.

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.

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

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.

Growth Equity at Goldman Sachs Alternatives is Goldman Sachs Asset Management's dedicated growth equity platform, one of the largest and most tenured specialist growth investors globally, active since 2003 with over $13 billion invested across its history. The platform operates under the Goldman Sachs Alternatives umbrella alongside private equity, credit, and real assets strategies. The most recent flagship fund vehicle, West Street Global Growth Partners I, closed at $5.2 billion in 2023, making it one of the largest growth equity fund closes of that vintage year. The platform pursues minority growth equity investments in high-growth, technology-driven businesses that have achieved product-market fit and are scaling rapidly. Target companies operate across enterprise technology, financial technology, healthcare, and consumer sectors at the commercial or growth stage. Average investment sizes are approximately $50 million per company. Goldman Sachs deploys its proprietary GS Value Accelerator — an operational platform covering talent acquisition, commercial development, and international market expansion — to differentiate its value proposition from traditional passive growth investors and drive accelerated value creation across the portfolio. Led by global managing partners Darren Cohen in New York, Nishi Somaiya in London, and Stephanie Hui in Hong Kong, the platform has established itself as a conviction-led, operationally engaged growth investor with a genuine global reach across North America, Europe, and Asia Pacific. A successor fund, West Street Growth Equity Partners II, commenced fundraising and had raised approximately $555 million as of early 2026, demonstrating continued institutional LP demand for Goldman Sachs's growth equity capabilities. Goldman Sachs Asset Management manages approximately $300 billion in alternatives assets under supervision globally.

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

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

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

HIKE Capital (山行资本, pronounced Shānxíng Zīběn) is an independent early-stage and growth-stage venture capital firm founded in December 2015 by Yang Haoyong and Xu Shi, two of China's most successful technology entrepreneurs. Yang Haoyong co-founded Ganji.com (赶集网), one of China's earliest classified advertisement platforms, and later founded CARS Group (车好多), which went public on the Nasdaq. Xu Shi founded the NetEase News App, China's leading personalized news aggregation product. HIKE Capital operates as a founders' fund in the truest sense — built by founders, for founders — and maintains headquarters in Beijing's Chaoyang District. HIKE Capital employs a dual-currency investment strategy, deploying both USD and RMB vehicles to maximise access to the full spectrum of Chinese technology investing. The firm focuses on three primary sector pillars: transportation and new energy (a natural extension of the founders' deep expertise in automotive marketplaces and mobility), new consumer goods (consumer brands benefiting from China's growing middle-class spending power), and digital intelligence (companies at the intersection of AI, data, and enterprise software). HIKE Capital typically invests at the early stage with a demonstrated ability to support companies through growth to pre-IPO rounds, including IPOs on US and Hong Kong exchanges. HIKE Capital's portfolio includes several highly visible outcomes that validate its founders' advantage in identifying category-defining companies. Li Auto (NASDAQ: LI, HK: 2015) — China's leading extended-range electric vehicle manufacturer — became one of the most valuable EV companies globally. RLX Technology (NYSE: RLX), China's dominant electronic cigarette brand, delivered a successful US IPO. Guazi Used Cars (车好多旗下瓜子二手车), a direct spinout of Yang Haoyong's CARS ecosystem, became China's largest used car platform. Fenbi (粉笔), China's leading vocational and civil-service examination prep platform, IPO'd in Hong Kong in 2022. These exits collectively demonstrate HIKE Capital's ability to back companies from early-stage conviction to public market liquidity.

Closed in January 2011 with commitments of €177 million, HV Holtzbrinck Ventures Fund IV is the fourth venture capital fund managed by HV Capital (formerly Holtzbrinck Ventures) — one of Germany's largest and most established venture capital firms, headquartered in Munich. The fund was co-capitalized by the Georg von Holtzbrinck publishing and media group together with HarbourVest Partners, a leading global private equity fund-of-funds investor, reflecting early institutional recognition of HV Capital's track record in German and European technology venture investing. HV Holtzbrinck Ventures Fund IV invested across the full growth stage spectrum, from early-stage through growth equity, targeting technology-driven businesses in information technology, telecommunications and media (TMT), and e-commerce — sectors undergoing rapid expansion in the German-speaking and broader European market in the early 2010s. The fund applied HV Capital's differentiated approach of founder-focused mentorship, deep domain expertise in consumer internet and B2B software, and strategic access to the Holtzbrinck group's extensive media and publishing network, which provided portfolio companies with content distribution and commercial partnership opportunities across European markets. HV Fund IV formed part of a family of three parallel vehicles — HV IV, HV V, and HV Coinvestment Fund — which collectively invested from 2010 to 2015. In February 2022, HV Capital established HV COCO Growth, a €430 million continuation fund designed to steward the remaining assets from those three vehicles through their divestment phase, reflecting the maturity and ongoing portfolio management requirements of this fund generation. HV Capital today manages over €2.8 billion in assets and has invested in approximately 250 technology companies, making it one of Europe's most prominent multi-stage venture capital firms.

Halogen Ventures Fund III is the third flagship fund of Halogen Ventures, an early-stage venture capital firm founded in 2015 by Jesse Draper—a fourth-generation venture capitalist and daughter of Tim Draper. The fund held its final close on June 27, 2025, raising $30 million in commitments, continuing Halogen's progression from a $10.41 million Fund I (2018) and a $21 million Fund II (2021). Limited partners include the State of Alabama's Innovate Alabama initiative, Fenwick's Fund of Funds, entrepreneur Candace Nelson (founder of Sprinkles Cupcakes), Gingerbread Capital, Mike Evans (co-founder of Grubhub), and Lanyon Advisors. Fund III sharpens Halogen's 'Future of Family' thesis, prioritising the $7.5 trillion market opportunity in childcare, child and youth services, family technology, and EdTech for modern working families. The fund invests at the pre-seed and seed stages in companies founded or co-founded by women, addressing systemic gaps in U.S. childcare infrastructure and the broader needs of modern households. Alongside family-focused verticals, Fund III continues Halogen's broader mandate to back female founders innovating across consumer technology, digital health, and business software—sectors where Halogen has consistently identified overlooked talent generating outsized risk-adjusted returns. Over two prior funds, Halogen built a diversified portfolio of female-led companies across consumer tech, healthcare, and enterprise software. Jesse Draper and the Halogen team have backed companies including Little Otter (pediatric mental health), Kinside (childcare marketplace), and Zing Health (Medicare insurance), demonstrating a consistent ability to identify mission-driven founders in underserved markets. Halogen's growing LP base—including state economic development funds, institutional fund-of-funds, and prominent entrepreneurs—reflects increasing institutional recognition of gender-lens investing as a differentiated and commercially compelling strategy.

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.

ICICI Venture IVen Amplifi Fund is an early-growth stage alternative investment fund (AIF Category II) managed by ICICI Venture Funds Management Company Limited, the private equity and alternative assets arm of ICICI Bank, one of India's largest private sector banks. Registered with SEBI as IN/AIF2/23-24/1341 and launched in 2023, the IVen Amplifi Fund marks ICICI Venture's strategic return to the Indian venture and early-growth capital segment, targeting technology-led businesses immediately after their Series A or at the early Series B stage. The fund is co-headed by Sharad Malpani, a director at ICICI Venture, and operates from the firm's offices at ICICI Venture House in Mumbai, India. The fund's investment mandate is sector agnostic within India's high-growth digital economy, with a primary focus on the financial technology (fintech), consumer technology (consumer-tech), and enterprise software (enterprise) verticals. IVen Amplifi targets companies that have achieved initial product-market fit and are ready to scale operations, customer acquisition, and geographic reach within India and potentially across Southeast Asian markets. Investment sizing and deal structure are calibrated to support growth-stage milestones including Series A to B transitions, team expansion, and platform development, with active value-add support from ICICI Venture's extensive network of corporate relationships and institutional investors. The IVen Amplifi Fund represents the continuation of ICICI Venture's four-decade history as India's leading private capital manager, having managed over INR 15,000 crore across private equity, real estate, and infrastructure strategies. Notable early investments from the IVen Amplifi Fund include Innovist (D2C consumer brands, INR 136 crore round) and Unbox Robotics (warehouse automation, USD 28 million Series B). Effective April 1, 2026, management of the IVen Amplifi Fund was transferred to ICICI Prudential Asset Management Company Limited following SEBI regulatory approval, reflecting a strategic reorganisation of ICICI Group's asset management operations.

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

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

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

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

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

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

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.

Impact America Fund III, LP is a $112 million early-stage venture capital and impact fund managed by Impact America Fund, a 100% Black female-owned investment firm headquartered in Oakland, California. The fund closed in June 2023, at which point the firm's total assets under management reached $177 million across its fund family. General Partner Kesha Cash founded Impact America Fund in 2015 with the thesis that technology-enabled businesses serving Black and Brown workers, families, and small businesses in the United States represent both a significant market opportunity and a pathway to expanding economic agency for underserved communities. The fund is widely recognised as one of the first and most influential impact venture vehicles targeting this demographic, with a track record of market-rate returns combined with measurable social impact outcomes. Impact America Fund III invests at the Seed through Series A stages in technology-enabled businesses that create expanded economic participation for communities of colour across five thematic areas: financial inclusion and wealth-building, healthcare access and affordability, future of work and economic mobility, consumer technology, and housing and community development. The fund plans to invest in approximately 30 companies per fund cycle, with a deliberate preference for founders who have lived experience within the communities they serve — a sourcing and diligence principle that the firm believes produces better founders, stronger community fit, and more durable businesses. The fund targets market-rate financial returns while tracking rigorous impact metrics aligned with its economic empowerment thesis. Impact America Fund III attracted a distinguished roster of institutional limited partners that underscores the depth of market recognition for the firm's approach. Anchor investors included MassMutual, Health Forward Foundation, Cambridge Associates, Pivotal Ventures (Melinda French Gates), and the W.K. Kellogg Foundation. New investors in Fund III included Deutsche Bank, Marguerite Casey Foundation, and Goldman Sachs Asset Management-advised funds, while returning investors included the Ford Foundation, the John D. and Catherine T. MacArthur Foundation (committed $5 million), and the California Wellness Foundation. This LP base reflects broad validation from leading foundations, insurance companies, and financial institutions of Impact America Fund's differentiated access, underwriting capability, and social return thesis.

InCred Growth Partners Fund-I (IGPF-I) is the inaugural private equity and growth equity fund of InCred Alternatives, the alternative investment management arm of InCred Group, a leading Indian diversified financial services conglomerate. The fund closed above its INR 500 crore target, achieving total capital commitments of INR 575 crore (approximately USD 69 million) from domestic and international institutional investors, family offices, and high-net-worth individuals. Fund I is managed by investment management veteran Vivek Singla and backed by the broader InCred Group's analytical and distribution infrastructure. IGPF-I focuses on growth equity and late-stage private equity investments in India-based companies across four core themes: consumer businesses benefiting from India's rising middle-class demand, enterprise and B2B services, technology platforms (particularly SaaS, D2C, and platform businesses), and financial services. The fund targets seven to nine portfolio companies, deploying tickets of INR 40-80 crore per investment, and focuses on companies at the Series B and Series C stages with demonstrated revenue traction and a clear path to profitability. India's macro tailwinds—a 1.4-billion-person consumer market, a rapidly expanding digital economy, and supportive government policy through PLI schemes and startup incentives—underpin the fund's investment thesis. IGPF-I demonstrated early portfolio activity by participating in the Series B fundraise of Celebal Technologies, a leading enterprise AI and analytics firm. InCred Group's cross-platform presence in lending, wealth management, and asset management provides portfolio companies with access to broader financial solutions beyond equity investment.

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

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

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

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

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

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

KKR Asian Fund II is the second pan-Asia private equity fund raised by KKR & Co. Inc. (Kohlberg Kravis Roberts), one of the world's foremost alternative asset management firms with origins in pioneering leveraged buyout transactions since 1976. The fund reached its final close in July 2013 with $6.0 billion in committed capital, becoming the largest pan-Asian private equity fund ever raised at that time and representing a significant expansion from its predecessor, KKR Asian Fund I ($3.98 billion, 2007 vintage). The fund pursues a buyout and control-oriented private equity strategy across the Asia Pacific region, with capital deployed across a diverse mix of markets: approximately 25% in China, 25% in South Korea, 15% in Australia, 14% in India, and the balance across Japan, Vietnam, Singapore, and other markets. Core investment themes include consumer products, technology-enabled businesses, and sector-leading companies benefiting from Asia's long-term consumption growth, urbanization, and middle-class expansion. KKR committed $265 million of its own capital to the fund alongside LP investors. KKR Asian Fund II raised capital from 38 institutional investors globally, with 61% representing re-investments from KKR Asian Fund I LPs—reflecting Fund I's strong interim performance (13.5% net IRR, 1.48x multiple as of year-end 2012). Named LP commitments include the Canada Pension Plan Investment Board (CPPIB), New York State Teachers' Retirement System (NYSTRS), Oregon Public Employees' Retirement System ($225 million), Arizona Public Safety Personnel Retirement System, Washington State Investment Board, Cathay Life Insurance, and the W.K. Kellogg Foundation. LP capital originated 45% from the Americas, 26% from Asia, and 29% from other regions globally. The fund is domiciled in the Cayman Islands.

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.

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

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.

Lightspeed Opportunity Fund III is a $3.3 billion growth and opportunity-focused venture capital fund closed in December 2025, representing the largest single vehicle in Lightspeed's record $9 billion multi-fund raise and the cornerstone of the firm's growth-stage investment strategy. Opportunity Fund III is designed to provide flexible follow-on capital supporting AI startups and category-defining companies through Series C, Series D, and Series E+ rounds, as well as strategic new positions in growth-stage companies across Lightspeed's global portfolio. The fund reflects Lightspeed's conviction that the most significant value creation in AI will occur not only at inception but through the growth-to-scale phase where distribution advantages, customer retention, and data moats compound. Lightspeed's pioneering AI investment expertise directly informs Opportunity Fund III's strategy. Since 2012, the firm has backed 165 AI-native companies with over $5.5 billion deployed across its funds, building a portfolio that includes Anthropic (where Lightspeed is the largest investor in its $3.5B Series E), xAI, Databricks, Mistral, Glean, and Abridge — all now commanding multi-billion-dollar valuations. The Opportunity Fund series enables Lightspeed to deploy larger single checks into companies demonstrating exceptional product-market fit and defensible competitive positions, participating in major financing rounds alongside sovereign wealth funds and other top-tier institutions. The fund operates across Lightspeed's 14-office global platform spanning the United States, Europe, Israel, India, and Southeast Asia. Lightspeed has returned more than $8 billion to limited partners in recent years, with 39 IPOs and 262 acquisitions from the broader portfolio. Recent growth-stage successes include Rubrik (2024 IPO), Affirm ($30B+ market cap at IPO), and strong marks across positions in leading AI infrastructure and application companies. Opportunity Fund III's $3.3 billion mandate — oversubscribed and representing the single largest vehicle in the $9B raise — reflects broad LP confidence in Lightspeed's capacity to identify and support category leaders from seed through market dominance.

Lightspeed Venture Partners Fund XV-A is a $980 million early-stage venture capital fund closed in December 2025, representing the flagship early-stage vehicle of Lightspeed's largest capital raise in its 25-year history — a $9 billion program spanning six simultaneous fund closings. As a pioneer in AI investment since 2012, Lightspeed has deployed more than $5.5 billion across 165 AI-native companies at seed, Series A, and early Series B stages, positioning Fund XV-A to continue this leadership with fresh conviction capital. The fund leverages Lightspeed's global platform spanning 14 offices across the United States, Europe, Israel, India, and Southeast Asia, providing deep local expertise combined with worldwide network effects that few early-stage funds can replicate. Fund XV-A's investment strategy focuses on identifying and backing category-defining AI companies and technology innovators at their earliest stages — from seed through early Series A. The fund applies Lightspeed's signature depth-first approach: depth of commitment (working closely alongside founders from day one), depth of relationships (building authentic long-term partnerships), and depth of belief (staying committed through market cycles). Core sectors of focus include artificial intelligence, enterprise software, fintech, consumer technology, and healthcare. With more than $40 billion in assets under management across all vehicles, Lightspeed provides early-stage founders with not just capital but strategic guidance and access to a portfolio network of over 1,000 companies across sectors and geographies. Lightspeed's track record demonstrates exceptional execution: 39 IPOs and 262 acquisitions from its portfolio, including major exits such as Rubrik (2024 IPO), Affirm ($30B+ market cap at IPO), and Navan. Early investments in Anthropic — where Lightspeed is the largest institutional investor in its $3.5 billion Series E — as well as xAI, Databricks, Mistral, and Glean reflect the firm's consistent ability to identify category leaders at formation. The $9 billion fundraise, of which Fund XV-A represents the dedicated early-stage component, was oversubscribed across all six vehicles, reflecting sustained LP confidence in the firm's ability to generate differentiated venture returns.

Lightspeed Venture Partners Fund XV-B is a $1.2 billion early-to-mid-stage venture capital fund closed in December 2025 as the companion vehicle to Fund XV-A, together forming the core early-stage component of Lightspeed's record $9 billion multi-fund close. While XV-A targets seed and early Series A investments, Fund XV-B is designed for larger Series A rounds and selective Series B opportunities — enabling Lightspeed to maintain ownership concentration and support portfolio companies through their critical scaling phases. Both XV funds share the same investment philosophy and LP base, reflecting the firm's commitment to multi-stage continuity from company formation through growth equity. Fund XV-B leverages Lightspeed's unmatched AI expertise and global platform capabilities. With over $5.5 billion deployed into 165 AI-native companies and founding investments in category leaders such as Anthropic, xAI, Databricks, Mistral, Glean, and Abridge, the fund is positioned to support the next generation of AI companies as they scale through their Series A and Series B milestones. The fund operates across Lightspeed's 14 global offices, providing localized investment expertise, board-level support, and access to a curated network of more than 1,000 portfolio companies for customer introductions, talent recruitment, and strategic partnerships across sectors. Lightspeed's portfolio construction is informed by a 25-year track record: 39 IPOs and 262 acquisitions, including Rubrik (2024 IPO), Affirm ($30B+ IPO valuation), and Navan and Netskope achieving multi-billion-dollar outcomes. The firm has returned more than $8 billion to limited partners in recent years, reflecting strong DPI alongside still-unrealized gains in growth-stage holdings. Fund XV-B, as the larger of the two XV vehicles, will deploy capital into companies in enterprise software, artificial intelligence, fintech, consumer, and healthcare that are demonstrating product-market fit and early revenue traction at Series A and B scale.

Linzor Capital Partners II, L.P. (LCP II) is the second private equity fund raised by Linzor Capital Partners, a pan-regional middle-market buyout firm headquartered in Santiago, Chile, with offices in Mexico City, Bogota and Buenos Aires. Founded in 2006 by Tim Purcell, Alfredo Irigoin and Carlos Ingham — all veterans of J.P. Morgan's Latin American direct investment franchise, which they had managed since 1996 — Linzor closed LCP II on July 8, 2011, raising USD 465 million in equity capital commitments, exceeding the original USD 350 million target. The fund attracted commitments from Latin American and international pension plans, endowments, foundations, financial institutions and family offices, with 100% of Fund I limited partners re-investing, including confirmed institutional investor HarbourVest Partners. J.P. Morgan Private Equity Fund Services served as fund administrator and Deloitte and Touche LLP as auditor. The GP entity Tacora Management Company II Ltd. (SEC CRD 162736) is the registered investment adviser. The fund held 61 limited partners as of the final filing with the SEC. LCP II pursues a control-oriented middle-market buyout strategy targeting companies valued at USD 75-400 million across Latin America, with a primary focus on Chile, Mexico, Colombia, Peru and Argentina — explicitly excluding Brazil to maintain focus in Spanish-speaking markets. The fund applies conservative capital structures, deep operational involvement and active value creation programs tied to ESG and sustainability. Sector coverage spans financial services, retail, food, oil and gas services and consumer finance, with ticket sizes typically ranging from USD 20-50 million per platform investment. Linzor's approach targets essential services and businesses with strong demographic tailwinds in sectors often underserved by larger regional managers. LCP II deployed across nine investments. Notable realisations include Devlyn, Mexico's largest eyewear retail chain with over 1,220 points of sale at exit in 2018; Grupo EFE, Peru's leading home appliance retailer and consumer finance platform with over 20% market share, which was exited in January 2025 following a decade-long hold that digitalised the business and expanded its financing arm; Komax, a multi-country apparel and footwear retailer in Chile and Peru; and Onest, a payroll-lending and taxi-financing platform in Colombia. The fund also co-invested in Engen alongside LCP III, Mexico's leading independent equipment leasing and lending platform. The strong track record of LCP II provided the foundation for the subsequent USD 621 million third fund, Linzor Capital Partners III.

Lios Fund I is the inaugural private equity fund raised by Power Sustainable Lios, a specialized agri-food investment platform and wholly-owned subsidiary of Power Sustainable, itself a subsidiary of Power Corporation of Canada (TSX: POW). The fund was launched in early 2022 and achieved an initial close of CAD 210 million in June 2022 before reaching its final close at CAD 285 million — slightly below its original CAD 300 million target — in mid-2024. The investor base includes a distinguished group of Canadian and international institutions: The Canada Life Assurance Company, Farm Credit Canada, Export Development Canada, Fonds de solidarite FTQ, Fondaction (CSN), BMO Capital Partners, CIBC, leading pension funds, large corporations, family offices and strategic investors. The fund is managed from Power Sustainable Lios's offices in Toronto and Montreal, with McCarthy Tetrault LLP serving as fund counsel. Lios Fund I targets profitable, growth-oriented mid-market companies operating across the North American food value chain, with revenues typically up to approximately CAD 250 million. The fund pursues majority ownership or meaningful minority positions, deploying individual investment cheques of CAD 25-70 million with a five-to-seven year investment horizon. The mandate concentrates on three segments: food production (including sustainable agriculture and vertical farming), manufacturing, and distribution and retail. A defining feature is the fund's ESG orientation — it explicitly prioritises companies embracing sustainability practices, reducing environmental impact and building food system resilience, consistent with Power Sustainable's broader mission as an impact-oriented asset manager. The team is led by Managing Partner Jonathan Belair, who brings over 20 years of food and agriculture investing experience including senior roles at McCain Foods. As of the fund's 2024 annual update, Lios Fund I had deployed over 30% of committed capital across three platform investments: Food Cycle Science (food waste reduction solutions), Private Brand Consortium (value-added food distribution including baby foods, snacks and plant-based beverages), and GoodLeaf Farms (Canada's leading commercial vertical farming platform for leafy greens and microgreens). These investments illustrate the fund's thesis across the food value chain — from waste reduction technology to processing and production. Power Sustainable Lios is positioned as a long-term institutional partner to management teams building resilient, sustainable food businesses across North America, supported by the resources and relationships of the broader Power Corporation ecosystem.

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.

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

McWin Food Tech Fund I is a €250 million venture capital vehicle launched by McWin Capital Partners in June 2022, focused exclusively on the food technology and agtech sectors. McWin Capital Partners was co-founded by Henry McGovern, founder and former CEO of AmRest Holdings, and Steven K. Winegar, a veteran food service entrepreneur, who bring decades of hands-on operational experience and founder networks to early-stage and growth-stage companies disrupting how the world produces, processes, distributes and consumes food. The fund targets 15–20 portfolio companies spanning the full food value chain — from agricultural inputs, precision farming and agtech innovation through food production, supply chain logistics and consumer-facing food brands and delivery platforms. Capital commitments come from institutional investors, family offices and high-net-worth individuals who share McWin's thesis that sustainable innovation across the global food system represents one of the defining investment opportunities of the coming decade. McWin Capital Partners also manages the Food Ecosystem Fund (€260 million, 2021 vintage), focused on food service operations and hospitality, creating a complementary platform covering both food technology and food service at scale. McWin Food Tech Fund I is closed and deploying capital across its portfolio. Investments include The EVERY Company (precision fermentation proteins), EcoRobotix (AI-powered precision spraying robots for sustainable agriculture), Elephantskin (sustainable protective workwear), Flat Iron (London-based premium steak restaurant group, majority investment co-led with TriSpan), Nuritas (AI-driven bioactive protein discovery platform) and Catcher (last-mile food delivery logistics). The portfolio reflects McWin's conviction that technology-driven sustainability will reshape every layer of the food industry.

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.

Minerva Growth Partners II LP is a Japanese growth equity fund established in 2025 and managed by Minerva Growth Partners Inc., a Tokyo-based investment firm co-founded in 2020 by Kei Nagasawa, former Chief Financial Officer of Mercari, Japan's first technology unicorn, and Kensuke Murashima, former Head of Japan and Global Internet Banking at Morgan Stanley. The fund operates in partnership with Pleiad Investment Advisors, a Hong Kong-based, SFC-regulated asset manager founded by former Soros Fund Management specialists Kenneth Lee and Michael Yoshino. Fund II completed its first close on December 1, 2025, raising JPY 7 billion (approximately USD 44 million) against a target of approximately JPY 20 billion. Japan Investment Corporation committed JPY 3 billion at first close; approximately 60 percent or more of first-close capital came from overseas institutional investors including pension funds, family offices, and fund-of-funds gatekeepers. The fund maintains a 10-year duration with optional 2-year extension, targeting a final close in 2026. The fund's investment strategy focuses on late-stage private technology companies in Japan with established product-market fit and a clear pathway to JPY 10 billion or more in annual revenue, with investment tickets ranging from JPY 1 to 3 billion per company. Target sectors include consumer internet, B2B software and SaaS, healthcare technology, and fintech. In addition to minority growth equity stakes, the fund executes crossover investments in listed equities, management buyouts in business succession situations, and take-private transactions, a differentiated mandate aimed at establishing growth equity as a distinct asset class within the Japanese private markets ecosystem.

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

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

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

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

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

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

NewView Capital Fund III (NVC III) is the third flagship fund raised by NewView Capital, a Burlingame, California-based venture capital firm specializing in growth-stage investments in enterprise technology and consumer internet companies. NewView Capital was founded in 2018 by Ravi Viswanathan after acquiring 31 companies from NEA via a landmark portfolio acquisition, and has since built a distinctive platform that combines primary venture investment with secondary portfolio acquisition capabilities. The firm manages over $3 billion in total assets under management across its fund family. NVC III focuses on mid- to growth-stage investment opportunities, with a thematic emphasis on business-to-business software-as-a-service (B2B SaaS), financial technology, consumer internet, and artificial intelligence. The fund invests through a combination of primary lead and co-investment rounds, and opportunistic secondary purchases of high-conviction growth companies approaching IPO or acquisition. This hybrid primary-secondary approach, which is core to NewView's differentiated strategy, allows the fund to build concentrated positions in industry-defining companies at multiple stages of their growth journey. NVC III's portfolio includes investments in high-profile companies such as Databricks — a leading data and AI platform — as well as Legora and Coralogix, with the fund's latest investment activity recorded through August 2024. NVC III builds on prior NewView vehicles: NVC Fund I ($1.35 billion, 2018) and NVC Fund II (part of the $544 million raised in February 2022 alongside Special Opportunities Fund I). The firm's unique acquisition-first founding model has positioned NewView Capital as one of the more distinctive growth-stage venture firms in Silicon Valley, with a portfolio construction approach that blends venture fundamentals with private equity-style portfolio management discipline.

NexPhase Capital Fund IV (NPC IV) is the fourth flagship fund raised by NexPhase Capital, a thematically driven and operationally focused lower middle-market private equity firm. NPC IV held a final close on April 20, 2021 with $544 million of capital commitments, reaching its hard cap and representing more than a 50 percent increase in size over its predecessor, NexPhase Capital Fund III. The oversubscribed offering drew participation from public pension plans, global institutional investors, and the firm's existing limited partner base. NPC IV targets control buyout investments in growth-oriented, capital-efficient North American lower middle-market companies across three distinct industry verticals: healthcare, software, and consumer. The fund focuses on entrepreneur-owned businesses with strong unit economics and defensible market positions, pursuing equity investments between $25 million and $150 million per transaction. NexPhase applies an operationally intensive approach, working with management teams on organic growth acceleration, pricing optimization, and talent development to build durable enterprise value within each portfolio company. At the time of final close, NexPhase had already completed four investments in NPC IV, demonstrating rapid deployment of the strategy. The fund builds on a track record of over 100 investments across prior NexPhase funds, including add-on acquisitions. NPC IV set the stage for the firm's fifth fund, NexPhase Capital Fund V, which closed in October 2023 at $795 million — a further 46 percent increase — reflecting sustained institutional appetite for the firm's lower middle-market buyout approach in defensive, high-growth verticals.

NexPhase Capital Fund V (NPC V) is the fifth flagship fund raised by NexPhase Capital, a thematically driven, operationally focused lower middle-market private equity firm. NPC V held a final close on October 16, 2023 with over $795 million of capital commitments, exceeding the fund's original target of $750 million and receiving robust backing from both existing investors and a diverse base of new limited partners. The oversubscription represents a 45 percent increase in fund size over its predecessor, NexPhase Capital Fund IV, which closed at $544 million in April 2021. NPC V pursues control buyout investments in growth-oriented, capital-efficient North American lower middle-market companies across the healthcare, software, and consumer verticals. The fund targets entrepreneur-owned businesses and corporate carve-outs where NexPhase can apply its operational value-creation playbook, which spans organic growth acceleration, margin improvement, pricing optimization, talent development, and add-on acquisition strategies. Target equity investments range from $25 million to $150 million per transaction, with the firm typically building platform companies through multiple add-on acquisitions within each vertical. NPC V is the culmination of more than two decades of lower middle-market investing at NexPhase, during which the firm has completed over 100 investments including add-ons across its prior funds. Since inception, NexPhase has raised and managed approximately $2.6 billion of capital, placing NPC V as the firm's largest and most subscribed vehicle to date. The fund's successful close at $795 million affirms the durability of the thematic, sector-concentrated buyout strategy in the lower middle-market, where NexPhase operates with fewer competitors than larger cap segments.

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

About Nexus Ventures VIIINexus Ventures VIII is a $700 million venture capital fund managed by Nexus Venture Partners, one of the most established cross-border early-stage investment firms with a track record spanning nearly two decades in India and the United States. Closing in December 2025 at $700 million, Fund VIII represents the firm's eighth successive vehicle and brings Nexus's total assets under management to $3.2 billion. Menlo Park-based Nexus was founded in 2006 and has consistently backed category-defining companies at their earliest stages—inception, seed, and Series A—across both markets. The majority of Fund VIII's limited partners are returning investors from earlier Nexus funds, underscoring the firm's consistent investment performance and the durability of LP relationships built over nearly twenty years of operation.Nexus Ventures VIII focuses on artificial intelligence, enterprise software, consumer technology, and fintech—sectors where the firm has deep pattern recognition and a track record of identifying winning companies early. Within AI, the fund targets AI stack innovators, developer platforms and tools, open-source infrastructure, and AI agents as high-conviction sub-themes. Nexus brings a distinctive dual-market perspective, leveraging deep networks in Silicon Valley and India's major technology ecosystems to identify founders building companies with the potential to define new categories globally. The firm's access to early-stage deal flow in India—one of the world's fastest-growing pools of tech talent and startup activity—combined with its ability to support US market entry gives Nexus a structural advantage in sourcing and backing companies that can scale across geographies.Since its founding in 2006, Nexus has invested in over 130 portfolio companies and achieved more than 30 exits, including multiple IPOs. Portfolio alumni include Postman, Apollo.io, Zepto, MinIO, Fingerprint, Delhivery, Rapido, Firecrawl, and Avoca, spanning enterprise infrastructure, consumer platforms, and AI-native businesses. With Fund VIII, Nexus continues its strategy of providing founders with patient capital, hands-on operational support, and access to a global network from day one of the partnership. The fund's closing reflects sustained demand for the firm's cross-border VC model at a moment when AI is reshaping software development, consumer behavior, and enterprise operations simultaneously across both the US and Indian markets.

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

Nordic Capital Fund IX is a €4.3 billion private equity buyout fund managed by Nordic Capital, a leading sector-specialist firm headquartered in Jersey with roots dating to 1989. Launched in late 2017 and reaching final close on May 21, 2018, Fund IX surpassed its original €3.5 billion target by 23% in just seven months, underscoring the sustained institutional demand for Nordic Capital's differentiated sector-focused approach. The fund is the ninth vehicle in Nordic Capital's flagship buyout series, continuing a multi-decade track record of control investments in Northern European market leaders. Fund IX deploys capital across five core sectors: Healthcare; Technology & Payments; Financial Services; Consumer & Retail; and Industrial Goods & Services. The investment strategy centres on control buyouts of businesses with defensible market positions, where Nordic Capital's operating model—emphasising digital transformation, internationalisation, and management development—can generate structural value improvement over a typically five- to seven-year hold period. While the primary geographic mandate spans the Nordic and Northern European markets, Fund IX also pursues global healthcare opportunities where Nordic Capital's deep sector expertise provides a meaningful sourcing edge. The fund attracted a geographically diverse institutional investor base: North America (approx. 40%), Europe (35%), Asia (15%), and the Middle East and South America (10%). By investor type, public and private pension funds represent roughly 35% of commitments, sovereign wealth funds 20%, fund-of-funds 15%, family offices 15%, and financial institutions and endowments 15%. More than 70% of commitments came from investors who had backed predecessor Nordic Capital funds, reflecting high conviction in the firm's EUR 26 billion investment track record across approximately 150 companies since inception.

Nordic Secondary Fund (NSF) is an independent secondaries investment platform managed by N2F Management ApS, headquartered in Copenhagen, Denmark. Founded in 2018 as the first fund series in the Nordic region dedicated exclusively to secondary transactions, NSF operates as a series of closed-end vehicles — Nordic Secondary Fund I and Nordic Secondary Fund II — targeting non-listed growth companies across Denmark, Sweden, Norway, Finland, Iceland, Estonia, Latvia, and Lithuania. The platform has deployed more than €93 million into secondary positions across a portfolio of over 40 current and exited holdings, establishing NSF as the definitive Nordic secondaries specialist. NSF acquires minority secondary stakes in companies that have already completed a Series A capital raise from venture capital or corporate venture investors, providing liquidity to existing shareholders at a discount to the latest funding round. The investment thesis targets businesses with proven, scalable models, documented market traction, and clear growth paths, seeking 2–5x return upside with exits projected within a five-year horizon. Target sectors span software and digital platforms, deep technology, hardware, consumer, and sustainability-focused businesses across the broader New Nordic ecosystem. Approximately 37% of the portfolio by deployment has been invested in Baltic-founded companies, reflecting conviction in the dynamism of the Estonian, Latvian, and Lithuanian tech scenes alongside the traditional Scandinavian venture markets. The management team of Nordic Secondary Fund brings more than 50 combined years of experience as founders, early-stage venture investors, professional fund managers, and operational executives. Portfolio holdings include Wingcopter (autonomous logistics drone systems for last-mile delivery), Swappie (Europe's leading certified refurbished smartphone platform), and Remora Robotics (autonomous robotic systems for industrial and facility cleaning). The secondaries strategy provides limited partners with exposure to growth-stage risk-return profiles at entry valuations discounted to primary rounds — a differentiated, liquidity-driven approach to Nordic technology investing that complements traditional VC allocations in investor portfolios.