Healthcare, Healthtech & Medtech

11 Tribes Ventures Fund II is a $46 million early-stage venture capital fund launched in April 2025 by Chicago-based 11 Tribes Ventures. Building upon the success of its inaugural fund, Fund II aims to invest in approximately 30 companies over the next three years, with nine investments already made. The fund is distinguished by its "capital and care" philosophy, emphasizing deep, personal relationships with founders. 11 Tribes dedicates significant time to understanding a founder's personal journey, focusing on their well-being alongside business metrics. A unique aspect of Fund II is its commitment to founder resilience: 2% of invested capital is allocated as non-dilutive grants to support founders' mental, emotional, and organizational health through coaching, counseling, and therapy. Fund II positions 11 Tribes as the lead investor in most funding rounds, targeting capital-efficient businesses with sustainable growth models and exit opportunities between $75 million and $250 million.

AAIC Africa Healthcare Fund (AHF1) is a venture capital fund managed by AAIC Investment Pte. Ltd., the Singapore-headquartered fund management arm of AAIC Holdings (Asia Africa Investment & Consulting). Established in 2017, AHF1 was the first Africa-focused Japanese institutional investment fund, created to bridge Japanese capital with high-growth startup opportunities across sub-Saharan and North Africa. The fund targets technology-driven companies addressing healthcare, financial inclusion, and social infrastructure challenges in rapidly urbanizing African markets. AHF1 focuses on innovation-led startups operating at the intersection of healthcare, financial services, and logistics across Africa's most dynamic ecosystems—primarily Kenya, Nigeria, South Africa, and Egypt. The fund makes equity investments in early- to growth-stage companies and seeks to support portfolio companies with both capital and AAIC's network of Japanese strategic partners and co-investors. Investments target companies typically at the Series A stage with the potential to scale across the continent. AHF1 reached a final close of approximately USD 47 million and has invested in more than 30 startups since its inception. Among its most notable portfolio companies is Chipper Cash, a pan-African fintech platform that achieved unicorn status (USD 1 billion+ valuation) in 2021, alongside a portfolio of digital health, telemedicine, and pharmacy modernization companies. The fund's successor vehicle, Africa Innovation & Healthcare Fund (AHF2), launched in 2022 with a target of USD 150 million, building on AHF1's track record of supporting scalable African technology companies.

The Africa Innovation and Healthcare Fund 1 (AHF-1) is a venture capital and impact fund managed by AAIC Investment, a Japan-based investment manager dedicated to advancing healthcare and innovation across the African continent. Launched in 2017 as Japan's first fund with an exclusive focus on the African healthcare sector, AHF-1 represents a pioneering effort to channel institutional capital from Japanese financial institutions and corporations into high-growth, mission-driven businesses across Sub-Saharan Africa. AHF-1 targets early- to late-stage companies operating across the full spectrum of healthcare and adjacent verticals, including clinical care, medical services, digital health, health technology, pharmaceutical distribution, insurance, diagnostics, and health-enabling infrastructure such as fintech and mobility. The fund takes equity positions and provides hands-on operational and strategic support to portfolio companies through AAIC's deep local networks in Kenya, Nigeria, Egypt, Rwanda, and other key African markets. The investment thesis centers on the belief that healthcare companies in Africa can achieve strong financial returns while addressing acute social challenges in underserved markets. AHF-1 reached a final close at USD 47 million and deployed capital across more than 30 startups and established companies, establishing AAIC Investment as one of the leading Japan-Africa impact investors in the private markets space. The fund's success laid the foundation for the Africa Innovation and Healthcare Fund 2 (AHF-2), launched in 2022 with a USD 150 million target, continuing to scale the manager's pan-African healthcare investment franchise. AAIC Holdings Pte. Ltd., headquartered in Singapore, serves as the parent organization with regional operations across Africa and Asia.

AAIC Investment, the Singapore-headquartered venture capital firm established in 2013 by a team bridging Japanese institutional capital and African growth markets, launched Africa Healthcare Fund 1 (AHF1) in 2017 as Japan's first Africa-focused investment vehicle. The fund raised USD 47 million from Japanese institutional investors, corporate backers, and development finance institutions, deploying capital into early-stage to growth-stage healthcare innovators across Sub-Saharan and pan-African markets. Ticket sizes ranged from USD 5 million to USD 50 million, targeting approximately 15 to 20 portfolio companies with a focus on companies solving pressing health challenges at the intersection of technology and patient access. AHF1's investment thesis centred on four primary healthcare pillars: advanced medical care and clinical services, medical technology and devices, digital health platforms, and health preservation and public health initiatives. The fund backed Africa Healthcare Network, which operates renal dialysis centres across the continent, alongside companies in diagnostics, primary care, and allied health services. AAIC maintained offices in Singapore and Nairobi, enabling the firm to bridge Japanese corporate expertise — including co-investment partnerships with corporates like Marubeni, TOPPAN Holdings, and QR Investment — with the operational realities of African healthcare delivery. By the time AAIC launched its successor vehicle, Africa Innovation & Healthcare Fund 2 (AHF2), in 2022, AHF1 had invested in approximately 30 portfolio companies. The combined assets under management of AHF1 and AHF2 reached USD 87 million by late 2023, demonstrating the platform's continued momentum. AHF1 is now in its divestiture and value-realisation phase, with AAIC executing partial exits and supporting portfolio companies in accessing new corporate and strategic partners through its Japan-Africa investment network.

The Africa Innovation and Healthcare Fund 2 (AHF-2), managed by AAIC Investment, is the second vintage of Japan's leading Africa-focused healthcare and innovation fund series. Launched in April 2022, AHF-2 builds on the model established by AHF-1 (2017, final close USD 47 million) and targets a broader mandate spanning healthcare technology, digital health, fintech, and mobility companies driving sustainable growth across the African continent. AHF-2 has a target size of USD 150 million and reached its first close at the end of March 2022, attracting Japanese institutional investors and corporations as limited partners. Key investors include the Development Bank of Japan (DBJ), QR Investment (Hokkoku Financial Holdings Group), TOPPAN Holdings, and Marubeni Corporation, reflecting strong interest from Japan's corporate sector in gaining strategic exposure to Africa's high-growth technology and healthcare ecosystem. By October 2023, the combined capital committed across AHF-1 and AHF-2 stood at USD 87 million (approximately JPY 13 billion), with the fund continuing to accept subscriptions toward its USD 150 million target. As of the second close in September 2023, AAIC Investment had deployed capital across 45 portfolio companies through both funds, spanning diagnostics, pharmaceuticals, insurance, digital health platforms, and health-enabling fintech across Kenya, Nigeria, Egypt, South Africa, and Rwanda. AAIC Investment, headquartered in Singapore through parent AAIC Holdings Pte. Ltd., brings over a decade of on-the-ground Africa experience combined with access to Japanese capital, technology, and corporate partnerships, positioning AHF-2 as a distinctive bridge fund between Japanese institutional capital and African innovation ecosystems.

The Africa Innovation and Healthcare Fund 2 (AHF-2), managed by AAIC Investment, is the second vintage of Japan's leading Africa-focused healthcare and innovation fund series. Launched in April 2022, AHF-2 builds on the model established by AHF-1 (2017, final close USD 47 million) and targets a broader mandate spanning healthcare technology, digital health, fintech, and mobility companies driving sustainable growth across the African continent. AHF-2 has a target size of USD 150 million and reached its first close at the end of March 2022, attracting Japanese institutional investors and corporations as limited partners. Key investors include the Development Bank of Japan (DBJ), QR Investment (Hokkoku Financial Holdings Group), TOPPAN Holdings, and Marubeni Corporation, reflecting strong interest from Japan's corporate sector in gaining strategic exposure to Africa's high-growth technology and healthcare ecosystem. By October 2023, the combined capital committed across AHF-1 and AHF-2 stood at USD 87 million (approximately JPY 13 billion), with the fund continuing to accept subscriptions toward its USD 150 million target. As of the second close in September 2023, AAIC Investment had deployed capital across 45 portfolio companies through both funds, spanning diagnostics, pharmaceuticals, insurance, digital health platforms, and health-enabling fintech across Kenya, Nigeria, Egypt, South Africa, and Rwanda. AAIC Investment, headquartered in Singapore through parent AAIC Holdings Pte. Ltd., brings over a decade of on-the-ground Africa experience combined with access to Japanese capital, technology, and corporate partnerships, positioning AHF-2 as a distinctive bridge fund between Japanese institutional capital and African innovation ecosystems.

The Africa Innovation and Healthcare Fund 2 (AHF-2), managed by AAIC Investment, is the second vintage of Japan's leading Africa-focused healthcare and innovation fund series. Launched in April 2022, AHF-2 builds on the model established by AHF-1 (2017, final close USD 47 million) and targets a broader mandate spanning healthcare technology, digital health, fintech, and mobility companies driving sustainable growth across the African continent. AHF-2 has a target size of USD 150 million and reached its first close at the end of March 2022, attracting Japanese institutional investors and corporations as limited partners. Key investors include the Development Bank of Japan (DBJ), QR Investment (Hokkoku Financial Holdings Group), TOPPAN Holdings, and Marubeni Corporation, reflecting strong interest from Japan's corporate sector in gaining strategic exposure to Africa's high-growth technology and healthcare ecosystem. By October 2023, the combined capital committed across AHF-1 and AHF-2 stood at USD 87 million (approximately JPY 13 billion), with the fund continuing to accept subscriptions toward its USD 150 million target. As of the second close in September 2023, AAIC Investment had deployed capital across 45 portfolio companies through both funds, spanning diagnostics, pharmaceuticals, insurance, digital health platforms, and health-enabling fintech across Kenya, Nigeria, Egypt, South Africa, and Rwanda. AAIC Investment, headquartered in Singapore through parent AAIC Holdings Pte. Ltd., brings over a decade of on-the-ground Africa experience combined with access to Japanese capital, technology, and corporate partnerships, positioning AHF-2 as a distinctive bridge fund between Japanese institutional capital and African innovation ecosystems.

The Africa Innovation and Healthcare Fund 2 (AHF-2), managed by AAIC Investment, is the second vintage of Japan's leading Africa-focused healthcare and innovation fund series. Launched in April 2022, AHF-2 builds on the model established by AHF-1 (2017, final close USD 47 million) and targets a broader mandate spanning healthcare technology, digital health, fintech, and mobility companies driving sustainable growth across the African continent. AHF-2 has a target size of USD 150 million and reached its first close at the end of March 2022, attracting Japanese institutional investors and corporations as limited partners. Key investors include the Development Bank of Japan (DBJ), QR Investment (Hokkoku Financial Holdings Group), TOPPAN Holdings, and Marubeni Corporation, reflecting strong interest from Japan's corporate sector in gaining strategic exposure to Africa's high-growth technology and healthcare ecosystem. By October 2023, the combined capital committed across AHF-1 and AHF-2 stood at USD 87 million (approximately JPY 13 billion), with the fund continuing to accept subscriptions toward its USD 150 million target. As of the second close in September 2023, AAIC Investment had deployed capital across 45 portfolio companies through both funds, spanning diagnostics, pharmaceuticals, insurance, digital health platforms, and health-enabling fintech across Kenya, Nigeria, Egypt, South Africa, and Rwanda. AAIC Investment, headquartered in Singapore through parent AAIC Holdings Pte. Ltd., brings over a decade of on-the-ground Africa experience combined with access to Japanese capital, technology, and corporate partnerships, positioning AHF-2 as a distinctive bridge fund between Japanese institutional capital and African innovation ecosystems.

ABC Impact Fund II is the second flagship private equity fund managed by ABC Impact, a Singapore-based investment firm focused on generating measurable social and environmental impact across Asia. Launched in August 2023, the fund achieved a final close in April 2025, raising over USD 600 million—doubling the size of its predecessor. The fund secured commitments from a diverse group of global and regional investors, including Temasek, Temasek Trust, the Asian Development Bank (ADB), Mapletree Investments, SeaTown Holdings, a Southeast Asian sovereign wealth fund, a U.S. family office, and various ultra-high-net-worth individuals. The fund targets four key sectors: clean energy and climate resilience, inclusive finance and digital access, healthcare and education, and sustainable food systems. It provides growth capital to innovative, commercially viable companies that contribute to achieving the United Nations Sustainable Development Goals (SDGs). Representative investments include Aye Finance in India, Tekoma Energy in Japan, and DCDC Kidney Care, a leading dialysis provider serving underserved populations in India. ABC Impact implements a disciplined impact measurement and management framework, aligned with international standards such as the Principles for Responsible Investment and the Operating Principles for Impact Management. With total assets under management exceeding USD 900 million, the firm continues to scale private capital solutions that support a more inclusive and sustainable future for Asia.

AI Fund is a venture studio founded by Andrew Ng — co-founder of Google Brain, former Chief Scientist at Baidu, and a pioneering figure in applied artificial intelligence — dedicated to accelerating the adoption of AI by co-founding transformative companies from the ground up. The studio has raised over $365 million across two vehicles: an inaugural $175 million fund launched in 2018 and AI Venture Fund II, an oversubscribed $190 million fund that reached its final close in May 2025. Backed by a combination of leading venture capital institutions and strategic corporate investors, AI Fund has established a differentiated position as one of the world's most active AI-focused company builders. Unlike conventional venture capital, AI Fund does not write checks into existing companies: it partners with entrepreneurs at the ideation stage to co-found businesses alongside them, contributing deep AI research expertise, market validation support, engineering teams, talent acquisition, and access to a global network of corporate partners. The studio focuses on the application and software infrastructure layers of the AI stack, leveraging large language models and agentic AI to create new businesses across financial services, renewable energy, future of work, education, logistics, healthcare, and developer tools. AI Venture Fund II attracted a notable LP base of strategic corporate investors including The AES Corporation, HP Inc., Mitsui & Co., Mitsubishi Corporation, QBE, and TELUS Global Ventures, alongside venture institutions Sequoia Capital and NEA. Since inception, AI Fund has co-founded approximately 35 portfolio companies across multiple verticals. Notable ventures include Gaia Dynamics, which provides real-time tariff compliance intelligence for businesses navigating complex trade environments; SkyFire AI, a platform enabling AI-powered drone deployment for first responders and enterprise customers; and Profitmind, an automated competitive pricing tool that enables retailers to optimise product margins at scale. The studio's systematic approach to addressing early-stage company-building challenges — from product-market fit validation to technical architecture to go-to-market strategy — has enabled portfolio companies to reach commercial traction significantly faster than typical venture-backed startup timelines.

ARCH Venture Fund VIII is an early-stage venture capital fund managed by ARCH Venture Partners, focused on disruptive biotechnology, life sciences, energy, and materials companies. The fund closed above $400 million in August 2014, significantly exceeding its $250 million target. ARCH Venture Partners specializes in commercializing breakthrough technologies developed at academic institutions, national laboratories, and corporate research groups, co-founding companies alongside leading scientists and entrepreneurs.

Adams Street Partners has successfully closed its inaugural European venture capital fund, the Adams Street European Venture Fund 2023, securing over €270 million in commitments. This amount significantly surpasses the initial target of €200 million, reflecting strong investor confidence in Europe’s growing startup ecosystem. The fund seeks to capitalize on Adams Street’s global investment expertise to identify and back innovative early-stage companies across the continent. The fund focuses primarily on the technology and healthcare sectors. Its capital is deployed with 70% allocated to primary commitments in European venture funds, and the remaining 30% toward co-investments and secondary transactions. This hybrid model provides exposure to a diverse set of opportunities while maintaining flexibility to support breakout companies directly. Leveraging decades of venture experience and a vast global network, Adams Street aims to generate long-term value through a disciplined approach. With deep relationships across Europe’s VC landscape, the firm is well-positioned to gain access to top-tier opportunities and help entrepreneurs scale their businesses.

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

Adelis Equity Partners Fund IV AB is the fourth flagship buyout fund of Adelis Equity Partners, a Stockholm-based private equity firm that specialises in mid-market growth investments across Northern Europe. Launched in 2024 and closed at a hard cap in February 2025, Fund IV raised EUR 1.616 billion in total capital — EUR 1.5 billion from external investors plus EUR 116 million committed by the Adelis team, representing a 7.7% employee co-investment. The fund was significantly oversubscribed, with 75% of external capital reinvested by existing limited partners from Fund III, who collectively increased their commitments by 30% over the prior vintage, a clear signal of strong investor conviction in the strategy. Fund IV continues Adelis's proven formula of partnering with ambitious entrepreneurs and management teams to accelerate the growth of market leaders across three core sectors: Business Services, Technology & Software, and Healthcare & Life Sciences. The investment strategy targets companies with enterprise values in the EUR 100–500 million range and focuses on value creation through industry consolidation, digitalization, and cross-border expansion — particularly across Northern and Western Europe. Adelis is known for high-engagement ownership, deploying a dedicated deal team of 30 investment professionals alongside an extensive network of industrial advisors. Adelis Equity Partners has a strong track record across three predecessor funds totalling approximately EUR 4.3 billion in cumulative capital raised. With 49 platform investments, over 300 add-on acquisitions, and 22 completed exits, the firm has delivered an average annual portfolio growth rate of 25% and consistent return multiples across vintages. Fund IV targets the same return profile, leveraging Adelis's deep sector expertise and deal origination network in the Nordic region to build the next generation of pan-European champions.

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

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

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

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

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

AAIC Africa Healthcare Fund (AHF1) is a venture capital fund managed by AAIC Investment Pte. Ltd., the Singapore-headquartered fund management arm of AAIC Holdings (Asia Africa Investment & Consulting). Established in 2017, AHF1 was the first Africa-focused Japanese institutional investment fund, created to bridge Japanese capital with high-growth startup opportunities across sub-Saharan and North Africa. The fund targets technology-driven companies addressing healthcare, financial inclusion, and social infrastructure challenges in rapidly urbanizing African markets. AHF1 focuses on innovation-led startups operating at the intersection of healthcare, financial services, and logistics across Africa's most dynamic ecosystems—primarily Kenya, Nigeria, South Africa, and Egypt. The fund makes equity investments in early- to growth-stage companies and seeks to support portfolio companies with both capital and AAIC's network of Japanese strategic partners and co-investors. Investments target companies typically at the Series A stage with the potential to scale across the continent. AHF1 reached a final close of approximately USD 47 million and has invested in more than 30 startups since its inception. Among its most notable portfolio companies is Chipper Cash, a pan-African fintech platform that achieved unicorn status (USD 1 billion+ valuation) in 2021, alongside a portfolio of digital health, telemedicine, and pharmacy modernization companies. The fund's successor vehicle, Africa Innovation & Healthcare Fund (AHF2), launched in 2022 with a target of USD 150 million, building on AHF1's track record of supporting scalable African technology companies.

The Allianz Asia Pacific Secured Lending Fund (AAPSL) is a dedicated private credit vehicle managed by Allianz Global Investors (AllianzGI), one of the world's leading active asset managers. The fund held its final close on 15 December 2023, securing USD 610 million (approximately EUR 562 million) in commitments from institutional investors in Europe, the Middle East, and Asia Pacific. AAPSL represents a significant milestone in AllianzGI's Asian private credit expansion, establishing the firm as a specialist lender to mid-market corporates across the Asia Pacific region (excluding China). The fund's investment strategy focuses on deploying senior secured, senior unsecured, second lien, and subordinated debt to well-diversified businesses across Southeast Asia, South Asia, and Oceania. Target borrowers are mid-market corporates with enterprise values between USD 500 million and USD 2 billion and EBITDA between USD 15 million and USD 100 million — a segment that historically offers attractive risk-adjusted spreads due to limited competition from global banks. Core sectors include infrastructure, energy transition, healthcare, and education, with an emphasis on businesses demonstrating resilience across economic cycles and positioned to benefit from the low-carbon transition. AllianzGI's dedicated Asia Pacific private credit team manages USD 1.4 billion in total assets for the region as of the fund's final close, combining deep origination relationships with robust credit underwriting capabilities. The AAPSL fund allows institutional investors to co-invest alongside Allianz Group's proprietary balance sheet capital, aligning interests between the manager and limited partners. The fund's geographic focus outside China is designed to capture the growth tailwinds of Southeast Asia's expanding middle class, South Asia's infrastructure investment cycle, and Australia's well-established credit markets.

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

Alta Life Sciences, the Barcelona-based venture capital firm specialising in life sciences and healthcare innovation, launched Alta Life Sciences Spain I FCR with a first closing in September 2016 and completed the final close in December 2019, raising EUR 79 million in total investor commitments. The fund is registered with the CNMV (Comisión Nacional del Mercado de Valores) as a Fondo de Capital Riesgo (registration number 203), the standard closed-end private capital structure under Spanish law. The ISIN of the fund is ES0108631005. Alta Life Sciences Spain I FCR targets Spanish and Southern European biotechnology, biopharmaceutical, medical devices and diagnostics, genomics, and digital health companies across the full development spectrum from seed through Series C and beyond, with a co-investment model that places fund managers alongside company leadership teams. The fund's investment strategy reflects Alta Life Sciences' conviction that the Spanish life sciences ecosystem — particularly the research-commercialisation bridge in Barcelona and Madrid — is significantly underserved relative to its scientific output. Portfolio companies receive not only capital but also strategic support for international expansion, partnership development, and clinical or regulatory navigation. Alta Life Sciences Spain I FCR has backed several life sciences companies that have gone on to raise significant follow-on rounds from international investors, illustrating the fund's role as a credibility anchor for early-stage Spanish biotech. Following a strategic integration announced in October 2025, the fund portfolio is now co-managed by AltamarCAM Partners and Asabys Partners, following the incorporation of the Alta Life Sciences investment team under the Aliath Bioventures banner into Asabys. The combined platform manages over EUR 400 million in life sciences-focused assets, positioning it as one of the largest healthcare venture capital managers in Southern Europe. Portfolio companies of Alta Life Sciences Spain I FCR continue to receive active support through the enlarged team, which brings AltamarCAM's institutional infrastructure and Asabys's deep sector expertise to bear on value creation for existing investments.

The Altree Kadzi Gender Climate Fund (AKGCF) is an impact-focused blended finance vehicle managed by Altree Capital, targeting early- to growth-stage companies in Sub-Saharan Africa that advance gender equality, women's empowerment, and climate adaptation and mitigation. Established by Altree Capital — an investment manager founded in 2006 by Jenni Chamberlain with a long-standing commitment to driving international capital into Africa — the fund represents one of the continent's few vehicles explicitly combining gender-lens investing with a climate-smart mandate across a single portfolio. The AKGCF targets a raise of between USD 50 million and USD 80 million, deploying capital through a mix of equity, debt, mezzanine, convertible notes, and revenue-based financing. This multi-instrument approach is designed to de-risk investments across the capital structure and reach companies too mature for traditional venture capital but too early for conventional private equity. At least 60 percent of the portfolio is directed at businesses addressing climate adaptation and mitigation, while 40 percent focuses on women's health. Every investment must qualify for at least three of the 2X Criteria for gender-lens investing, ensuring a rigorous, measurable approach to gender impact across the portfolio. Key portfolio companies include Wahu! Mobility, an electric vehicle venture operating in Ghana and Togo, and Kasha, an e-commerce platform focused on women's health and personal care. Altree Capital maintains offices in Bermuda, the United Kingdom, South Africa, and Kenya, providing hands-on investor support across the regions where the fund operates. The AKGCF has received backing from the Climate Gender Equity Fund (CGEF) and support from the Visa Africa Women's Investment Fund (AWIF), validating the fund's blended finance approach and commitment to gender and climate impact in emerging markets.

The Go Red for Women Venture Fund is a $75 million impact venture capital fund managed by AHA Ventures, the investment arm of the American Heart Association (AHA), dedicated to accelerating market solutions that address the cardiovascular, brain, and related health needs of women. Seeded with $40 million in direct capital from the American Heart Association and supported by a $15 million cornerstone gift, the fund represents one of the world's largest venture vehicles specifically focused on women's health, responding to the acute market gap where only 2 percent of the $41 billion in global healthcare venture capital deployed in 2023 targeted conditions affecting women. The fund invests in companies developing products and services that recognize the unique physiological and clinical dimensions of women's health, spanning cardiovascular disease, brain health, digital health platforms, medical devices, health services, and diagnostics. The American Heart Association's century of accumulated expertise in science, medicine, and healthcare delivery provides a distinctive strategic asset for portfolio companies seeking clinical validation and evidence-based differentiation. The fund commenced its first investments in late 2024, with Neura Health receiving an $11.4 million Series A round as the fund's inaugural investment, followed by a strategic investment in Ultromics in December 2025. By April 2025, the fund had raised approximately $60 million toward its $75 million target, drawing institutional and philanthropic commitments aligned with the women's health impact thesis. The fund's economic rationale is supported by research estimating that each dollar invested in women's health generates $3 in economic growth, pointing to a potential $1 trillion global economic uplift by 2040. The Go Red for Women initiative, which underpins the fund's brand and donor community, has been the American Heart Association's signature women's health movement for over two decades.

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

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

Apax Funds represent the flagship investment vehicles of Apax Partners, one of the world's leading global private equity firms with over 50 years of investment experience and approximately $77 billion in aggregate assets under management across more than ten successive fund generations. Founded in 1969, Apax Partners operates from offices in Abu Dhabi, Hong Kong, London, Mumbai, Munich, New York, Shanghai, and Tel Aviv, pursuing large-cap and mega-cap buyout transactions with a highly concentrated, sector-focused mandate. The firm's investment strategy focuses on four principal sectors where it has built deep domain expertise over multiple decades: Technology (enterprise software, tech-enabled services, and telecommunications), Services (density-driven business models and outsourced solutions), Healthcare (medical devices, pharmaceuticals, healthcare IT, and healthcare services), and Internet & Consumer (disruptive digital platforms and consumer-facing businesses). Apax targets equity investments in companies with enterprise values typically ranging from $100 million to $5 billion, applying its Operational Excellence Team methodology of operational improvement, digitalization initiatives, and strategic add-on acquisitions during four to seven year holding periods. The Apax fund series has raised over ten successive funds. The most recent flagship, Apax XI, completed its final close in March 2024 at approximately $12 billion. Prior funds include Apax X ($11.8 billion, 2020), Apax IX ($9.5 billion, 2016), and Apax VIII ($7.5 billion, 2012). Each fund is structured as parallel USD and EUR partnerships to accommodate the firm's globally diverse institutional investor base, which includes sovereign wealth funds, pension funds, endowments, and family offices across Europe, North America, and the Middle East.

The Apax Global Impact Fund, known as AGI, is Apax Partners' dedicated impact investing vehicle, closed at $877 million in December 2023. Classified as an Article 9 fund under the European Union's Sustainable Finance Disclosure Regulation (SFDR), AGI represents Apax Partners' commitment to investing in mission-driven businesses that deliver measurable environmental or social benefits while generating market-rate private equity returns. The fund pursues growth buyout and minority growth capital investments in companies across four core thematic areas: Health & Wellness, Climate Environment & Resource Efficiency, Social & Economic Mobility, and Digital Impact Enablers. All investment themes are aligned with the United Nations Sustainable Development Goals (UN SDGs). AGI provides equity checks typically ranging from $30 million to $150 million per investment, partnering with companies at the intersection of commercial viability and positive societal impact. The fund employs a proprietary dual-score impact measurement framework — the Impact Threshold Score and Impact Improvement Score — administered by a dedicated 30-person Operational Excellence Practice. A portion of carried interest is directly linked to successful impact performance outcomes, aligning financial incentives with impact delivery. AGI has attracted capital from a diverse global investor base including private and public pension funds, sovereign wealth funds, fund of funds, insurance companies, endowments, and charitable foundations. The fund is managed by three Managing Partners — David Su (New York), Edward Donkor (London), and Juan Pablo Moncayo — and is guided by an Impact Advisory Board comprising Sir Ronald Cohen, Professor George Serafeim, and Laura D. Tyson. Portfolio companies as of 2025 include GAN Integrity, Swing Education, Bonterra, IES, and Foods Connected.

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).

Apera Private Debt Fund III is a senior secured private credit fund managed by Apera Asset Management, a London-headquartered specialist private debt manager founded in 2016 and operating under majority ownership of Franklin Templeton since 2025. The fund is Apera's third flagship private credit vehicle, focusing exclusively on direct lending to private equity-backed mid-market companies across Western Europe, including the DACH region (Germany, Austria, Switzerland), United Kingdom, France, Nordics, and Benelux. With a strategy centered on senior secured unitranche and first-lien financings, Apera has established a reputation for disciplined underwriting and strong sponsor relationships in the lower mid-market. Apera Private Debt Fund III targets transactions with enterprise values typically ranging between €30 million and €300 million, with individual investment sizes of €15 million to €100 million per transaction. The fund maintains a concentrated focus on industries favored by European private equity sponsors, including business services, healthcare, technology-enabled services, and industrials. As a unitranche-first platform, Apera provides borrowers with certainty of execution, flexible structures, and long-term partnership capital, making it a preferred counterparty for both private equity sponsors and family business owners undertaking growth transactions or management buyouts across Western Europe. Apera Private Debt Fund III held its final close in April 2025 at €2.9 billion in total commitments including related vehicles and leverage, surpassing its hard cap and representing a doubling in size over its predecessor, Apera Private Debt Fund II (€1.27 billion final close, July 2022). The fundraise attracted a diverse base of institutional limited partners including insurance companies, pension funds, and sovereign wealth funds from Europe, the Middle East, and North America. Franklin Templeton's majority acquisition of Apera in 2025 provides additional distribution capabilities and global reach to support the continued growth of the platform.

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.​

The Ares Specialty Healthcare Fund is a specialized direct‑lending vehicle managed by Ares Management, formed to provide flexible capital solutions to companies operating across the specialty healthcare ecosystem. It focuses on industries such as pharmaceuticals, biotechnology, medical technologies and diagnostics, specialist healthcare services and healthcare IT where companies often face constraints accessing traditional bank financing or need transformational capital. The fund is structured to invest across the capital structure — from first‑ and second‑lien senior secured loans, to mezzanine debt, preferred equity and minority equity stakes — enabling the team to tailor solutions to companies undergoing growth or transformation. It targets businesses in North America and Europe and is backed by a dedicated investment team and industry advisory board with deep healthcare operating expertise. Recognising enduring structural trends — an aging population, innovation in diagnostics and medtech, increasing digitalisation of healthcare and shifting service models — the fund seeks to invest in companies with resilient demand and growth potential. It aims to deliver both defensive characteristics (i.e., non‑cyclical healthcare demand) and meaningful upside from innovation and transformation in the healthcare value chain. By partnering with firms across the healthcare spectrum — from device manufacturers and diagnostics players to niche specialty services and healthcare IT platforms — the fund aims to fill a financing gap and support businesses that are scaling, executing roll‑ups or transforming their offerings. The strategy leverages Ares’ broader credit platform and healthcare expertise to structure creative, non‑dilutive capital solutions in an increasingly competitive healthcare financing environment.

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

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

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

The Autism Impact Fund (AIF) is venture capital fund that focuses on investing in startups in the neurodiversity space. Funded by institutional LPs such as investment firms Fairfield-Maxwell and Ferd, AIF aims to become "the investment and innovation arm of the autism community." With an initial fund of $60 million, AIF has already invested in 12 startups in its portfolio (as of April 2024). The fund's target investments are diverse and include sectors such as life sciences and data- and tech-enabled services. It also expands beyond the U.S., with investments in German consulting firm Auticon and British telehealth platform Healios. AIF plans to diversify further, broadening its scope to include behavioral health data-driven platforms, innovative healthcare solutions, and value-based care frameworks. The fund also invests in addressing autism comorbidities, such as gastrointestinal issues, and focuses on independence in areas like employment, financial independence, and housing. AIF's approach to investment reflects rising awareness about autism as a spectrum that affects individuals across their lifespans, not just during childhood. The fund is looking at potential investments in AI and other technologies while addressing the broader societal costs of autism. With a global focus, AIF partners with startups like Mentra and Genial Care to support the neurodiversity space, reflecting the increased momentum and creation of companies in this field.

Axcel Elevate I is a new lower mid‑market buyout fund launched by Axcel, closing in November 2025 at a €459 million hard cap following an oversubscribed fundraising round. The commitments came from a mix of institutional backers — including pension funds, funds-of-funds, foundations, and family offices — many of whom were existing supporters of Axcel, underscoring strong investor confidence in the new vehicle’s strategy.The fund focuses on smaller buyout targets across the Nordic region, aiming at companies that lie beneath the threshold of traditional mid‑market funds. The target sectors include technology, business services & industrials, and healthcare, leveraging Axcel’s deep sector expertise and long-standing track record in these verticals.Elevate I is fully integrated into Axcel’s broader platform: the dedicated Elevate team works alongside the firm’s more than 30 investment professionals, supported by investor relations, compliance, sustainability and operations functions. This integration allows the fund to apply Axcel’s proven value‑creation methodology — including buy‑and‑build strategies, digitalisation, operational improvement and sustainability initiatives — adapted to the lower mid‑market segment.

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.

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.

BONVENTURE IV is the fourth impact venture capital fund managed by BonVenture Management GmbH, a Munich-based investor recognized as the first investment company in the German-speaking region to focus exclusively on the social and ecological impact of companies. Founded in 2003, BonVenture pioneered impact-first venture capital in Central Europe, building a track record across three predecessor funds before launching BONVENTURE IV to institutional and private investors committed to generating measurable social and environmental return alongside financial performance. The firm has over 20 years of dedicated impact investing experience in Germany and the German-speaking market. BONVENTURE IV invests in early and growth-stage companies with social or ecological business models, requiring each portfolio company to make a measurable, verifiable contribution to solving systemic social or environmental problems. The fund pursues dual returns of impact and financial performance, rejecting the traditional narrative of a trade-off between impact depth and investment return. Target sectors include social care and childcare solutions, sustainable energy and building technology, environmental services, digital health, and e-mobility infrastructure. Geographic focus is on the German-speaking region of Central Europe, including Germany, Austria, and Switzerland, with selective investments across broader Western Europe where the impact thesis is compelling. BONVENTURE IV surpassed its fundraising target range of 35 to 40 million euros, closing at 50 million euros from a combined base of institutional and private investors. Early portfolio investments from the fund include Sira Kinderbetreuung, an innovative childcare technology company addressing Germany's childcare infrastructure gap; Comgy, a technology provider for building energy management supporting the decarbonization of the real estate sector; and Chargex, a player in EV charging infrastructure. BonVenture's four successive impact funds since 2003 represent one of the longest dedicated impact venture capital track records in the German-speaking market.

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

BV Healthcare Growth Innvierte I is a growth-stage healthcare investment fund managed by a joint venture between Buenavista Equity Partners (majority stake) and Columbus Venture Partners, both of which have deep specialization in the Spanish and European healthcare ecosystem. The fund completed its first close at 100 million euros in December 2024, reaching its original fundraising target, with a hard cap set at 150 million euros. The vehicle was structured under Spain's CDTI Innvierte co-investment programme, through which the Centre for Technological Development and Innovation committed 58 million euros to support the development of advanced therapies and innovative drug development in Spain. The fund targets 10 to 12 innovative healthcare companies primarily based in Spain that have reached the stage of approaching commercialization, combining low scientific or technological risk with high growth and scalability potential. Investment tickets of up to 15 million euros are deployed across pharmaceutical and biotech products, diagnostic solutions, precision medicine, medical devices, AI and digital health applications, manufacturing scale-up projects including CRO and CDMO services, and healthcare services. The fund focuses on bridging the funding gap between late-stage R&D completion and commercial launch, a segment historically underserved by both traditional venture capital and private equity in the Spanish market, which has lacked dedicated growth capital vehicles for health technology companies. The joint venture management team at Buenavista Equity Partners and Columbus Venture Partners brings a combined track record of 45 healthcare investments with reported net returns exceeding 30 percent IRR. BV Healthcare Growth Innvierte I's inaugural investment was in Syngoi, a CDMO specializing in synthetic DNA for advanced therapies, based in Zamudio, Bizkaia, reflecting the fund's commitment to companies at the intersection of biotechnology and industrial-scale production. Addleshaw Goddard advised Buenavista Equity Partners on the fund launch and structuring.

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

Bain Capital Double Impact is an impact-focused private equity fund managed by Bain Capital, one of the world's leading private investment firms with over $180 billion in assets under management. Launched in 2017 with a final close at $390 million—well above its original $250 million target—the fund represents Bain Capital's strategic commitment to generating both competitive financial returns and measurable social and environmental outcomes for a select group of institutional investors, family offices, and endowments. The fund pursues a growth equity and buyout approach focused on scaling mission-driven companies across three core impact themes: Health & Wellness, Education & Workforce Development, and Climate & Sustainability. With typical equity investments ranging from $10 million to $40 million per company, Bain Capital Double Impact targets businesses with proven operating models and demonstrated positive impact, leveraging the operational playbooks and global network of Bain Capital's broader platform to accelerate growth. The fund typically underwrites 12 to 15 platform investments per vehicle. Since its inaugural close in July 2017, Bain Capital Double Impact has built a portfolio of mission-aligned companies spanning fitness, environmental services, education, and workforce development. Fund I's strong performance catalyzed subsequent vintages: Fund II closed at $800 million (2020) and Fund III at $1.46 billion, reflecting growing institutional demand for impact investing within a top-tier buyout framework. The fund is anchored by pension funds, family offices, and endowments, several of which made their first explicit impact investment through this vehicle.

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.

Bain Capital Tech Opportunities is a growth equity fund managed by Bain Capital that focuses exclusively on technology companies at critical inflection points in their development. Established in 2019 with its debut fund closed at $1.3 billion, the strategy was created to capture durable value creation opportunities in enterprise software, cybersecurity, healthcare IT, and financial technology—sectors where Bain Capital's deep operational expertise and global network add material value beyond capital. The fund employs a flexible, multi-stage investment approach, making equity investments of $50 million to $200 million in late-stage venture-backed and established technology companies. Unlike traditional buyout strategies, Bain Capital Tech Opportunities seeks to partner with high-quality management teams at the growth-to-scale phase, providing capital and Bain's deep operational resources to help companies navigate market expansions, international growth, and strategic M&A. Target companies typically have strong recurring revenue, defensible market positions, and experienced leadership teams. The fund targets approximately 15 platform investments per vehicle. The first fund deployed capital across a portfolio of approximately 15 companies and was supported by institutional investors, including the New Mexico State Investment Council with a $60 million commitment. Building on this track record, Bain Capital raised a substantially larger second fund of $2.4 billion (closed February 2023), underscoring institutional confidence in the technology-focused growth equity strategy. Notable investments from the platform include Ataccama (data management), Deltatre (sports and entertainment technology), Hudl (coaching and performance analytics), and SumUp (global payments and financial services for SMEs).

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.

Battery Investment Partners XIV, L.P. is a parallel co-investment vehicle raised alongside Battery Ventures XIV, the fourteenth flagship fund of Boston-based venture capital firm Battery Ventures. The fund closed in July 2022 with approximately $94.6 million in committed capital from two institutional limited partners, including the Alaska Retirement Management Board. As a parallel feeder vehicle, Battery Investment Partners XIV co-invests on substantially identical terms to the main Battery Ventures XIV fund, providing specific institutional investors with a dedicated vehicle that accommodates their regulatory, tax, or mandate requirements. Battery Investment Partners XIV targets the same investment universe as the flagship Battery Ventures XIV fund: technology companies across application software, infrastructure software, consumer technology, and industrial technology and life science tools. The vehicle leverages Battery Ventures' nine-partner investment team and applies the same research-intensive methodology focused on backing technical founders from seed through growth buyout stages. The fund holds exemptions under Rule 506(b) and Sections 3C, 3C.1, and 3C.7 of the Investment Company Act, consistent with a parallel vehicle structure serving a concentrated group of institutional accredited investors. Battery Ventures has raised over $16 billion in capital since its founding in 1983, and Battery Investment Partners XIV forms one component of the firm's fourteenth vintage, which collectively raised more than $3.8 billion. The parallel structure complements the main Battery Ventures XIV vehicle ($3.04 billion) and Battery Ventures XIV EF ($38.5 million). Battery Management Corp. serves as the registered investment adviser (SEC CIK 160921) for all Battery XIV vehicles, operating from offices in Boston, San Francisco, Menlo Park, New York, London, and Tel Aviv. The general partner of record is Battery Partners GP XIV, LLC, the same GP entity overseeing all Battery XIV vehicles.

Battery Ventures XIV EF, L.P. is a companion investment vehicle raised alongside Battery Ventures XIV, the fourteenth flagship fund of Boston-based venture capital firm Battery Ventures. The fund closed in July 2022 with approximately $38.5 million in committed capital. The EF vehicle is structured under Section 3C.1 of the Investment Company Act, which limits the vehicle to up to 100 accredited investors, distinguishing it from the main Battery Ventures XIV fund which employs the broader 3C.7 exemption. This structure is consistent with a seed-stage or early-founders participation vehicle designed for a concentrated group of investors. Battery Ventures XIV EF employs the same investment strategy as Battery Ventures XIV, focusing on technology companies across application software, infrastructure software, consumer technology, and industrial technology and life science tools. The vehicle is managed by Battery Partners GP XIV, LLC, the same general partner entity overseeing all Battery XIV vehicles, and leverages the firm's nine-partner investment team. The EF designation aligns with Battery's practice of offering companion funds that allow specific groups of accredited investors, such as founders or early-stage specialists, to participate in early-stage investment opportunities alongside the main fund vehicle. Battery Ventures has raised over $16 billion in capital since its founding in 1983, and Battery Ventures XIV EF forms the smallest component of the firm's fourteenth vintage by committed capital. The XIV fund family collectively raised more than $3.8 billion across three primary vehicles: Battery Ventures XIV ($3.04 billion), Battery Investment Partners XIV ($94.6 million), and Battery Ventures XIV EF ($38.5 million), complemented by Battery Select Fund II ($530 million) for follow-on investments in existing portfolio companies. Battery Ventures XIV EF closed on July 15, 2022, completing the full Battery XIV fundraising cycle. Battery Management Corp. serves as the SEC-registered investment adviser (CIK 160921).

Battery Ventures XIV, L.P. is the fourteenth flagship fund raised by Battery Ventures, a Boston-based venture capital and growth equity firm founded in 1983. The fund held its initial close in March 2022 and completed its final close in July 2022, having raised approximately $3.04 billion in committed capital from 22 limited partners. Together with companion vehicles Battery Ventures XIV EF and Battery Select Fund II, the Battery XIV fund family raised more than $3.8 billion in total, representing one of Battery's largest fundraising cycles to date. Battery Ventures XIV deploys capital across all stages of technology company development, from early seed investments through majority-stake growth buyouts, employing a stage-agnostic approach refined since 1983. The fund focuses on four core technology sectors: application software including fintech and healthcare IT; infrastructure software spanning data, artificial intelligence, developer tools, and cybersecurity; consumer technology; and industrial technology and life science tools. The nine-partner investment team includes Neeraj Agrawal, Michael Brown, Morad Elhafed, Jesse Feldman, Russell Fleischer, Roger Lee, Zack Smotherman, Chelsea Stoner, and Dharmesh Thakker, applying Battery's research-intensive methodology focused on backing technical founders from inception to exit. The fund has a mandate to complete majority-growth investments and platform buyouts, continuing a practice Battery has pursued since 2008 across more than 17 platform companies. Battery Ventures XIV is domiciled in Delaware and the Cayman Islands, managed by Battery Management Corp., the SEC-registered investment adviser (CIK 160921). Confirmed limited partners include the Alaska Retirement Management Board, which committed $25 million at first close, and the Alaska Permanent Fund among 22 total institutional investors. Total committed capital in the main vehicle reached $3,042,078,283 as reported in the fund's SEC Form D filing. Battery Ventures has raised over $16 billion across its fund family since founding, with a track record spanning more than four decades and portfolio companies across the United States, Europe, and Israel.

BVP Forge II, L.P. is the second growth buyout fund raised by BVP Forge, a private equity platform integrated within the Bessemer Venture Partners ecosystem. The fund closed on November 19, 2025 at $1 billion — oversubscribed and completed in under four months — bringing BVP Forge's total assets under management to $2.3 billion. BVP Forge was founded in December 2021 by Rob Arditi, formerly a senior growth equity partner at Norwest Equity Partners, to address a structural market gap: capital-efficient, self-sustaining technology and services companies with $10–$50 million in annual revenue that are too mature for traditional venture capital but too growth-oriented for classical leveraged buyout firms. BVP Forge II makes control acquisitions and significant minority investments in companies with $50–$500 million in enterprise value. The fund targets software, AI-enabled services, tech-enabled managed services, and vertical software platforms across North America, Europe, Australia, and New Zealand. Portfolio companies benefit from the ForgeEdge™ operational program, which provides engineering, go-to-market, and talent development support, and the AI Velocity initiative, which helps portfolio companies integrate AI capabilities. Prior Forge I investments include Sunwave Health (behavioral health software), Lightning Step Technologies, BetterRX (hospice pharmacy software), and Technical Toolboxes (energy infrastructure software), illustrating the firm's focus on mission-critical vertical software in underserved industries. BVP Forge's integration into the Bessemer Venture Partners platform gives portfolio companies access to approximately $19 billion in AUM-backed relationships, 40 proprietary technology roadmaps, over 60 annual research publications, and 10+ executive workshops. Confirmed limited partners in Forge II include the New Mexico State Investment Council ($75 million) and the North Dakota State Investment Board ($60 million), both returning LPs from Forge I. Legal counsel: Kirkland & Ellis. Operational headquarters: Redwood City, California.

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

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.

BlueFive Reef Private Equity Fund I is a $2 billion closed‑end buyout vehicle launched by BlueFive Capital and registered with the Abu Dhabi Global Market (ADGM), marking one of the largest private equity raises in the Gulf region. The fund targets both majority and minority stakes in high‑growth, large‑cap businesses across the GCC—specifically in healthcare, technology, hospitality, aviation, and industrial sectors—partnering with strong regional founders to elevate local champions toward global competitiveness. Positioned to leverage the Gulf’s economic diversification and strategic East‑West gateway role, Reef I seeks to capitalize on evolving market dynamics as governments broaden their non‑oil economies, with geographic focus on GCC countries and potential expansion into Asia and Latin America as aligned with BlueFive’s broader strategy.

BluePeak Private Capital Fund II (BPCF II) is a pan-African private credit fund launched by BluePeak Private Capital, an alternative asset management firm established in 2019. The fund aims to raise $250 million to provide flexible credit solutions to underserved mid-sized businesses across Africa, addressing the persistent financing gap that hinders their growth. BPCF II focuses on delivering impact-driven investments while offering investors superior risk-adjusted returns. The fund targets strategic sectors such as manufacturing, pharmaceuticals, logistics, and financial services—industries pivotal to deepening local value chains and fostering industrial clusters. With a strong emphasis on gender inclusion, BPCF II is 2X Challenge qualified, promoting women's economic empowerment as a core objective. The fund integrates sustainability considerations throughout its investment process, prioritizing resilience, inclusive growth, and long-term value creation. In its first close, BPCF II secured $80 million in commitments from leading European Development Finance Institutions (DFIs), including British International Investment (BII), FMO, Swedfund, and the Swiss Investment Fund for Emerging Markets (SIFEM). These commitments underscore the DFIs' confidence in BluePeak's strategy to combine performance with impact, mobilizing capital to Africa's underserved mid-market segment.

Fonds National d'Amorçage 2 (FNA 2) is a €500 million government-backed fund-of-funds managed by Bpifrance, France's public investment bank. Created under the Programme d'Investissements d'Avenir (PIA) through a convention between the French State and Bpifrance signed on 28 December 2017, FNA 2 is the second generation of France's national seeding fund initiative, one of the largest government-sponsored seed VC fund-of-funds in continental Europe. The fund was initially capitalized with €250 million, with a further €250 million committed in a second tranche planned for 2020. FNA 2 invests in professionally managed seed venture capital funds that themselves back early-stage, high-growth technology companies in France. Eligible investee funds must prioritize French and European non-listed companies in strategic technological sectors including biotechnology and life sciences, digital technologies such as artificial intelligence, big data, cybersecurity, and fintech, as well as ecotechnologies. By 30 June 2020, FNA 2 had committed €93.3 million across five seed funds: Agrinnovation, PSL Innovation Fund, Frst 2, Technocom 3, and Pertinence Invest 2, serving as a cornerstone LP for emerging French fund managers seeking institutional validation. FNA 2 builds on the first Fonds National d'Amorçage, which established France's model for public seed fund catalysis. A third generation, FNA 3, endowed with €400 million under France 2030, has since been launched by Bpifrance and the Secrétariat Général pour l'Investissement, underscoring the program's sustained importance to France's innovation economy. Bpifrance manages the fund through its Fonds Propres division's fund-of-funds activity.

Bpifrance InnoBio is a dedicated EUR 173 million biotech and medtech venture capital fund managed by Bpifrance, the French public investment bank. Launched in 2009, InnoBio was established to address a structural financing gap for early- and mid-stage life sciences companies in France by mobilizing capital from Bpifrance alongside nine major global pharmaceutical companies as co-investors. The fund represents a cornerstone of Bpifrance's life sciences investment strategy, with an explicit mission to bridge the gap between academic research discovery and the early clinical development milestones required to attract broader institutional capital—a gap commonly described in the industry as the Valley of Death. InnoBio invests in early- and mid-stage French biotech and medtech companies, with a primary therapeutic focus spanning oncology, rare diseases, cardiovascular conditions, diabetes, neurology, ophthalmology, and infectious and inflammatory diseases. The fund targets companies in the pre-clinical through early clinical development phases, providing patient capital alongside Bpifrance's operational expertise in life sciences investment structuring. InnoBio supports portfolio companies through either IPO or strategic pharmaceutical partnership exits, reflecting the two primary exit pathways most relevant to the French biotech ecosystem and the preferences of its co-investing pharmaceutical limited partners. InnoBio has established itself as a reference vehicle in the French and European life sciences venture capital landscape, supporting numerous biotech and medtech start-ups through formative funding rounds. The fund's performance was sufficient to warrant the launch of InnoBio 2 in 2019, a EUR 203 million successor vehicle whose limited partners include Sanofi, Boehringer Ingelheim, Ipsen, Servier, Bristol Myers Squibb, and Takeda, confirming strong institutional conviction in the InnoBio strategy. Together, the InnoBio family represents one of the most significant private sector commitments to life sciences venture capital financing in France, managed through Bpifrance's dedicated biotech and medtech investment platform.

Bpifrance InnoBio 2 is a €203 million corporate venture capital fund co-managed by Bpifrance Life Sciences Venture, the dedicated life sciences investment arm of Bpifrance, France's national public investment bank. The fund achieved its final close in 2020, following a first close at €135 million in 2019. InnoBio 2 is the second in a series of co-investment vehicles co-sponsored by Bpifrance and leading global pharmaceutical companies; its predecessor, InnoBio (2009, €173 million), established the model of pooling corporate venture commitments alongside public capital to de-risk early biotech innovation in France. The LP syndicate for InnoBio 2 includes Bpifrance, Sanofi, Boehringer Ingelheim, Takeda, Ipsen, Servier, Bristol-Myers Squibb, and the European Investment Fund. InnoBio 2 focuses on companies in early clinical development or approaching clinical proof of concept, primarily at the Series A and Series B stages, with individual commitments up to €14 million per deal. The fund targets therapies in oncology, rare diseases, cardiovascular, diabetes, neurology and ophthalmology, and inflammatory and infectious disease indications. While France-centric, the fund can deploy up to 25% of its capital in other European biotech clusters. The corporate LP structure provides the dual benefit of patient capital plus direct access to commercial partners capable of in-licensing portfolio compounds, entering Phase III co-development agreements, or ultimately acquiring portfolio companies outright. The InnoBio franchise has been a cornerstone of Bpifrance's life sciences venture strategy for more than a decade, financing dozens of French biotech and medtech innovators. Bpifrance Life Sciences Venture is led by Laurent Arthaud and has built the InnoBio platform into one of the most active corporate CVC programs in continental Europe. Bpifrance manages approximately €30 billion in private equity and venture assets overall, with direct investments in more than 200 life sciences companies. InnoBio 2's nine-member pharmaceutical LP syndicate distinguishes the fund from purely financial CVC vehicles, providing portfolio companies with accelerated pathways to licensing deals, Phase III partnerships, and strategic exits with established global pharma counterparts.

Bpifrance Large Venture is a EUR 2.5 billion growth and late-stage venture capital fund managed by Bpifrance, France's state-backed public investment bank and the country's primary innovation financing institution. Established in 2014, Large Venture is one of the largest dedicated technology and life sciences growth funds in continental Europe, providing long-term patient capital to highly innovative companies — both publicly listed and unlisted — with validated business models operating at significant scale. The fund acts as an active shareholder with a long-term investment horizon, supporting companies that are ready to expand internationally or accelerate their competitive positioning across high-potential markets. Large Venture focuses exclusively on technology and life sciences sectors in France, participating in financing rounds above EUR 20 million with an initial ticket size of at least EUR 10 million. The fund co-invests as lead or follower alongside other leading European and international growth equity investors, covering a broad spectrum of sub-sectors including enterprise software, artificial intelligence, cybersecurity, fintech, healthtech, foodtech, greentech, and digital health. Investment decisions emphasize companies with demonstrated revenue traction, a clear path to market leadership, and the potential to reach Next40 or French Tech 120 designation. With a generalist approach across technology and life sciences, the fund is positioned to support France's most competitive scale-ups throughout their late-stage growth journey. Since its 2014 founding, Large Venture has built a portfolio of over 80 companies, including 12 members of the Next40 and 25 members of the French Tech 120. Notable portfolio companies include Doctolib (digital health), Contentsquare (digital analytics), Exotec (robotics and logistics automation), Owkin (AI for healthcare), Shift Technology (AI for insurance), Electra (EV charging), ManoMano (B2B construction), Swile (employee benefits), and Aqemia (AI drug design). The fund plays a catalytic role in France's technology ecosystem, co-investing with major international growth equity and crossover investors, while providing the stability and scale required by late-stage innovators preparing for IPO or strategic exits.

The Brain Tumor Investment Fund (BTIF) is the venture philanthropy arm of the National Brain Tumor Society (NBTS), the oldest and largest non-profit organization dedicated to improving outcomes for brain tumor patients in the United States. Established in 2020 and headquartered at 55 Chapel Street, Suite 006, Newton, Massachusetts, BTIF raises philanthropic capital and deploys it alongside private investors to incentivize biotechnology, pharmaceutical, and medical device companies to develop new treatments and diagnostics for brain tumors. The fund represents an innovative application of venture capital mechanics to disease-focused philanthropy, fusing the rigor of institutional impact investing with the mission-driven capital deployment of the National Brain Tumor Society. BTIF focuses exclusively on companies seeking pre-seed through Series A funding for brain tumor-specific assets and programs, including small molecules, biologics, and medical devices targeting brain tumor indications. The fund's investment thesis addresses the persistent gap between academic discovery at leading research institutions and commercially viable drug development—the Valley of Death—where philanthropic venture capital can de-risk programs that traditional investors would not fund at early stages. By deploying capital globally into companies developing treatments and diagnostics for brain tumors, BTIF functions as both a convener and catalyst for private sector investment into a systematically underserved therapeutic area, attracting co-investment from pharmaceutical and biotech strategic investors. Since its founding in 2020, the Brain Tumor Investment Fund has built a portfolio of approximately eight companies, demonstrating consistent and targeted deployment across its early-stage focus. The fund achieved a landmark exit in October 2024 when portfolio company Modifi Bio was acquired by Merck, validating the fund's ability to identify and support brain tumor assets through to commercial acquisition by a major pharmaceutical company. BTIF's investment activity is tracked by Crunchbase and Tracxn, which identify the fund as an active investor with two new investments in the twelve months preceding October 2025, demonstrating continued deployment momentum.

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

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

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

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

BrightEdge Fund is the impact investment and venture capital arm of the American Cancer Society (ACS), one of the oldest and largest voluntary health organizations in the United States. Operating under the ACS BrightEdge brand, the fund makes equity investments in for-profit, early-stage companies developing breakthrough cancer-focused therapeutics, diagnostics, devices, and enabling technologies across the full cancer care continuum. The fund's mandate bridges the gap between philanthropic capital and venture capital, deploying donor-backed investment capital to support innovations that deliver simultaneous scientific, social, and sustainable returns. BrightEdge Fund targets companies addressing unmet needs in cancer detection, treatment, patient support, and health equity. The investment strategy emphasizes translating promising scientific discoveries into actionable, scalable commercial solutions with durable impact potential. Portfolio decisions leverage the American Cancer Society's deep institutional expertise in oncology, its nationwide patient network, and its relationships with leading academic medical centers and clinical research institutions. The fund has made a total of 13 investments and operates with an active portfolio spanning oncology therapeutics, digital health, diagnostics, and cancer care technology. The fund's investor base is composed of founding philanthropic members — including Lyda Hill Philanthropies, Resonance Philanthropies, and Wood Next Foundation — alongside the ACS itself. BrightEdge is led by a dedicated team of 16 investment, innovation, and operations professionals, supported by the broader ACS platform. The fund publishes an annual report and maintains public disclosure of its investments through the ACS's website, offering greater transparency than most impact vehicle of this type.

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.

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.

DIF Value-Add IV SCSp is the fourth fund in CVC DIF's Value-Add infrastructure series, structured as a Société en Commandite Spéciale under Luxembourg law. CVC DIF is the dedicated infrastructure investment platform of CVC Capital Partners, formed following CVC's acquisition of DIF Capital Partners in 2022. Based in Amsterdam with offices across Europe and Australia, CVC DIF manages over EUR 18 billion in infrastructure assets globally and has established a strong track record in both core and value-add European mid-market infrastructure. Fundraising for DIF Value-Add IV was launched in January 2025, with the final investments being made from its predecessor, Value-Add III (formerly Core Infrastructure Fund III, CIF III). The DIF Value-Add series — previously known as the Core Infrastructure Fund (CIF) series — focuses on infrastructure companies and assets with strong competitive market positions that offer significant growth potential through "buy-and-build" strategies and operational improvements. The fund targets four thematic sectors that are at the forefront of Europe's energy and digital transition: digital infrastructure (fiber networks, towers, and data centers), energy transition (renewable energy, grid flexibility, and distributed energy resources), sustainable transport (mobility services, electric vehicle charging infrastructure, and smart logistics), and healthcare infrastructure (diagnostic networks, life science services, and health-related social infrastructure). Unlike core infrastructure strategies focused on regulated, long-dated contracted assets, Value-Add targets companies where active management unlocks enterprise value through expansion, consolidation, and revenue growth. The Value-Add series has grown consistently across three prior vintages: CIF I (2017, EUR 450 million, 13 investments, fully invested), CIF II (2019, EUR 1.01 billion, 12 investments), and CIF III / Value-Add III (2022, EUR 1.6 billion, 11 investments, currently investing). The systematic fund-over-fund size growth reflects strong LP re-up rates and CVC DIF's differentiated sourcing capabilities in the European mid-market. The integration with CVC Capital Partners has expanded the LP network and provided enhanced access to global institutional capital, supporting Value-Add IV's ambition to build on the series' existing European infrastructure franchise.

Cactus Partners Fund I is the debut venture capital fund of Cactus Venture Partners (CVP), a Mumbai-based investor focused on early-stage companies in India. The fund reached final close in February 2024 with a corpus of approximately Rs 630 crore (approximately $75 million), following an initial closing in August 2022 that raised roughly Rs 350 crore ($44 million). Cactus Venture Partners positions itself as a long-term institutional partner for founders building transformative businesses across India's fastest-growing technology sectors. The fund targets Series A and early Series B investments, with a primary sector focus on climate technology, healthcare technology, and B2B SaaS. This thesis reflects CVP's conviction that India's next wave of breakout companies will emerge at the intersection of deep technology and India-specific market needs—whether in sustainable agriculture, digital health infrastructure, or enterprise software built natively for emerging-market conditions. The fund's investor base reflects broad conviction in this thesis: approximately 60% of capital committed by domestic limited partners—including SIDBI (Small Industries Development Bank of India), the Self-Reliant India Fund (SRI Fund), and the UP Startup Fund—with the remaining 40% from international LPs predominantly from the United States, Singapore, the European Union, and the United Kingdom, as well as domestic family offices and ultra-high-net-worth individuals (UHNIs). Cactus Partners Fund I marked Cactus Venture Partners' entry as an institutionalized early-stage investor in the Indian venture ecosystem. The successful two-stage fundraise—completed in a challenging global venture market—validated the fund's sector thesis and its ability to attract a diversified domestic and international LP base. The fund's portfolio spans climate technology, health technology, and B2B enterprise solutions, setting the foundation for CVP's continued growth as a trusted capital partner for Indian founders at the inflection point between product-market fit and full-scale growth.

The Calm / Storm 2 fund is a dedicated early‑stage venture capital vehicle established by Calm/Storm Ventures out of Austria, designed to invest across the health‑tech and wellbeing space in Europe. With a final close around €30 million, the fund seeks to partner with startup founders driving meaningful innovation in prevention, diagnostics, digital health tools and infrastructure for large healthcare systems. Unlike many health‑tech investors who wait until later stages, this fund is committed to getting in very early—pre‑seed, seed and occasionally post‑seed—taking meaningful stakes and often leading rounds alongside a strong network of co‑investors. It emphasises partnership, mentorship and ecosystem building as much as capital. Diversity and purpose are core to its philosophy: Calm/Storm emphasises founding teams from under‑represented backgrounds, and invests in areas often overlooked (e.g., fertility, mental health, sexual wellness, chronic conditions) where innovation can have disproportionate impact. The fund thus aims for both financial return and societal benefit. The fund will deploy capital across primarily European companies (with at least ~75% of investees registered in Europe at the time of investment) and aims for average ticket sizes of around €500 k, roughly double that of its predecessor fund. It expects to lead or co‑lead 30‑40 investments, leveraging its community of founders and ecosystem of LPs to create access, scale and value.

CapitalG is the independent growth equity fund of Alphabet Inc., the parent company of Google, investing for long-term financial returns in high-growth technology companies at the growth stage through pre-IPO. Founded in 2013 as Google Capital and rebranded as CapitalG in 2016, the fund manages approximately $7 billion in assets under management as of 2024 and has made over 220 investments since inception, with a portfolio that includes 36 unicorn companies. CapitalG operates as a financially independent entity within Alphabet's investment portfolio, with its own partnership structure and investment decision-making processes distinct from Google Ventures (GV), which focuses on early-stage investing. CapitalG focuses on growth-stage technology companies, typically investing $50 million to $200 million per company in sectors including financial technology, cybersecurity, software-as-a-service, consumer internet, healthcare technology, and artificial intelligence. Unlike strategic corporate venture capital funds, CapitalG invests primarily for financial return rather than strategic alignment with Google's core products, though portfolio companies benefit from access to Google's technical infrastructure, distribution channels, and executive expertise. The fund's distinctive value proposition is its ability to offer portfolio companies hands-on support from Google engineers, data scientists, and executives via dedicated expert teams that go beyond traditional board-level advisory roles. CapitalG's portfolio includes some of the most successful technology companies of the past decade: Stripe, Airbnb, CrowdStrike, Zscaler, Databricks, Credit Karma, Duolingo, and Gusto. The fund's track record demonstrates consistent success across enterprise software, fintech, and cybersecurity categories, with multiple portfolio companies achieving IPOs or significant acquisitions. The $7 billion AUM figure as of 2024 represents a substantial increase from the approximately $3 billion reported in 2022, reflecting both capital appreciation and continued deployment by Alphabet through its balance sheet investing program.

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.

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

Cathay InnoSquare is the fund-of-funds programme managed by Cathay Innovation, a Paris-based multi-stage venture capital firm founded in 2015 with more than €2.5 billion in assets under management across its fund family. The InnoSquare programme is dedicated to identifying and backing the next generation of early-stage venture capital managers across North America, Europe, and Asia, with a specific focus on emerging managers raising their Fund I through Fund III. The fund's strategy rests on the conviction that the most outsized returns in venture capital often originate from emerging managers with concentrated portfolios, differentiated deal-sourcing networks, and theses closely aligned with the digital revolution. Cathay InnoSquare targets fund managers investing at the seed and early stages in companies operating at the intersection of digital transformation, artificial intelligence, and healthcare technology. By backing managers early in their institutional lifecycle, the programme secures access to high-quality proprietary deal flow while supporting the development of a more globally diverse venture ecosystem. As part of Cathay Innovation's broader platform, Cathay InnoSquare portfolio managers gain access to the firm's global network spanning five continents, connecting major innovation hubs, institutional investors, corporate partners, and Fortune 500 companies across Paris, San Francisco, Shanghai, and Singapore. This value-add layer reflects Cathay Innovation's positioning as a cross-border bridge between European, North American, and Asian innovation ecosystems. Portfolio managers also benefit from Cathay's co-investment capabilities, leveraged through its flagship VC funds that invest directly in startups alongside portfolio managers. InnoSquare has participated in fundraises for several US-based climate and deep-tech venture funds, including as an LP in VoLo Earth's Fund II, a Colorado-based energy transition vehicle.

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.

Charlesbank Equity Fund XI is the eleventh flagship private equity fund from Charlesbank Capital Partners, currently in the market with a $4 billion target. Building on the success of its predecessor, Fund X, which closed at $3.75 billion, Fund XI continues the firm's strategy of investing in North American middle-market companies across sectors such as industrials, technology, and healthcare. The fund aims to acquire control positions in companies with enterprise values ranging from $150 million to $3 billion. Charlesbank seeks businesses with strong free cash flow yields and durable competitive advantages, often engaging in transactions like growth capital investments, carve-outs, and executive-led buyouts. Charlesbank's investment approach emphasizes rigorous due diligence and operational improvements. The firm leverages its deep sector expertise and a team of approximately 60 investment professionals to identify and grow portfolio companies, aiming to deliver superior returns for its investors.

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

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

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

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

Clarion 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.

Clave Innohealth is a Spanish venture capital fund managed by Clave Capital, a Pamplona-based investment firm founded in 2001 with over 20 years of experience and more than 90 technology investments across its history. Clave Capital manages approximately €90 million across four verticals — Tech Transfer Food, Growth (industrial SMEs), Energy, and Tech Transfer Health — with Clave Innohealth as its dedicated healthcare-focused vehicle. The fund is registered with Spain's CNMV (ISIN ES0154433009) as a Fondo de Capital-Riesgo, anchored by CDTI through its Innvierte programme — Spain's public R&D investment initiative — which committed €40 million following a competitive selection involving 11 investment managers. The fund targets early-stage bio-health innovation in Spain and Europe, writing initial cheques of €500,000 to €1 million with follow-on capacity up to €3 million per company. It aims to back approximately 30–35 companies from inception through Series A, spanning medtech, digital health, e-health, health-nutrition, and biotech sectors. The fund opened a Barcelona delegation at the Barcelona Science Park, headed by Giacomo De Simone, a specialist in pharmaceutical innovation and venture capital previously at Vall d'Hebron Research Institute, to support broader European dealflow. A first close of approximately €50 million was announced in February 2023, against a target of €65 million and a hard cap of €80 million. Anchor LP capital beyond CDTI/Innvierte was provided by family offices linked to the health sector, pharmaceutical laboratories, financial investors, and academic institutions. The Innvierte anchor structure reflects the Spanish government's strategic priority to channel public R&D capital into early-stage health technology ventures, making Clave Innohealth a key vehicle for Spain's biohealth innovation ecosystem.

Cofounders Capital Fund III is the third venture capital fund from Cofounders Capital, a seed-stage VC firm founded and based in Cary, North Carolina. The fund closed at $50 million in March 2023, representing a significant step up from Fund I ($12 million) and Fund II ($31 million), and more than double Fund II's size. Cofounders Capital is one of the most active seed-stage B2B software investors in the Southeastern United States, with a particular concentration in North Carolina's Research Triangle region. The firm was co-founded by Tim McLoughlin and Mark Easley, who bring operational backgrounds as company builders alongside their investing experience. Fund III pursues a seed-stage, B2B software investment strategy with a target of 15 to 20 portfolio companies per fund cycle. The firm emphasizes hands-on support across product-market fit development, go-to-market strategy, and investor network introductions. Preferred initial check sizes are in the range of $1–3 million per company, with follow-on reserves. The firm focuses on enterprise software categories within sectors such as health tech, fintech, construction technology, HR tech, and marketing technology. Its geographic focus spans the Southeast, though it selectively leads rounds in companies outside the region when the opportunity warrants. Cofounders Capital Fund III had made approximately 10 investments as of early 2024, with portfolio companies including Spidr and Ecomap. The fund's LP base includes institutional investors, high-net-worth individuals, and family offices, many of whom are themselves founders or operators in the Southeast startup ecosystem. The firm's regional presence and hands-on model have made it a preferred lead investor for early-stage founders in markets such as Raleigh-Durham, Charlotte, Atlanta, and Nashville who are building scalable B2B software businesses.

Columbus Innvierte Life Science I is the debut venture capital fund managed by Columbus Venture Partners, a Valencia, Spain-based life sciences investor founded in 2016 by Javier García and Damià Tormo. The fund was registered with the Spanish securities regulator CNMV (registration no. 190) and launched in April 2016 as part of Spain's Innvierte programme, a public-private co-investment initiative supporting early-stage innovation. The fund raised EUR 42 million and had an investment period running from 2016 to 2018, making seed and Series A investments in deep biotech and advanced therapy companies, primarily in Spain. The fund's strategy combined scientific expertise in therapeutic development with an industrial vision, targeting companies working on cell and gene therapies, AAV vector manufacturing, and other disruptive life sciences platforms. Columbus Venture Partners brought a distinctive approach of investing in both product development and the manufacturing infrastructure required to scale these technologies, thereby shortening time to exit. The geographic focus was Spain with international reach, co-investing alongside specialist international and corporate venture funds. The fund built a portfolio of eight investments and has since generated exceptional returns through landmark exits. Viralgen Vector Core was sold to Bayer in 2020 in a transaction valued at approximately EUR 4 billion. Vivet Therapeutics was acquired by Pfizer for an upfront and option value of EUR 560 million. Aura Biosciences completed a NASDAQ IPO in 2021. Columbus Venture Partners now manages over EUR 400 million across four successive funds, establishing itself as one of Spain's leading life sciences venture capital franchises.

Columbus Life Science Fund II (FCR) is a Spanish venture capital fund managed by Columbus Venture Partners SGEIC, S.A., a specialist life sciences VC firm headquartered at Ronda Guglielmo Marconi 8, Paterna (Valencia, Spain). The fund was registered with the Spanish Comision Nacional del Mercado de Valores (CNMV) under registration number 244 in February 2019, with a target capitalization of approximately EUR 70 million, and constitutes the second flagship fund in Columbus Venture Partners' life sciences fund family following Columbus Innvierte Life Science I (2016 vintage). It focuses exclusively on early-stage biotechnology and pharmaceutical innovation, targeting portfolio companies capable of advancing novel therapeutic or industrial biotech products toward clinical or commercial milestones. Columbus Life Science Fund II applies Columbus Venture Partners' distinctive investment model of combining therapeutic seed funding with hands-on infrastructure creation, working directly alongside early-stage founders to build the operational, regulatory, and manufacturing capabilities required to progress life sciences companies through their development stages. The fund typically leads seed-stage and early rounds in Spanish life sciences companies, providing not only capital but deep domain expertise across drug development, biologics, gene therapy, and biotech-enabled industrial applications. Its investment period ran from 2019 to 2021, during which the fund built a portfolio of nine companies operating across Spain's growing biotechnology sector. The fund reflects Columbus Venture Partners' proven model of specialization within Spanish life sciences, a strategy that has generated a strong track record of exits including AskBio, Aura Biosciences, Algenex, Viralgen, and Sanifit Therapeutics across its fund family. Columbus Life Science Fund II was followed by Columbus Life Sciences Fund III (2021, EUR 120 million) and Columbus Life Sciences Fund IV (2023, EUR 150 million), each successive fund raising at a significantly higher size, validating the manager's ability to deliver returns and build institutional LP confidence across successive fund cycles. Columbus Venture Partners is registered with the CNMV as fund manager under registration number 107.

Columbus Life Sciences Fund III (FCR) is a EUR 120 million Spanish venture capital fund managed by Columbus Venture Partners SGEIC, S.A., registered with the Spanish CNMV under registration number 326 in April 2021. The fund represents the third flagship vehicle in Columbus Venture Partners' life sciences fund series, raising nearly double the target capitalization of its predecessor Columbus Life Science Fund II (EUR 70 million, 2019), and reflecting growing institutional demand for specialist biotech and pharmaceutical venture exposure in Spain and broader Europe. The fund invests at seed and early stages in life sciences companies with strong scientific foundations and the potential to advance transformative therapeutic or industrial biotech products. Columbus Life Sciences Fund III applies the firm's distinctive model of combining targeted seed-stage capital with infrastructure creation, actively working alongside portfolio companies to build the operational, regulatory, and commercial capabilities needed to progress through development stages. Columbus Venture Partners has developed deep expertise across drug development, gene therapy, biologics, and biotech-enabled industrial applications, and invests primarily in companies based in Spain's growing biotech ecosystem with the ability to access international capital markets and clinical networks. The fund's investment period ran from 2021 to 2023, during which it built a portfolio of ten companies reflecting the firm's focus on early-stage innovations with high scientific differentiation. Columbus Life Sciences Fund III has been succeeded by Columbus Life Sciences Fund IV (2023, EUR 150 million), continuing the fund family's trajectory of increasing scale and institutional confidence. Columbus Venture Partners has generated a strong cumulative exit track record across its fund family, with notable realizations including AskBio, Aura Biosciences, Algenex, Viralgen, Sanifit Therapeutics, and the 2026 sale of Syngoi Technologies to Artis BioSolutions. The manager operates from the Valencia Technology Park in Paterna and has established itself as one of Spain's most active and recognized dedicated life sciences venture capital managers with over a decade of consistent activity in the sector.

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

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

Crestline Direct Lending Fund IV (CDLIV) is the fourth installment of Crestline Investors’ flagship direct lending strategy, which recently closed with $3.5 billion in investable capital, including anticipated leverage. The fund focuses on providing tailored financing solutions to sponsor and non-sponsor backed companies across North America, particularly within the lower and core segments of the middle market. Since its inception in 2014, Crestline's direct lending strategy has completed over 150 transactions, deploying more than $5.9 billion in capital. CDLIV has already executed 46 transactions across a diverse array of borrower profiles, industries, and sponsors, demonstrating the firm's commitment to flexible, scalable capital solutions. The fund attracted a globally diversified investor base, including public and corporate pension plans, sovereign wealth funds, asset managers, registered investment advisors, and other financial institutions from North America, Europe, and Asia. This broad support underscores Crestline's reputation as a trusted steward of capital and its ability to deliver returns and capital preservation through various credit cycles.

Crosslink Ventures X, L.P. is the tenth flagship venture capital fund raised by Crosslink Capital, a Menlo Park-based early-stage investment firm founded in 1989. The fund closed on April 23, 2024 at its $350 million target, bringing Crosslink Capital's total assets under management across ten funds to approximately $4.6 billion. The fund represents the continuation of Crosslink's 35-year track record as a pre-seed through Series A investor partnering with ambitious founders building category-defining technology companies. Crosslink Ventures X invests at the pre-seed, seed, and Series A stages with initial check sizes ranging from $1 million to $9 million, deploying $1–3 million at seed and $5–10 million at Series A, with reserves for follow-on investment. The fund's sector focus spans enterprise software and SaaS, consumer technology, vertical software platforms, financial technology, artificial intelligence and AI-first applications, healthcare IT, cybersecurity, and deep technology. Portfolio companies receive access to Alpha, Crosslink's invite-only network of more than 2,000 founders, CEOs, seed investors, and enterprise executives co-founded in 2005 by General Partner Eric Chin. Alpha hosts more than 40 annual forums, thematic dinners, and investor summits that provide Crosslink portfolio companies with peer-to-peer learning and business development opportunities uncommon in early-stage investing. The fund attracted commitments from both new and existing investors despite a challenging fundraising environment for early-stage vehicles in 2023–2024, reflecting confidence in Crosslink's disciplined check-size discipline and long-term LP relationships. Crosslink has generated 50+ exits including 17 IPOs across its fund history.

Dent&Co, a fund launched by Miura Partners, has raised over €200 million from international institutional investors. The fund is specifically targeted to back Proclinic Group, a leading dental distribution company in Europe, in its next phase of growth and consolidation through acquisitions. Proclinic Group, headquartered in Zaragoza, Spain, is a leading pan-European integrated provider of solutions for the dental sector with a strong omnichannel presence in key European markets. The company offers a broad product portfolio of dental consumables and equipment, as well as value-added services such as after-sales training, technical support, and digitalization. Dent&Co aims to further develop the growth plan of Proclinic Group by reinforcing the commercial strategy, expanding products and services, integrating new acquisitions, and exploring new M&A opportunities in other European countries. The fund's investment in Proclinic Group has already driven important value-generating initiatives, including management reinforcement, strategic acquisitions in key geographies and new business lines, commitment to digitalization, investment in leading logistics platforms, and sustainability initiatives. With annual sales reaching €256 million in 2023 and an annual growth of 29% since 2020, Proclinic Group represents a well-invested and differentiated platform with a proven ability to execute growth. Overall, Dent&Co targets investments in small and medium-sized family-owned and entrepreneurial companies within the dental sector in Europe, with a clear focus on sustainability."

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.

Dria Ventures Fund I is an $8 million pre-seed and seed-stage venture fund launched in 2025 by Dria Ventures, a Black-woman-owned investment firm founded by Megan Maloney. The fund concentrates on backing early-stage founders building solutions to address the root causes of high costs in American healthcare and main street productivity — two sectors that Maloney identifies as underserved by traditional venture capital despite their economic significance. Maloney brings over a decade of investing experience across early- and growth-stage companies, having begun her career at Morgan Stanley, earned her MBA from Harvard Business School, and previously served as an investor at General Catalyst. The fund employs an intimate, high-conviction partnership model, targeting a select portfolio of companies rather than a broad spray-and-pray approach. Dria Ventures provides not only capital — typically $225,000 at the pre-seed or seed stage — but hands-on operational support in two critical areas: leveraging an extensive network to accelerate customer acquisition, and building the relationships and metrics foundations required for successful Series A fundraising. The advisory network includes healthcare executives and former leaders from companies such as Livongo and Samsara, offering portfolio companies deep domain expertise alongside capital access. Dria Ventures Fund I achieved its final close on September 16, 2025, raising $8 million from a distinguished group of institutional and individual limited partners, including Next Legacy Partners, Global Endowment Management, Spring Point Partners, Stardust, General Catalyst, and Handmade Capital. Individual backers include prominent angel investors and operators such as Elad Gil, Katherine Boyle, Glen Tullman, Lee Shapiro, Diogo Monica, and Jules Maltz. The fund had already deployed capital into eight portfolio companies at the time of close, including PitPro — a robotics startup applying automation to tire inspection, brake inspection, and tire rotations — demonstrating early deployment velocity aligned with Maloney's thesis of backing tangible productivity solutions for America's core industries.

E4E Africa Fund II is the second venture capital fund raised by E4E Africa, a South Africa-based impact-oriented venture firm focused on high-growth, technology-driven companies across Sub-Saharan Africa. The fund reached a first close of USD 30 million in December 2023, attracting both local and international institutional investors including the SA SME Fund, a South African government-backed fund of funds that was a cornerstone backer of E4E Africa's debut fund. E4E Africa was established to back exceptional entrepreneurial teams building scalable, technology-enabled businesses that address fundamental gaps in African economies while generating risk-adjusted venture-level financial returns. E4E Africa Fund II invests in early-stage to growth-stage companies across four core sectors aligned with the structural transformation of Sub-Saharan African economies: financial services and fintech (expanding access to credit, digital payments, and insurance for underserved populations), education and job technology (skill-building platforms, workforce matching, and EdTech enabling workforce development), e-health (telemedicine, digital diagnostics, electronic health records, and health information management), and energy solutions (off-grid solar, mini-grids, and decentralized clean energy access for underserved communities and businesses). The fund primarily targets Anglophone Sub-Saharan Africa, with an active presence in South Africa and Kenya, and seeks to expand into other high-growth markets across the continent. E4E Africa's debut fund established a portfolio track record across South African and East African technology markets. Fund II's early portfolio includes Kwara, a Kenyan core banking platform serving SACCOs and credit unions with digital transformation tools; TUNL, a South African tech-enabled cross-border export shipping provider simplifying logistics for small and medium exporters; and a fast-growing embedded finance platform disrupting financial services distribution in Kenya. The firm's on-the-ground presence across southern and eastern Africa provides an information advantage in sourcing seed and Series A opportunities ahead of larger pan-African funds, and its impact thesis attracts Development Finance Institution co-investors seeking blended finance structures.

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.

EIC Fund is the equity investment arm of the European Innovation Council (EIC), established in 2020 by the European Commission under the Horizon Europe research and innovation programme. Wholly owned by the European Union and operating with the investment advice of the European Investment Bank, the EIC Fund is one of Europe's largest public deep-tech venture investors, capitalised with over €4 billion to bridge the gap between public research grants and private venture capital for Europe's most innovative startups and scaleups. The fund's investment strategy targets high-risk, high-impact deep-tech innovators across all technology verticals — including semiconductor innovation, synthetic biology, quantum computing, advanced materials, space technology, digital health, and climate technology — at stages from seed to growth. Individual investments range from €0.5 million to €30 million, with the highest allocations reserved for EIC STEP Scale-up participants. The EIC Fund always co-invests on a matching (1:1) basis with qualified private sector lead investors, with portfolio companies raising an average of 3.5 euros in private co-investment for every euro committed by the EIC Fund. Since its establishment in 2020, the EIC Fund has completed more than 150 investment rounds, including over 60 in 2024 alone, and has collectively mobilised over €1.6 billion in private co-investment alongside its portfolio companies. The fund co-invests under the EIC Accelerator programme, which provides grants of up to €2.5 million alongside the equity component. The EIC Fund covers all EU member states and Horizon Europe associated countries, with a geographic priority on venture ecosystems that historically receive less private capital relative to their scientific output, making it a structurally important source of deep-tech deal flow for private co-investors across Europe.

EQT Foundation Fund is the dedicated impact investment vehicle of EQT Foundation, the philanthropic entity established as a long-term shareholder and strategic sponsor of EQT Group, one of Europe's largest alternative investment organizations. The fund launched investment activity in 2021 and operates as an evergreen vehicle — with no fixed fund term — providing catalytic, patient equity capital to early-stage companies developing breakthrough scientific and technological solutions to systemic challenges in climate and nature, health and wellbeing, and equality of opportunity. The EQT Foundation Fund is managed by EQT Foundation, headquartered in Stockholm, Sweden, and draws on the full resources of EQT's global network of senior industry executives, operational advisors, and sector specialists to support portfolio companies beyond capital alone. The EQT Foundation Fund's investment thesis is organized around three impact pillars. The Climate & Nature pillar targets companies that measurably reduce greenhouse gas emissions, remove carbon from the atmosphere, restore degraded ecosystems, or develop nature-based solutions with verified additionality and commercial scalability. The Health & Wellbeing pillar backs innovations in biotechnology, digital health, diagnostics, reproductive health, and medical technology that improve human health outcomes at scale — including companies addressing underserved medical conditions and healthcare equity gaps. The Equality of Opportunity pillar invests in companies that broaden access to quality education, skills development, economic mobility, and professional opportunity across underrepresented communities. The fund employs a catalytic capital approach, deliberately accepting higher early-stage risk in exchange for the potential for transformational, durable societal impact. Individual investments range from early seed-stage to growth equity, with the Foundation Fund typically acting as a minority co-investor alongside mission-aligned venture capital and impact funds. The EQT Foundation Fund portfolio spans more than 24 active companies across its three impact themes. Notable Climate & Nature investments include Living Carbon (engineered trees for enhanced carbon sequestration), Made of Air (biochar-based carbon-negative building materials), Noya (direct air capture technology integrated into industrial cooling towers), Patch (enterprise carbon credit procurement and management platform), Ducky (corporate carbon footprint measurement), and Qarbotech (agricultural carbon capture innovation). Health & Wellbeing investments include Vara (AI-powered mammography screening for breast cancer detection), Fertifa (fertility and family-forming employee benefits), ClexBio (scaffold-free bioprinting platform for tissue engineering), Biographica (AI-driven drug discovery), Molecular Attraction (targeted RNA delivery), Videm (digital therapeutic for chronic pain), and Syngular Technology (biosensor diagnostics). The portfolio reflects EQT Foundation's commitment to backing companies at stages where foundation capital can materially improve development timelines and long-term impact outcomes.

EQT Healthcare Growth is a dedicated healthcare growth equity strategy managed by EQT AB, the Stockholm-headquartered global alternative asset manager with over EUR 23 billion invested in more than 200 healthcare companies across three decades of investing. Introduced in January 2024, the fund represents EQT's first standalone dedicated healthcare vehicle, separating healthcare investments from the broader EQT flagship funds. The strategy is led by Maarten de Jong, with a 14-person investment advisory team that includes partners drawn from EQT Life Sciences, EQT Private Equity, and external firms including Moelis, GHO Capital, and TPG. EQT Healthcare Growth targets control investments in innovative, profitable, and fast-growing healthcare companies, predominantly in Europe, with equity tickets ranging from EUR 75 million to EUR 275 million. The strategy occupies the space between pure buyouts and venture capital, focusing on companies that have de-risked from a scientific standpoint and are at a pivotal stage of commercial scaling. Target subsectors include health technology, diagnostics, life science tools, biotech reagents, vaccine research, infectious disease therapeutics, and oncology diagnostics — areas where EQT has built deep expertise over three decades. Since its launch in 2024, the fund has made three investments: Mabtech (Sweden), a leading supplier of immunological research reagents for vaccine and infectious disease research; CluePoints (Belgium), a health technology company providing risk-based monitoring and data analytics for clinical trials; and Europa Biosite (Sweden, 2025), a life science tools distributor. These investments reflect a focus on profitable, asset-light healthcare businesses with strong recurring revenue and global expansion potential. The fund's total committed size is approximately USD 967 million per PitchBook.

The LSP Dementia Fund is a specialized venture capital fund managed by EQT Life Sciences (formerly Life Sciences Partners, LSP), one of Europe's most experienced healthcare investors with over 30 years of active fund management. Launched in January 2021 and achieving its final close in March 2023 at approximately €260 million — far exceeding its original €100 million target and reaching the fund's hard cap — the LSP Dementia Fund is the world's first dedicated investment vehicle focused exclusively on all stages of dementia drug and medical technology development. It is co-led by Professor Philip Scheltens, MD, PhD, professor emeritus at Amsterdam University Medical Center and one of the world's most recognized authorities in dementia research and clinical neurology. The LSP Dementia Fund invests across the full development spectrum of dementia therapeutics and medical technology, targeting biotechnology companies and medtech businesses working on disease-modifying therapies, diagnostics, digital health tools, and neuroscience platforms addressing Alzheimer's disease, Lewy body dementia, frontotemporal dementia, and related neurodegenerative conditions. The fund targets a portfolio of 10 to 15 companies and deploys equity capital from early research-stage to late-stage clinical development, bridging the funding gap that has long made dementia one of the most chronically underinvested therapeutic areas relative to its global disease burden. The fund's global mandate allows investment across Europe, North America, and internationally wherever the most promising dementia research is located. EQT Life Sciences, which integrated LSP in 2022, brings a 30-year track record of European life sciences investing, having raised approximately €3.5 billion across 12 private funds and supported more than 150 healthcare companies. The LSP Dementia Fund attracted a landmark investor base including the Alzheimer's Association, the European Investment Fund, global pharmaceutical companies, and insurance organizations — reflecting both commercial and mission-driven conviction in the fund's thesis. The fund's oversubscription and above-target close validate the thesis that dedicated, expert-led capital allocation to neurodegeneration addresses a critical gap in the global healthcare investment landscape.

The LSP Health Economics Fund is a 2012-vintage venture capital fund managed by Life Sciences Partners (LSP), now operating as EQT Life Sciences following LSP's integration into EQT Group in 2022. With approximately €112 million in capital commitments, this fund represents LSP's inaugural dedicated health economics investment vehicle, established to back healthcare innovations that simultaneously deliver clinical benefit and reduce the cost of care for payers and health systems. Based in Amsterdam, Netherlands, LSP brought over 20 years of European life sciences investment experience to this strategy at its launch, having operated since the early 1990s as one of the continent's most active and experienced healthcare venture managers. The LSP Health Economics Fund targets late-stage and early-commercialization companies developing medical devices, diagnostics, and digital health technologies across Europe and North America. The fund's core investment thesis centers on companies whose products can demonstrate measurable health economic value — improving patient outcomes while reducing total healthcare system costs — a value proposition increasingly required by reimbursement bodies, hospital procurement committees, and national health technology assessment agencies. Portfolio companies typically have de-risked technology platforms and are preparing for or already in early commercial deployment, positioning the fund at the late venture to early growth stage boundary. LSP's Health Economics strategy demonstrated sustained institutional validation across multiple fund generations: the original fund (€112 million, 2012) was followed by LSP Health Economics Fund 2 (€280 million, 2018 vintage), reflecting more than a doubling of fund size in seven years. Portfolio highlights across the strategy include Neuravi (stroke thrombectomy device, acquired by Johnson & Johnson), Endotronix (heart failure remote monitoring, acquired by Edwards Lifesciences in 2024), and Onera Health (sleep diagnostics). EQT Life Sciences has invested in more than 25 companies through this strategy over a decade, with the original LSP Health Economics Fund serving as the foundation for one of Europe's most respected medtech and digital health venture franchises.

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

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

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."

Elevate Capital Commercialization Gap Fund 1 is an early-stage venture capital fund managed by Elevate Capital, Oregon's first inclusive venture fund, in partnership with Business Oregon and the Oregon Innovation Council. Launched in 2020 with $2.5 million in capital provided by the State of Oregon, the fund was designed to bridge the "valley of death" — the critical funding gap separating early scientific research from initial commercialization — a stage chronically underserved by traditional venture capital given the technology risk, long development timelines, and small check-size requirements. The fund deploys check sizes ranging from $50,000 to $250,000 per investment, targeting Oregon-based startups operating at the earliest stage of science-to-product translation. Priority sectors include life sciences and biotechnology, cleantech and sustainable resources, advanced manufacturing, and consumer health. Elevate Capital's inclusive investment mandate is embedded in the fund's deployment model: of the 15 portfolio companies funded, 29% are women-led ventures and 29% are led by BIPOC or immigrant founders, reflecting Elevate's commitment to closing systemic equity gaps in early-stage technology investment. Over a 12-month deployment period, the fund made 15 investments totaling approximately $1.75 million in disbursed capital. Portfolio companies subsequently raised more than $4 million in follow-on private investment and $4.5 million in additional grant funding, demonstrating a leverage ratio well above 3x on the original state investment. The Commercialization Gap Fund 1 established the foundational template for Oregon's CGF programme and validated Elevate Capital as the preferred manager for deep-tech commercialization investing.

Elevate Capital Commercialization Gap Fund 2 is an early-stage venture capital fund managed by Elevate Capital, in partnership with Business Oregon and the Oregon Innovation Council. Launched in 2022 with $4.5 million in state-provided capital — nearly double the size of its predecessor, the $2.5 million Commercialization Gap Fund 1 — the fund targets Oregon-based startups at the earliest commercialization stage: companies with breakthrough scientific or technological foundations that have not yet achieved the market traction or product maturity necessary to attract traditional venture capital investment. The fund deploys check sizes of $100,000 to $250,000 per company, with a target portfolio of 15 investments. Unlike purely financial VC vehicles, CGF 2 provides enhanced post-investment support, including active mentoring, network access, and introductions to downstream investors. Priority sectors include life science, cleantech and sustainable resources, advanced manufacturing, active lifestyle, and deep tech innovation. Elevate Capital's inclusive investment philosophy — supporting women, BIPOC, immigrant, LGBTQ+, and veteran founders — is a core element of the fund's mandate, continuing the equity-focused approach established in the first Commercialization Gap Fund. The fund builds on the validated model of CGF 1, whose 15 portfolio companies raised over $4 million in private follow-on capital after Elevate's initial investment. Oregon's Commercialization Gap Fund programme, administered by Business Oregon under the Oregon Innovation Council, is one of the United States' most active state-level technology commercialization investment initiatives, structuring fund management partnerships with private-sector VC managers to deploy public innovation capital efficiently and inclusively.

Elevate Capital Fund I is the inaugural venture capital fund managed by Elevate Capital, a Portland, Oregon-based firm founded in 2016 with a mandate to expand access to early-stage capital for underrepresented entrepreneurs. The fund raised approximately $10 million and established Elevate Capital's core thesis: that high-potential startups founded by women, minorities, and veterans are systematically underserved by conventional venture capital, creating a persistent investment opportunity in the Pacific Northwest. Elevate Capital was co-founded to address the structural funding gap faced by diverse founders, a group that historically received a fraction of a percent of all venture capital deployed in the United States. The fund invested at the Pre-Seed and Seed stages in technology and healthcare companies in the Portland, Oregon metropolitan region, making initial ticket sizes of $25,000 to $100,000 in women-, minority-, and veteran-founded startups. Elevate Capital's model combines financial capital with intensive mentorship and network access — what the firm terms mentor capital — connecting portfolio founders to operators, domain experts, and follow-on investors who can accelerate company development. The fund concentrated on a geography and founder profile where competitive deal dynamics were minimal and where Elevate's community relationships provided distinctive sourcing advantages. Elevate Capital Fund I validated the firm's investment approach and demonstrated that backing underrepresented founders generates competitive financial returns while advancing equity in entrepreneurship. The fund's performance supported the launch of Elevate Capital Fund II with a $40 million target and a national investment mandate, and led to Elevate Capital being selected by Business Oregon to manage the state's SSBCI Venture Direct program and Innovation Gap Funds. The firm's track record across Fund I and subsequent vehicles established Elevate Capital as a leading institution-backed inclusive VC manager in the Pacific Northwest.

Elevate Capital Fund II is the second venture capital fund managed by Elevate Capital, a Portland, Oregon-based inclusive investment firm. Launched in January 2021 with a $40 million target and a $26 million first close, the fund extended Elevate Capital's proven model of backing underrepresented entrepreneurs from a regional Pacific Northwest focus to a fully national mandate. The fund targets underrepresented minority founders — including women, people of color (BIPOC), LGBTQ+ founders, and veterans — across technology, life sciences, and medical device sectors, investing from Pre-Seed through Series A in companies that conventional venture capital systematically overlooks. Elevate Capital Fund II makes initial investments of $100,000 to $2 million per company, reflecting a larger check size than Fund I's $25,000 to $100,000 range, enabling more substantive lead and co-lead positions. The fund's investment thesis is grounded in the documented market inefficiency: BIPOC and female founders receive a fraction of a percent of all U.S. venture capital, creating a persistent supply-demand imbalance where high-quality opportunities are available at attractive entry valuations. Elevate Capital provides mentor capital alongside financial capital — intensive operational support, introductions to follow-on investors, and access to the firm's ecosystem of operators and advisors — to help founders navigate early-stage challenges that disproportionately affect those without established venture networks. By the time of the January 2021 fund launch, Elevate Capital Fund II had already deployed capital in six portfolio companies, five of which were led by Black women founders. The fund's LP base included institutional anchors Meyer Memorial Trust and Oregon Growth Account alongside prominent individual investors from the venture community. Fund II built on the track record of Elevate Capital's Fund I and Innovation Gap Funds, which together demonstrated that inclusive venture investing delivers both competitive financial returns and measurable impact in underserved founder communities.

The Elevate Capital Innovation Gap Fund is Oregon's first public-private commercialization gap fund, managed by Elevate Capital, a Portland-based inclusive venture capital firm dedicated to funding underrepresented founders and science-based innovators across the state. The fund was launched in 2021 through a partnership between Elevate Capital and Business Oregon (Oregon's economic development agency), with co-sponsorship from the Oregon Innovation Council (Oregon InC) Commercialization Gap Fund program. It represents a pioneering public-private model designed to bridge the commercialization valley of death—the capital gap between early scientific discovery and first commercial demonstration—for deep-tech and research-based startups in Oregon's key traded-sector industries. The Innovation Gap Fund deploys capital into early-stage, science and research-based startups developing innovations in Oregon's priority sectors, including bioscience and life sciences, cleantech and sustainability, advanced materials, healthcare, and natural resources. The fund is managed through Elevate Capital's differentiated lens of investing in diverse and underestimated founders, with a strong emphasis on backing women-led, minority-led, and underrepresented entrepreneurs. The fund provides both financial capital and active mentorship and commercialization support, helping portfolio companies bridge from laboratory stage to first commercial demonstration and ultimately attract private venture capital. Check sizes range from USD 50,000 to USD 250,000, reflecting the fund's early-stage mandate. Since its launch, the Elevate Capital Innovation Gap Fund has built a portfolio of approximately 30 companies, including six startups funded in the first cohort across sectors such as healthtech, cleantech, and natural resources. Portfolio companies have collectively raised over USD 25.5 million in follow-on equity financing and secured USD 14.7 million in additional non-dilutive grant support, creating more than 151 jobs, with 104 based in Oregon. Approximately 58% of portfolio companies have diverse leadership, with 37% led by women and 43% led by minority founders. The fund's success led Business Oregon to select Elevate Capital as fund manager for a second Commercialization Gap Fund (Gap Fund II) in August 2022, continuing the public-private partnership model.

Elevate Capital Innovation Gap Fund I is an early-stage venture capital fund managed by Elevate Capital, a Portland, Oregon-based investment firm focused on supporting underserved and underrepresented entrepreneurs building companies in science, deep technology, and innovation. Launched in 2020 with support from the Oregon Innovation Council's Commercialization Gap Fund and Business Oregon, the fund addresses the critical financing gap that early-stage Oregon innovators face between initial research funding and the point at which commercial investors typically engage. The fund is designed as a "venture on-ramp" that provides capital and mentorship to science and technology founders at the most challenging stage of their development. The fund targets Oregon-based founders working at the intersection of research and commercial application, with investment tickets typically ranging from 0,000 to 50,000 per company. Sectors of focus include healthcare, life sciences, cleantech and sustainability, and natural resources — industries with strong research and development activity in Oregon's university and federal research ecosystem. The fund is particularly committed to supporting diverse founders: across its portfolio, 43% of companies are minority-led, 37% are women-led, and over 58% have diverse leadership overall, reflecting Elevate Capital's mission to ensure entrepreneurship is accessible to all communities in Oregon. Gap Fund I is closed and has made 11 investments into early-stage Oregon startups. Portfolio companies have collectively raised over 5.5 million in additional equity investment and attracted 4.7 million in non-dilutive grant support, generating more than 104 jobs in Oregon. The fund was succeeded by the Elevate Capital Innovation Gap Fund II (2022 vintage), which continued and expanded the model with additional support from Business Oregon's State Small Business Credit Initiative (SSBCI) program.

Elevate Capital Innovation Gap Fund II is an early-stage venture capital fund managed by Elevate Capital, a Portland, Oregon-based investment firm dedicated to supporting underserved and underrepresented entrepreneurs. Launched in 2022 as the successor to the 2020-vintage Gap Fund I, the fund continues Elevate Capital's mission of providing seed-stage capital to Oregon innovators working in science, deep technology, and commercialization of research-based discoveries. The fund is supported by Business Oregon through the Oregon Innovation Council's Commercialization Gap Fund program, reflecting a public-private partnership model aimed at strengthening Oregon's startup ecosystem and ensuring that innovative science reaches the market. The fund operates with the same investment philosophy as its predecessor: providing early capital at the commercialization gap stage, the critical period between laboratory research and revenue-generating commercial activity where traditional venture capital is typically unavailable. Investment tickets range from 0,000 to 50,000, targeting founders in healthcare, life sciences, cleantech, sustainability, and natural resources. The fund is designed to act as a venture on-ramp that helps founders access and prepare for downstream investment from larger commercial venture funds. Elevate Capital brings hands-on mentorship, network access, and institutional support to its portfolio companies alongside the financial capital. Elevate Capital has deployed Gap Fund I and II across a combined portfolio of 30 startups in Oregon, generating more than 5.5 million in additional equity raised by portfolio companies, 4.7 million in non-dilutive grant support, and more than 151 total jobs created — 104 of which are in Oregon. More than half of all jobs created went to women, minorities, LGBTQ+ individuals, and other underrepresented groups. Gap Fund II maintains the firm's commitment to backing diverse founders, with 43% minority-led and 37% women-led companies across the combined portfolio. Business Oregon further expanded its partnership with Elevate Capital through the State Small Business Credit Initiative (SSBCI) Venture Direct Program in subsequent years.

The Elevate Innovation Gap Fund is an early-stage venture capital programme managed by Elevate Capital, an inclusive venture capital firm headquartered in Portland, Oregon, and the first institutional-scale VC fund in the United States focused primarily on investing in underrepresented and underestimated founders. The programme was established to fill a critical capital gap in Oregon's startup ecosystem — providing early-stage funding to research-intensive and science-driven ventures that lack access to mainstream venture capital due to geography, founder background, or the nature of their technology. The programme has been deployed across two vehicles — Innovation Gap Fund I and Innovation Gap Fund II — with a combined $7 million in assets under management invested across 30 Oregon-based portfolio companies. Sectors of emphasis include healthcare and life sciences, cleantech and sustainability, and natural resources technology, all aligned with Oregon's designated traded-sector industries that carry the highest potential for exporting economic value and creating quality employment in the region. Over 58% of portfolio companies have diverse leadership teams, with 37% led by women and 43% by minority founders — among the highest diversity metrics in institutional US venture capital. Elevate Capital was founded in 2016 and has since grown beyond the Innovation Gap Fund programme to manage the Oregon State Small Business Credit Initiative (SSBCI) Venture Direct Program, a federally funded state-managed capital facility targeting at least 40% participation from socially and economically disadvantaged individuals (SEDI). Business Oregon selected Elevate to manage the SSBCI programme based on demonstrated performance managing the Innovation Gap Funds and its deep-rooted network within Oregon's entrepreneurial community. The Elevate Innovation Gap Fund serves as a replicable model for mission-driven, geographically focused early-stage venture investing with measurable economic and social impact.

Episode 1 Fund III is the third flagship early-stage vehicle raised by Episode 1, the London-based venture capital firm specialising in pre-seed and seed investments into primarily UK-founded, B2B technology companies. Closing at £76 million ($95 million) in February 2024, the fund represents a significant step up from the firm's previous vehicles and marks Episode 1's most institutionalised raise to date, with British Patient Capital and the National Security Strategic Investment Fund (NSSIF) as cornerstone limited partners. The fund deploys check sizes of between £250,000 and £3 million per initial investment, targeting 10–15 new commitments per year, principally in companies at the pre-seed or seed stage. Episode 1's sectors of focus span artificial intelligence and machine learning, software infrastructure, techbio and life sciences, open-source tooling, healthtech, and marketplace businesses. While the fund prioritises UK-based founders, it considers early-stage companies with a strong UK presence from elsewhere in Europe or the United States. Approximately 25% of investments are sourced through proprietary data-driven tools that track founder trajectories and company signals. Since Episode 1's founding, the firm has backed over 69 portfolio companies and achieved notable exits including Fatmap (acquired by Strava), Passfort (acquired by Moody's Analytics), Feedr (acquired by Compass Group), Touch Surgery (acquired by Medtronic), and Atlas (acquired by Meta). Fund III's limited partner base includes institutional investors British Patient Capital, NSSIF, and Molten Ventures, as well as more than 21 founder-investors who were previously backed by Episode 1—a co-investment community that the firm has cultivated as a structural sourcing and value-creation advantage.

Equitage Ventures Fund I is a $47.3 million early-stage venture capital fund launched in April 2025 by Denver-based Equitage Ventures. The fund focuses on investing in technology and technology-enabled services that address the physical, mental, spiritual, and social needs of older adults. Led by a team of seasoned investors and operators—Russell Hirsch (co-founder of Generator Ventures), Adam Kaplan (CEO of Solera Senior Living), and Daniel Kaplan (AgeTech investor)—the fund aims to reshape how senior care is delivered through innovation and scale. Equitage partners with senior living and skilled nursing operators, home health and hospice agencies, healthcare tech firms, and consumer brands. These limited partners not only provide capital, but also strategic input, distribution channels, and hands-on support to accelerate portfolio growth. The fund focuses on critical areas of need and opportunity, including compliance infrastructure, documentation automation, passive monitoring, dementia and behavioral health, oral health, care navigation, and family caregiving support. Equitage takes a founder-friendly, collaborative approach, often investing between $250,000 and $2.5 million per company, and positioning itself as a long-term partner offering more than just capital. The fund seeks to create meaningful change in senior care by supporting scalable, impactful innovations across the U.S.

Escalate Capital V is a growth capital fund by Escalate Capital Partners. The fund is located in Austin, Texas and prefers investing in United Sates. The fund targets technology, software, services, and healthcare sectors. The fund invests in rapidly growing later-stage companies with minimum revenues of $20 million and minimum EBITDA of $3 million. Sectors of interest include technology, software, services, and healthcare across the United States. As of May 2025, the fund has already closed on two investments representing $35 million of Fund V’s committed capital. Since its founding in 2005, Escalate has invested over $1.3 billion of capital in 140 growth equity-backed companies.

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.

F2i Fund II (officially F2i – Secondo Fondo Italiano per le Infrastrutture) is the second infrastructure fund managed by F2i SGR (Società di Gestione del Risparmio S.p.A.), Italy's largest independent infrastructure fund manager with total assets under management of approximately €7.1 billion across five funds. The fund raised approximately €1.2 billion and completed its fundraising in 2015, deploying capital across key Italian infrastructure sectors over its investment period. In December 2025, F2i SGR formally launched the wind-down and liquidation process for Fund II, with assets being returned to investors as portfolio holdings mature. F2i Fund II pursued a diversified Italian infrastructure strategy targeting core and core-plus assets across sectors including telecommunications infrastructure (IRIDEOS, Towertel), energy and utilities (Sorgenia, E2i Energie Speciali), healthcare facilities and services (Kos), and logistics infrastructure (TRM). The fund's investments focused on established, mission-critical infrastructure assets with predictable, regulated, or quasi-regulated cash flows, consistent with F2i's broader mandate to deploy institutional capital into Italian infrastructure through long-term, income-oriented ownership. F2i's approach combines deep sector expertise with strong stakeholder relationships developed through decades of engagement with Italian utilities regulators, local governments, and infrastructure operators across key national sectors. F2i Fund II's portfolio performed across multiple Italian infrastructure sub-sectors during a period of significant regulatory and market evolution in Italian energy, telecommunications, and healthcare markets. The fund's wind-down, initiated in December 2025, reflects a completed investment cycle with capital now being returned to investors through a managed exit process. The success of Fund II, combined with the strong track record established by Fund I, enabled F2i SGR to raise Fund III at €3.6 billion — nearly three times the size of Fund II — demonstrating the institutional conviction in the Italian infrastructure asset class and F2i SGR's ability to source, manage, and exit complex infrastructure positions at scale.

F2i Fund III (F2i – Terzo Fondo per le Infrastrutture) is the third flagship infrastructure fund managed by F2i SGR, Italy's largest independent infrastructure asset manager with approximately €7.1 billion in total AUM across five funds. Established in 2017 and having completed its fundraising in 2018 at €3.6 billion, Fund III is currently the largest fund under F2i's management. The fund was formed in part through the migration of remaining Fund I portfolio assets into a new vehicle at the end of Fund I's investment period, consolidating F2i's Italian infrastructure platform at significantly greater scale and providing continuity of management for long-duration infrastructure assets. F2i Fund III deploys capital across a broadly diversified portfolio of Italian infrastructure assets spanning energy and utilities, telecommunications and digital infrastructure, transport and airports, healthcare, environmental services, and gas distribution. Core portfolio companies include SEA (Società per Azioni Esercizi Aeroportuali, Milan Airports), Aeroporto di Bologna, EI Towers and Persidera (tower and telecommunications infrastructure), Sorgenia (energy), 2i Rete Gas (gas distribution, one of Italy's largest), IGS (integrated waste management), and healthcare and medical assets. The fund applies a core infrastructure philosophy targeting essential, long-lived assets with visible revenue streams regulated or contracted by Italian authorities, consistent with institutional investor requirements for capital preservation and predictable long-term income. F2i Fund III is fully invested, with capital deployed across its diversified Italian infrastructure portfolio. The fund's €3.6 billion scale reflects both F2i SGR's fundraising franchise and the depth of institutional LP conviction in Italian infrastructure as a domestic and European asset class. The portfolio includes some of Italy's most strategically significant infrastructure businesses, operating in regulated and semi-regulated markets with essential service mandates and high barriers to entry. F2i SGR's track record across multiple fund generations has established it as the preeminent Italian infrastructure general partner, supporting continued fundraising through the sustainable infrastructure focus of Fund V at €1.6 billion.

F2i Fund V (F2i – Fondo per le Infrastrutture Sostenibili) is the fifth infrastructure fund managed by F2i SGR, Italy's largest independent infrastructure fund manager with approximately €7.1 billion in total assets under management. Established at the end of 2020 and completing its fundraising in 2023 at €1.6 billion, Fund V marks F2i's strategic entry into explicitly sustainability-oriented infrastructure investing. The fund carries Article 8+ classification under the EU Sustainable Finance Disclosure Regulation (SFDR), meaning it promotes environmental and social characteristics while maintaining a minimum allocation to sustainable investments aligned with the EU Taxonomy framework. F2i Fund V targets sustainable infrastructure assets across the Italian economy, focusing on sectors undergoing active decarbonization, digitalization, and service quality improvement. Core investment sectors include clean energy and energy transition (Sorgenia), environmental infrastructure and waste management (ReLife), healthcare and medical technology (F2i Medtech), and next-generation telecommunications and digital infrastructure (FiberCop). The fund's Article 8+ ESG framework integrates environmental and social KPIs into investment selection, portfolio monitoring, and reporting — reflecting the increasing alignment between F2i SGR's infrastructure mandate and institutional LP demand for sustainable, impact-aligned infrastructure exposure that meets European regulatory standards for green investment. F2i Fund V completed its fundraising cycle in 2023, building on the established F2i SGR franchise and the firm's three-fund track record in Italian infrastructure. The fund's focus on sustainable infrastructure assets — including companies in clean energy, healthcare, digital connectivity, and circular economy — positions it as a natural evolution of F2i's earlier core infrastructure vehicles while addressing growing sustainability requirements of European institutional investors. Fund V adds to F2i SGR's total AUM of €7.1 billion across four equity funds and one debt fund, reinforcing the firm's position as Italy's premier infrastructure investment platform. The fund represents a bridge between traditional infrastructure core investing and the emerging sustainable infrastructure asset class gaining prominence across European institutional allocators.

FPV Fund I, L.P. is a $457 million early-stage venture capital fund raised by FPV Ventures, a Jackson, Wyoming-based firm co-founded by Wesley Chan and Pegah Ebrahimi. The fund held its final close in June 2022, attracting commitments from 172 investors including foundations, universities, hospitals, and research organizations. FPV Ventures is recognized for backing 'missionaries, not mercenaries' — founders who build companies driven by deep mission conviction rather than short-term financial incentives. The fund's investment mandate spans seed and Series A rounds, with sector exposure concentrated in enterprise software, healthcare technology, biotechnology, financial technology, developer tools, and education technology. FPV Ventures brings an operator-first perspective: co-founder Wesley Chan previously launched Google Analytics at Google Ventures, while Pegah Ebrahimi served as Chief Operating Officer of Morgan Stanley's Technology Banking division, giving the team exceptional insight into both product development and capital markets. Notable portfolio companies backed through Fund I include Canva (design software, Australia), Flexport (supply chain logistics), and Guild Education (workforce learning platform). The strong portfolio performance validated the mission-driven investment thesis, and FPV has commenced fundraising for its successor, Fund II, with a Form D filing submitted to the SEC in February 2025.

Firstime Ventures Fund III — announced in November 2021 under the working title 'Firstime $100 million climate-tech fund' — is the third venture capital fund raised by Firstime Ventures, a Tel Aviv-based early-stage VC firm founded in 2014. Backed by investor Jonathan Kolber of Viola Investment Group, the fund reached its $100 million target and deployed capital across approximately 15 Israeli technology companies, making Firstime one of the few Israeli venture managers explicitly aligned with the United Nations Sustainable Development Goals. The fund's thesis spans two complementary verticals: climate technology and digital health. In climate tech, Firstime focuses on precision agriculture, water solutions, renewable energy, and sustainability-enabling software. In digital health, the fund backs innovations in chronic disease management and precision medicine. Inaugural investments included BeeHero (precision pollination intelligence for commercial agriculture) and Hygieia (AI-powered diabetes management platform), illustrating the portfolio's dual-focus approach united by impact potential. The fund invests at the pre-seed and seed stages in Israeli founders targeting global markets. Fund III represents a meaningful step-up in size relative to Firstime's prior vehicles, reflecting both the maturation of the firm's brand and growing international LP interest in Israeli climate innovation. The fund is managed by co-founders Jonathan Benartzi and Nir Tarlovsky alongside partners Keren Kopilov and Itamar Weizman, who joined for Fund III's launch. Firstime Ventures has built a portfolio of Israeli startups across technology, digital health, and sustainability through three successive fund generations since its founding in 2014.

Firstime Ventures Fund III is the third venture capital fund of Firstime Ventures, an Israeli early-stage VC firm founded in 2014 by Jonathan Benartzi and Nir Tarlovsky. The fund was announced in November 2021 with a target capitalisation of $100 million, positioned as one of the only Israeli venture capital funds explicitly aligned with all 17 United Nations Sustainable Development Goals (SDGs). At announcement, the fund had secured $50 million in initial commitments, anchored by Jonathan Kolber of Viola Investment Group, one of Israel's most prominent technology investors. Fund III focuses exclusively on Israeli-founded startups addressing climate change and global health challenges across seven defined verticals: AI for Renewable Energies, IoT and Data-Driven Agriculture, Food Security, Clean and Circular Economy, Energy and Environment, Net Zero Carbon, and Affordable and Accessible Digital Health. The fund extends Firstime's venture investing model to an impact-first mandate, complemented by Firstime Credit — a dedicated blended-finance arm designed to provide portfolio companies with growth capital alongside equity financing. Inaugural portfolio companies include BeeHero (precision agriculture hive monitoring) and Hygieia (diabetes management platform for uncontrolled patients). Firstime's prior two funds deployed $150 million into more than 30 Israeli technology startups, establishing the firm's track record in early-stage Israeli venture investing. Fund III marks a deliberate shift toward impact-first investing, with climate tech and digital health as the defining theses. The fund was also referenced in the market as 'Firstime Ventures third fund', reflecting its position in the firm's fundraising sequence.

Fitz Gate Ventures Fund I is the debut vehicle of Fitz Gate Ventures, an early-stage venture capital firm co-founded in 2015 by Jim Cohen and Mark Poag and headquartered in Houston, Texas. The fund was established in 2017 with a final close of approximately $10 million and was anchored by the firm's deep ties to Princeton University, where both general partners teach venture capital investing at the Princeton University Graduate School. Fund I pioneered the firm's network-driven investment model that has since been replicated across its subsequent vehicles. Fund I deployed capital at the pre-seed, seed, and Series A stages, writing initial checks of approximately $500,000 with reserves for follow-on investments, targeting early-stage technology companies primarily from the Princeton University ecosystem — including alumni-, faculty-, and student-founded startups. The fund pursued a generalist strategy across software, fintech, healthcare, energy, and deep tech, investing exclusively in U.S.-based companies. A defining feature of the strategy is the proprietary 'Friends of Fitz' advisor network comprising hundreds of founders, venture capitalists, academics, and senior executives who support portfolio companies with deal flow, diligence, introductions, and commercial partnerships. Fitz Gate Ventures Fund I has produced at least one unicorn, consistent with the firm's stated track record. Early portfolio investments included Quantum Circuits, Inc. (subsequently acquired by D-Wave Quantum for $550 million), Optimal Dynamics, Visor, Predata, and Pledge, among approximately 15-21 portfolio companies. The fund's performance underpinned the firm's ability to raise a $25 million Fund II in May 2020 and a third fund in December 2025, bringing total firm AUM to approximately $70 million. Fund III broadened scope beyond Princeton to a national generalist strategy with Rice University as an anchor LP.

Five Arrows Secondary Opportunities V (FASO V) is the fifth dedicated secondary opportunities fund managed by Five Arrows, the merchant banking division of Rothschild & Co. Launched in 2019 and completing its final close in January 2020 at €1.0 billion — materially above its initial target of €700 million — FASO V stands as one of the European mid-market's leading vehicles for GP-led secondary transactions at the time of its close. The fund pursues a focused strategy targeting GP-led secondaries, single-asset continuation vehicles, fund restructurings, and spin-offs, with a primary concentration in the European mid-market and additional capacity for North American opportunities. Five Arrows sources transactions in healthcare, technology, software & IT, and business services sectors, where structural tailwinds support resilient growth and predictable cash flows. Typical equity ticket sizes range from €10 million to €100 million per transaction, with LP co-investment capacity available for larger commitments. FASO V attracted commitments from a globally diversified base of institutional investors, corporations, international family offices, and entrepreneurs, alongside meaningful internal commitments from Rothschild & Co partners and senior investment professionals — underscoring strong management team alignment. The fund's success paved the way for FASO VI, which closed at €2 billion in April 2025, double the size of FASO V, confirming Five Arrows' position as one of Europe's premier GP-led secondaries managers with nearly two decades of deal-sourcing relationships across Paris, London, and New York.

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

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

Forbion Growth Fund III is a late-stage life sciences growth fund managed by Forbion, a specialist European venture capital firm headquartered in Naarden, the Netherlands, with offices in Munich, Germany and Boston, United States. The fund targets later-stage biopharmaceutical companies developing novel therapies in areas of high medical need, focusing on European and North American clinical-stage assets with significant near-term catalysts. The fund is part of Forbion's Growth strategy, which provides private growth capital to clinical-stage biopharma companies, crossover financing to companies preparing for public listings, and opportunistic capital to undervalued public biopharmaceutical companies. Forbion typically leads investment rounds and secures board representation to support portfolio companies through key clinical and regulatory milestones. Therapeutic areas of focus include oncology, rare diseases, immunology, and cardiovascular and metabolic conditions. Forbion has built a substantial track record in European life sciences growth equity, with total assets under management exceeding €5 billion following the close of its latest fund vehicles. The Growth franchise, of which this fund is a part, has backed European biopharma companies including Gyroscope Therapeutics (acquired by Novartis), and has attracted institutional investors spanning Dutch pension advisors, global asset managers, pharma strategic investors, and international fund-of-funds. Forbion's in-house scientific expertise and deep European academic network underpin its ability to identify and support best-in-class clinical-stage therapeutic assets.

Forbion Growth Opportunities Fund II is a €600 million life sciences growth fund managed by Forbion, the Netherlands-based specialist venture capital firm headquartered in Naarden with offices in Munich and Boston. The fund reached its hard cap and completed its final close in April 2023 as part of a simultaneous €1.35 billion raise alongside Forbion Ventures Fund VI. New institutional investors joining the fund included Amundi and Legal & General Capital, complementing existing backers Dutch pension funds PME and PMT, Pantheon Ventures, and Eli Lilly and Company. The fund focuses on later-stage European biopharmaceutical companies developing novel therapies in areas of significant unmet medical need, with selective exposure to North American crossover opportunities. Forbion leads investments of up to €70 million per company, taking board seats and providing active support through clinical milestones and liquidity events. Primary investment areas span oncology, rare diseases, immunology, and other clinical-stage therapeutic categories. As of its final close in April 2023, the fund had already made four portfolio investments, demonstrating rapid capital deployment aligned with Forbion's established deal pipeline. Forbion Growth Opportunities Fund II is the second vehicle in the Growth Opportunities franchise, following Fund I (€360 million, 2021). The strategy reflects Forbion's systematic approach to late-stage biopharma investing, leveraging scientific expertise, an extensive network in European academic institutions, and privileged access to global crossover investors. The institutional LP base spanning pan-European asset managers, strategic pharma investors, fund-of-funds, and pension allocators underscores strong demand for European life sciences growth equity.

Forbion Growth Opportunities Fund III is a €1.2 billion late-stage life sciences growth fund managed by Forbion, one of Europe's leading specialist venture capital firms, headquartered in Naarden, the Netherlands, with additional offices in Munich, Germany and Boston, United States. The fund reached its hard cap in October 2024, marking Forbion's largest single fundraise and pushing the firm's total assets under management beyond €5 billion across more than 128 historical investments and a team of over 30 investment professionals. The fund backs later-stage biopharmaceutical companies in Europe and North America that are advancing novel therapies in areas of high medical need. Forbion deploys three integrated strategies: providing private growth capital to clinical-stage biopharma companies, offering crossover financing to companies approaching public listings, and deploying capital opportunistically into undervalued public biopharma assets. Investment sizes reach up to €70 million per company, with Forbion typically leading rounds and taking board representation. Therapeutic areas include oncology, rare diseases, immunology, neurology, and cardiovascular and metabolic conditions. The fund targets a portfolio of approximately 15 companies. Forbion Growth Opportunities Fund III builds on Fund I (€360M, April 2021) and Fund II (€600M, April 2023), both of which achieved their hard caps. Prior portfolio companies have included Gyroscope Therapeutics, acquired by Novartis. Institutional investors include Dutch pension advisor MN. The fund's thesis reflects Forbion's conviction that Europe's clinical-stage biopharma ecosystem, combined with access to global crossover markets, offers differentiated risk-adjusted returns for sophisticated life sciences investors.

Forbion Ventures Fund VI is a €750 million early-stage life sciences fund managed by Forbion, the Netherlands-based specialist venture capital firm headquartered in Naarden with offices in Munich and Boston. The fund closed at its hard cap in April 2023 as part of a simultaneous €1.35 billion raise alongside Forbion Growth Opportunities Fund II, the largest combined close in Forbion's history at that time. Returning investors scaled their commitments and were joined by new institutional allocators including the Scott Trust Endowment, Pictet Alternative Advisors, Loyola University of Chicago, and Dutch pension funds PME and PMT. Forbion Ventures Fund VI is designed to build a diversified portfolio of innovative therapeutics-focused biotech companies, spanning both existing companies and newly created ventures co-founded by Forbion around assets sourced from pharmaceutical companies or academic institutions. This company-building approach—where Forbion actively contributes to the formation and early governance of portfolio companies—distinguishes the Ventures strategy from conventional early-stage VC. The fund targets approximately 15 companies across oncology, rare diseases, immunology, and high-impact therapeutic areas, primarily in Europe with selective North American exposure. The fund continues the lineage of Forbion's flagship early-stage program, which has built a portfolio of over 40 companies including Beacon Therapeutics, Azafaros, AIRNA, Amphista Therapeutics, AM-Pharma, CatalYm, and Citryll. Predecessor vehicles have produced multiple successful exits and IPOs, establishing Forbion as one of Europe's most active and respected early-stage life sciences venture investors. The fund's company-building thesis positions it at the intersection of scientific innovation and commercial biotech development.

Foresite Capital Fund V, L.P. is a multi-stage healthcare and life sciences venture capital fund managed by Foresite Capital, a San Francisco-based investment firm founded in 2011 by Dr. Jim Tananbaum. Closing in February 2021 at $775 million — above its initial target — Fund V represents the fifth flagship vehicle in Foresite's franchise, which collectively manages approximately $4 billion in assets across the full continuum of healthcare innovation. The fund's strategy spans the entire development arc of healthcare companies, from early incubation and seed-stage biotech to late-stage clinical companies and public equity. Fund V focuses on precision medicine, therapeutics, genomics and life science infrastructure, including the data science and automation tools that underpin modern drug discovery. Foresite applies deep scientific diligence alongside capital markets expertise, given the firm's unique position investing through IPO and into the public markets — a hybrid approach that distinguishes it from purely private-market VC funds. Portfolio investments from Fund V include 10x Genomics, Element Biosciences, Relay Therapeutics, Lyell Immunopharma, and Inscripta. Foresite Capital Fund V was seeded by a diverse base of institutional investors including university endowments, public and private pension funds, insurance companies, foundations, corporate investors, and prominent family offices worldwide. By the date of the final close, the firm's track record encompassed more than 47 IPO events and 28 M&A exits. The fund is domiciled in Delaware and was registered with the SEC under CIK 1822711.

Foresite Capital Opportunity Fund V, L.P. is a dedicated follow-on investment vehicle managed by Foresite Capital, the San Francisco-based multi-stage healthcare venture capital firm. Closed concurrently with Foresite Capital Fund V in February 2021 at $193.75 million, the Opportunity Fund represents a targeted co-investment sleeve designed to make concentrated, higher-conviction incremental positions in the highest-quality companies in Fund V's portfolio as they approach IPO and beyond. The Opportunity Fund's strategy is complementary to the flagship Fund V: rather than building a new portfolio from scratch, it selectively adds capital to existing portfolio companies at critical inflection points — typically late-stage clinical milestones, pre-IPO financings, or crossover rounds — where Foresite's scientific and capital-markets diligence has already been performed. This structure allows LPs to concentrate exposure to Foresite's highest-conviction holdings while maintaining liquidity flexibility, a key advantage in the healthcare sector where development timelines and go-public windows can be uncertain. Target sectors mirror the flagship fund: precision medicine, therapeutics, genomics, digital health, and life science data infrastructure. Together, Foresite Capital Fund V and the Opportunity Fund V raised a combined $968.75 million (reported publicly as approximately $969 million), reflecting strong demand from a global LP base including public pension funds, university endowments, foundations, and family offices. The Arizona State Retirement System was among the LPs confirmed in public disclosures. The fund is structured as a Delaware limited partnership and registered with the SEC under CIK 1792205.

Founders Future Conviction Entrepreneurs (FFCE) is a Fonds Professionnel de Capital Investissement (FPCI) managed by Founders Future Capital Partners, an AMF-approved portfolio management company (GP-20240021) headquartered in Paris, France. Launched in 2025, FFCE was created to give wealth management professionals, private banks, family offices, and independent financial advisors structured access to Founders Future's proprietary deal flow. The fund was developed in partnership with AirFund and distribution partners including Cyrus-Herez and Cheval Blanc, and received Bpifrance Guarantee of Equity Funds approval in June 2025. FFCE employs a dual-stage co-investment strategy that allocates 50% of capital to early-stage companies (pre-seed to Series A) and 50% to growth-stage companies (Series B and beyond), always co-investing alongside Founders Future's flagship primary funds. Target sectors include artificial intelligence, cybersecurity, health and medtech, B2B software, and energy transition. The fund targets a portfolio of 40 to 50 participations, applying rigorous selection from a deal flow of over 10,000 annual opportunities with an acceptance rate of approximately 1 in 1,000. The minimum investment ticket is EUR 100,000 with progressive capital calls. Founders Future Capital Partners, the managing firm behind FFCE, was founded in 2018 by serial entrepreneur Marc Menase and manages approximately EUR 300-400 million in AUM across two early-stage funds and one growth fund. The firm has invested in over 120 companies, supported more than 300 founders, and counts notable portfolio companies including Lydia, Alma, Yuka, La Fourche, Veesion, Swan, Riot, and Waterdrop. FFCE targets a gross annual IRR of 25%. Founders Future holds B Corp certification and is expanding its platform with a dedicated US growth fund targeting up to USD 250 million.

Frazier Life Sciences XII, L.P. (FLS XII) is a $1.3 billion venture capital fund managed by Frazier Life Sciences, a Palo Alto-based investment firm specializing exclusively in biopharmaceuticals and life sciences. Founded with its first dedicated venture fund in 2016, the firm has grown into one of the most active life sciences venture investors in the United States, consistently backing company creation and early-stage private biotech and pharmaceutical programs. Fund XII is Frazier's largest vehicle to date, representing more than a 30% increase over its predecessor, Frazier Life Sciences XI ($987 million, 2022 vintage), and doubling the $617 million raised for Fund X in 2020. FLS XII focuses on company creation and early-stage investment in private biopharmaceutical companies developing novel therapeutics to address significant unmet medical needs. The fund pursues opportunities at the company creation, seed, and Series A stages, working closely with founding teams to transform early-stage science into clinically validated programs. Frazier Life Sciences operates from four major U.S. biotech hubs — Palo Alto (headquarters at 1001 Page Mill Road), San Diego, Seattle, and Boston — providing broad geographic deal origination across the principal centers of biopharma innovation in North America. Frazier Life Sciences XII held its final close on July 31, 2025, having raised over $1.3 billion in capital commitments from a mix of longstanding and new limited partners, closing oversubscribed relative to its initial target. The fund's oversubscription reflects sustained institutional confidence in Frazier's company-creation model at a time when investors have become more selective about early-stage life sciences exposure. In 2024, the firm was among the most active venture investors in private life sciences companies, participating in 17 private company financings. Managing Partner Patrick Heron leads the firm's investment team, which pursues a disciplined thesis centered on proprietary company creation alongside externally sourced early-stage opportunities.

The fund is the fourth flagship vehicle from GHO Capital, leveraging its deep specialization in healthcare to back companies delivering better, faster and more accessible care. With its final close at over €2.5 billion, the vehicle is positioned to scale high‑growth businesses across services, medtech, diagnostics and health‑tech platforms. GHO Capital IV focuses on companies where strong management, operational improvement and international expansion can unlock significant value. The fund partners with leadership teams in niche but growing healthcare subsectors and applies the firm’s sector insight, global network and operational resources to drive transformation. The strategy targets enterprises that serve pharmaceutical, biotechnology and medical device customers — such as CDMOs, contract services, outsourcing platforms, diagnostics manufacturers and digital health enablers — where structural tailwinds and under‑penetrated markets offer runway for growth. Geographically, the fund emphasises Europe and North America but retains flexibility to leverage cross‑border dynamics, enabling portfolio companies to scale internationally. Through disciplined buy‑outs, add‑on consolidation and operational acceleration, GHO Capital IV aims to d

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

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

Generali Financial Holdings FCP-FIS Sub-fund 2 is a Luxembourg-domiciled specialised investment fund (Fonds d'Investissement Spécialisé) operating as a compartment within the Generali Financial Holdings FCP-FIS umbrella structure, managed by Generali Investments S.p.A., the asset management arm of Assicurazioni Generali S.p.A., one of Europe's largest insurance groups. The fund is registered with the legal entity identifier (LEI) 529900PV7EG9D7DCI614 and carries an ISIN of LU0877359157 for its A-Class capitalisation units, which are listed on the Luxembourg Stock Exchange for institutional secondary market liquidity purposes. Despite the listing, the fund is a restricted specialised investment vehicle accessible exclusively to well-informed and professional investors as defined under Luxembourg FIS regulations. The fund participates in large-scale private equity co-investment transactions alongside major global institutional investors. In March 2025, Generali Financial Holdings FCP-FIS Sub-fund 2 was among the consortium of investors — alongside BlackRock, Allianz SE, Hannover Rück SE, and T&D Holdings — that completed a significant stake in Viridium Holding AG, the pan-European life insurance consolidator valued at approximately €3.5 billion in the transaction. As a vehicle within the Generali Group's financial holdings structure, Sub-fund 2 reflects Generali's broader strategy of deploying long-term institutional capital into European private equity opportunities where the Group's insurance expertise and balance sheet scale provide a competitive advantage. The fund is primarily oriented towards European financial services and insurance-sector consolidation plays, consistent with the Viridium investment thesis and Generali Group's stated strategic priorities.

The George Shultz Innovation Fund is a seed-stage venture investment program managed by the Polsky Center for Entrepreneurship and Innovation at the University of Chicago. Named in honor of George Pratt Shultz (1920–2021), U.S. Secretary of State and University of Chicago alumnus, the Fund embodies his conviction that scientific knowledge and entrepreneurial initiative are the twin engines of lasting societal progress. The Fund provides equity investments of up to $250,000 to early-stage technology ventures emerging from the University of Chicago, Argonne National Laboratory, Fermilab, and the Marine Biological Laboratory. Its investment mandate spans deep technology, life sciences, healthcare, and applied sciences, with a particular emphasis on helping academic scientists and engineers make the transition from laboratory research to scalable commercial enterprise. The Fund operates within the UChicago innovation ecosystem, complementing other Polsky Center programs including the New Venture Challenge and the Innovation Fund Associates Program. Since its inception, the George Shultz Innovation Fund has backed more than 90 companies. Notable exits include ExplORer Surgical, acquired by Global Healthcare Exchange, and Super.Tech, acquired by ColdQuanta. Active portfolio companies include OrisDx (2022 New Venture Challenge winner), Flow Medical (which went on to secure $5 million in seed funding), and Alnair Therapeutics (which closed an oversubscribed $1+ million pre-seed round). CavilinQ, a quantum computing company developing neutral-atom interconnect architectures, also received Innovation Fund support before raising an $8.8 million seed round from institutional investors including QVT, Safar Partners, and MFV Partners.

Giant Ventures Seed Fund is a $100 million early-stage venture capital fund launched by Giant Ventures in January 2024 to back the next generation of purpose-driven technology companies across the United Kingdom, the United States, and the Nordic countries. The fund forms one half of Giant Ventures' simultaneous 2024 fundraise—alongside the $150 million Climate-focused Growth Fund—representing a combined $250 million transatlantic commitment to impactful technology investing. The Seed Fund targets approximately 25 early-stage companies operating across Giant Ventures' three core themes: climate technology, health innovation, and inclusive capitalism. With seed-stage ticket sizes, the fund provides capital and operational support through Giant Ventures' offices in London, California, New York, Stockholm, and Copenhagen. The LP base includes BMW, Henkel, RIT Capital Partners, Denmark's sovereign investment fund (IFU), The Nature Conservancy, Sir Richard Branson, and co-founders of Booking.com, Unity, and SoFi. Portfolio companies backed through Giant Ventures' strategy include Agreena (carbon credit and regenerative farming), Meadow (education fintech), Baton (small business marketplace), Doccla (virtual hospital ward), and Haven (battery storage marketplace). The fund reflects Giant Ventures' belief that purpose-driven technology—investing at the intersection of climate, health, and inclusive capitalism—can generate top-quartile financial returns alongside meaningful societal impact.

Global Impact Fund II is a seed-stage impact venture capital fund managed by The Global Good Fund, a Glenwood, Maryland-based investment organisation focused on backing social entrepreneurs from underrepresented communities. The fund made its first close in February 2021 and has raised $9.8 million against a $10 million target, structured as a Delaware Limited Partnership with standard venture economics (2% management fee, 20% carried interest) and a ten-year term including a five-year active investment period. Global Impact Fund II targets for-profit companies led by minority and women entrepreneurs operating across impact sectors including environmental sustainability, healthcare and health technology, education and edtech, financial technology, socioeconomic mobility, and income equality. The fund's approach prioritises both market-rate financial returns and measurable social outcomes, targeting a 3.5x net return for investors while deploying capital into mission-aligned businesses. The Global Good Fund's investment philosophy bridges the gap between traditional venture capital and philanthropy, providing not only equity capital but also mentorship and leadership development support to the founders it backs. Portfolio performance as of 2024 reflects returns of 5.1x invested capital, exceeding the fund's original return target. Note: This is a distinct fund from KKR's larger-scale Global Impact Fund II ($2.8B); reviewers should verify the correct fund ID before applying changes.

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

Golding Buyout Co-Investment 2020 is a dedicated co-investment vehicle managed by Golding Capital Partners, targeting direct equity participations alongside leading buyout general partners in small and mid-cap companies across Europe and North America. The fund completed its final close in the fourth quarter of 2022, significantly oversubscribed at €273 million against an original target of €200 million, demonstrating strong institutional demand for Golding's co-investment capabilities and sponsor network. The fund's strategy focuses on companies with proven business models in defensive sectors—principally technology, software, and healthcare—with conservative leverage profiles consistent with established European mid-market buyout discipline. Unlike Golding's flagship fund-of-funds vehicles, this co-investment fund takes direct stakes in individual portfolio companies alongside lead buyout sponsors, enabling more concentrated exposure and enhanced return potential without additional management fee and carry layers. Since launch in 2020, the fund completed 18 transactions by the time of final close, deploying capital across established European and North American businesses. Investors in Golding Buyout Co-Investment 2020 include pension funds and insurance companies, who provided the majority of the fund's capital. Golding Capital Partners' broader co-investment program had completed more than 40 individual transactions with total transaction volume exceeding €320 million across its history, establishing the manager as a recognized institutional co-investment partner in the European mid-market buyout landscape. A successful exit in the co-investment strategy was announced by Golding, validating the fund's performance and the manager's execution capabilities in this segment.

Golding Buyout Co-Investment 2023 is the third-generation dedicated co-investment vehicle of Golding Capital Partners, targeting direct equity participations alongside leading buyout general partners in small and mid-cap companies across Europe and the United States. The fund held its first close at approximately €101 million in 2023, with an overall target size of €350 million and a net internal rate of return target of 16 to 18 percent per annum, positioning it as Golding's most ambitious co-investment vehicle to date. Building directly on the success of its predecessor fund Golding Buyout Co-Investment 2020—which closed oversubscribed at €273 million and delivered a successful exit within its investment period—the 2023 vintage applies the same discipline of direct equity co-investments alongside best-in-class buyout general partners. As of the first close, the fund had already connected five portfolio companies showing promising early development trajectories, reflecting Golding's established deal pipeline and sponsor relationships built across two decades of European and North American buyout investing. The LP base includes insurance companies, pension schemes, pension funds, and family offices. Golding Capital Partners manages approximately €2.7 billion in buyout-segment assets under management and has deployed over €320 million across more than 40 co-investment transactions historically, providing the 2023 fund with a well-established sponsor network and proprietary deal origination. The fund continues to raise capital toward its €350 million target, supported by sustained institutional demand driven by Golding's top-quartile track record in the European and North American mid-market buyout co-investment space.

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

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

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

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.

Gyrus Capital, a Geneva-based private equity firm specializing in healthcare and sustainability sectors, has successfully closed a €700 million single-asset continuation fund dedicated to Essential Pharma. Essential Pharma is an international specialty pharmaceutical group focused on providing access to low-volume, clinically differentiated, niche pharmaceutical products across key therapeutic areas. The continuation fund was led by AlpInvest Partners, a subsidiary of Carlyle Global Investment Solutions, with significant participation from StepStone Group and other new and existing investors. Both Gyrus Capital and Essential Pharma's management team have made meaningful reinvestments in the fund. This transaction provides Essential Pharma with substantial additional capital to expand its diversified portfolio of established and rare disease medicines through acquisitions and development strategies. The company operates globally in more than 70 countries, supplying over 300 products across multiple therapeutic areas.

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.

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

Hatch BioFund is an early-stage life sciences venture capital fund managed by Hatch BioFund Management LLC, the dedicated investment arm of the Pennsylvania Biotechnology Center (PABC) in Doylestown, Pennsylvania. The fund is targeting $50 million in capital commitments to invest in promising early-stage and seed-stage biotech, pharmaceutical, and life sciences companies operating within or affiliated with the PABC ecosystem. Named investors include the Bucks County Employees' Retirement Board ($5 million), Daiichi Sankyo Inc. ($10 million strategic commitment announced in 2021), and The Provco Group ($2 million), with the fund continuing its fundraise toward the $50 million target. Hatch BioFund invests exclusively in private companies developing therapeutics and vaccines for human use across all treatment modalities—spanning small molecules, biologics, cell therapy, gene therapy, and RNA-based medicines. The fund's distinctive model pairs early-stage capital with access to PABC's physical infrastructure: laboratory and research facilities in the Philadelphia region, one of the fastest-growing biotech hubs in the United States, along with deep scientific advisory board expertise and PABC's established network of corporate, academic, and government partners. This integrated model is designed to de-risk translational science before clinical-stage financing requirements. Hatch BioFund Management LLC is led by Vladimir Walko, a former West Pharmaceuticals executive and investment banker, with all investments reviewed and approved by an experienced Scientific Advisory Board and Investment Committee. The PABC's track record as a biotech incubator—housing and supporting more than 40 resident companies spanning oncology, infectious disease, medical devices, and digital health—provides Hatch BioFund with proprietary deal flow, specialist diligence support, and co-development relationship potential with strategic LP partners such as Daiichi Sankyo.

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.

Hildred Capital is a New York-based healthcare-focused private equity firm that invests in operationally intensive, control-oriented companies within the lower middle market. Hildred Equity Partners III is the firm's third flagship buyout fund, reaching a final close in excess of $800 million in January 2025 — significantly oversubscribed beyond its $600 million target and exceeding the hard cap in just seven months. The close marked a more than doubling of the predecessor fund's $363 million size, reflecting strong continued investor demand for Hildred's healthcare strategy. The fund targets control-oriented investments in lower middle-market healthcare companies operating across commercial-stage pharmaceutical and OTC products, care delivery services, medical devices, life science tools and diagnostics, outsourced pharmaceutical and clinical services, and healthcare IT and technology-enabled services. Hildred emphasizes operationally intensive businesses where active management and strategic guidance can materially improve patient outcomes, expand access to care, and reduce healthcare costs. General partners committed over $60 million alongside limited partners. Hildred Equity Partners III supports Hildred Capital's total AUM of approximately $2.65 billion across all vehicles. The firm's investor base spans public pension plans, insurance companies, financial institutions, endowments, private wealth platforms, family offices, and high-net-worth individuals. Capital deployment began in the first quarter of 2025. Preceding funds — Hildred Equity Partners I and II — established the firm's healthcare buyout approach in the lower middle market, with Fund II closing at $363 million in 2021.

Hildred Perennial Partners I, L.P. is a multi-asset continuation fund launched by New York-based healthcare private equity firm Hildred Capital, reaching a final close with capital commitments in excess of $750 million in March 2024. The fund was established to acquire controlling positions in two healthcare consumer product companies — Hyland's Naturals and Crown Laboratories — previously held within Hildred Capital's first and second flagship funds. The continuation fund structure provided Hildred's existing limited partners with three distinct optionality paths: rolling all interests into the new vehicle, selling all interests, or partially rolling and selling. The transaction was led by Lexington Partners, one of the world's largest managers of secondary private equity and co-investment funds, alongside a broad group of institutional investors both new and returning to the Hildred platform. The vehicle carries a mandate to deploy substantial unfunded capital for organic growth initiatives and strategic acquisitions alongside its two anchor portfolio companies. Hildred Perennial Partners I was significantly oversubscribed, reflecting strong institutional confidence in Hildred's operational capabilities in the consumer healthcare segment. The continuation fund structure allowed Hildred's co-founders to roll over 100% of their economic interests, signaling alignment with incoming investors. The fund focuses on Hyland's Naturals, a leading homeopathic and natural remedy product company, and Crown Laboratories, a dermatology consumer product business — both representing established market positions in healthcare consumer goods.

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.

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.

Impacta Latam VC Fund I is the debut venture capital fund of Impacta VC, a Santiago de Chile-based impact investment firm dedicated to backing early-stage founders across Latin America who are building solutions to pressing social and environmental challenges. Launched in 2021, the fund embodies a community-driven model in which 66 limited partners from six countries — approximately 80% of whom are successful founders themselves — invest alongside Impacta VC as operator-investors. This LP composition gives portfolio founders access to an exceptionally relevant peer network, with anchor LP contributors including Eduardo Della Maggiora (co-founder of Betterfly, Latin America's first social unicorn) and Matias Muchnick (co-founder of NotCo), among other prominent regional entrepreneurs. The fund's investment strategy targets early-stage startups in the seed and Series A stages across Latin America, deploying initial tickets of USD 100,000 to USD 400,000 with the capacity to invest up to USD 1 million per company over multiple follow-on rounds. Impacta VC focuses on founders with strong but progressive ambition, capital-efficient business models — particularly in SaaS and marketplace formats — and a demonstrated ability to generate measurable positive social or environmental impact alongside commercial returns. Primary sectors include agritech and sustainable food systems, inclusive financial services, health technology for underserved populations, education technology, and clean energy solutions for the Latin American market. Impacta Latam VC Fund I has built a portfolio of 11 startups, with investment highlights including Betterfly (social benefits platform, valued at USD 1 billion making it the region's first impact unicorn) and Airbag (road safety technology). As of December 2023, the fund had completed eight investments from the first fund with plans to invest in ten more before the portfolio construction phase concludes. Impacta VC subsequently partnered with Impact Ventures PSM, the impact investment team of Promotora Social Mexico, to launch Impact Ventures PSM Seed — a USD 5 million follow-on vehicle targeting pre-seed startups — extending the Impacta ecosystem's reach into Mexico and Central America.

Impact Ventures PSM Seed is a $5 million pre-seed and seed-stage impact venture fund jointly launched in February 2025 by Impacta VC, a specialist impact investment firm with offices in Santiago de Chile and Montevideo, Uruguay, in strategic alliance with Impact Ventures PSM, the private impact investment arm of Promotora Social México (PSM), a pioneering Mexican social enterprise organisation. The fund marks a significant collaboration between an established Latin American impact investor and one of Mexico's most respected social impact institutions, combining Impacta VC's investment management expertise with PSM's 30-year track record of social innovation and its deep network in Mexican civil society and corporate sectors. The fund targets pre-seed and seed-stage startups across Latin America — primarily Mexico, Chile, Colombia, Argentina, and Brazil — that are building technology-enabled solutions with measurable social or environmental impact. Target sectors include financial inclusion and fintech, digital health and healthcare access, affordable housing and proptech, sustainable agriculture and agritech, education technology, clean energy and climate solutions, and fair trade platforms. Investment ticket sizes range from $100,000 to $300,000 per startup, with a portfolio construction targeting approximately 20 companies. Investment criteria require founding teams to be full-time committed, with scalable and replicable business models in underserved markets and a strong technological component underpinning their value proposition. Impact Ventures PSM Seed is managed by co-managing partners Corinne Lebrun (Impact Ventures PSM) and David Alvo (Impacta VC), combining legal and operational expertise from both organisations. The fund has made its first confirmed investment in Preventix, a Mexican preventive health technology startup focused on cervical cancer early detection via AI-powered diagnostics. By combining Impacta VC's investment methodology — honed across its Chilean and Uruguayan portfolio — with PSM's Mexico-specific impact ecosystem relationships, the fund is positioned as one of the first dedicated impact seed vehicles serving the Mexican and broader Latin American startup ecosystem with institutional-quality investment management and rigorous impact measurement frameworks.

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.

Injaro Ghana Venture Capital Fund (IGVCF) is a growth-stage venture fund managed by Injaro Investment Advisors Ltd (IIAL), an investment advisory firm licensed by the Ghana Securities and Exchange Commission and part of an international group that manages over USD 100 million across multiple funds with investments throughout Sub-Saharan Africa. The IGVCF is designed to address the persistent funding gap for high-growth small and medium-sized enterprises (SMEs) in Ghana and Cote d'Ivoire, deploying a flexible mix of equity, quasi-equity, and debt instruments to support established, profitable businesses with strong expansion potential. The fund achieved its final close at GHS 216 million (approximately USD 17.4 million) in December 2023, backed entirely by Ghanaian institutional investors. The fund's investment strategy targets SMEs operating across a range of economically vital sectors including mining support services, food and agribusiness, healthcare, inclusive financial services, education, industrial services, and light manufacturing. Injaro focuses on companies with proven business models, experienced management teams, and the ability to scale domestically and regionally within West Africa. Investments typically combine capital provision with active operational support through Injaro's network of sector specialists and entrepreneurs, reinforcing each portfolio company's capacity to expand, formalise, and create durable employment. The fund targets companies headquartered in Ghana with satellite operations in Cote d'Ivoire, reflecting the two-country geographic mandate. IGVCF's limited partner base is composed entirely of leading Ghanaian institutional investors including GES Pensions, Stanbic Investment Management Services (SIMS), Petra Trust, CAL Asset Management, the Venture Capital Trust Fund, MIIF, AXIS Pension Trust, and Databank — all regulated by Ghana's National Pension Regulatory Authority or the National Insurance Commission. This domestic LP base demonstrates strong institutional confidence in Injaro's management team and Ghanaian private markets more broadly. Injaro's existing portfolio includes investments in DDP (outdoor advertising), NME (packaging and recycling in Cote d'Ivoire), and Zeepay (financial services), illustrating the fund's cross-sector and cross-border diversification thesis.

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.

Innovestor Life Science Fund is a specialist EUR 90 million early-stage venture capital fund managed by Innovestor Group, a Finnish venture capital firm focused on deep tech and life science investment across the Nordic and Baltic regions. Launched in February 2022 and headquartered in Helsinki, the fund was established by a team of three founding partners with deep scientific and entrepreneurial backgrounds: Milla Koistinaho, an adjunct professor in neurobiology and serial entrepreneur; Pekka Simula, a seasoned chief executive and founder of multiple health-tech startups; and Petri Laine, one of Finland's most experienced venture capital investors. Anchor investors include Tesi (Business Finland Venture Capital) and the Kasvurahastojen Rahasto (KRR IV) fund-of-funds, both managed by Tesi on behalf of the Finnish state. The fund's investment strategy targets early-stage biotech and digital health companies from pre-seed through Series A in Finland and the broader Nordic and Baltic countries, with particular interest in drug development (rare diseases, neurological conditions, oncology, and cardiovascular), digital health platforms, automation, medtech devices, and AI-powered healthcare applications. Innovestor Life Science Fund invests initial tickets of EUR 250,000 to EUR 3 million per company and targets a portfolio of approximately 20 companies, with a distinctive co-founding model in which the fund actively co-creates approximately half of its portfolio companies alongside academic spinout teams from leading Nordic and Baltic universities. This origination capability differentiates the fund from purely reactive venture investors in the region. Since 2022, the Innovestor Life Science Fund has deployed capital into 12 groundbreaking drug development and digital health companies, building one of the most active Nordic life science early-stage portfolios. Recent portfolio activity includes co-founding Polku Therapeutics (in partnership with Torrey Pines Investment), Kasvu Therapeutics, and Soihtu DTX — three neurological spinouts from Finnish academic research. The fund benefits from the broader Innovestor Group platform, which manages multiple technology and growth equity funds across Finland and the Nordics, providing portfolio companies with access to a multi-stage investor network and follow-on capital resources.

Inveready Innvierte Biotech II is a Spanish venture capital fund managed by Inveready, one of Spain's most active alternative investment firms managing over €2.2 billion in assets across venture capital and private equity strategies. Established in 2013 and structured as a Sociedad de Capital Riesgo (S.C.R.) under CNMV regulation, the fund was co-sponsored under the Spanish government's Innvierte program, which promoted private investment in innovative companies by matching institutional capital with public co-investment. The fund invested across a portfolio of 22 life sciences companies, with 94% of capital allocated to Spanish companies, making it one of the most concentrated dedicated biotech venture funds in Spain during its investment period.Inveready Innvierte Biotech II deployed capital at the early stages of the life sciences value chain, focusing on companies at the seed and Series A stage across drug development (47% of the portfolio), over-the-counter products, medical services, and digital health. The fund adopted a multi-stage strategy, following companies from initial investment through clinical development and commercialization. The fund management team was led by Sara Secall, Roger Piqué, and Josep Maria Echarri, who brought deep sector expertise in pharmaceutical sciences, biotech commercialization, and venture capital to the portfolio management process. The fund's geographic focus on Spain allowed it to build a concentrated exposure to the domestic biotech ecosystem at a formative period in its development.Inveready Innvierte Biotech II was fully divested, delivering a 4.3x return on invested capital to its shareholders — making it the fourth venture capital fund Inveready has successfully exited, all with markedly positive results. Notable exits include Avizorex, the first venture-backed Spanish company to complete the full drug development cycle and receive U.S. marketing authorization from Alcon (world leader in ophthalmology) for an ophthalmic drug; the sale of stakes in Reva Health and Zera; and the IPO and subsequent divestment of Edesa Biotech on Nasdaq and Atrys Health on the Spanish Mercado Continuo. Portfolio companies created over 2,500 direct jobs — 57% held by women — and attracted more than €500 million in follow-on investment, with over €200 million allocated to R&D activities.

The Invest-NL Deep Tech Fund (DTF) is a €250 million government-backed co-investment fund established in March 2022 by Invest-NL, the Dutch national development finance institution, in close partnership with the Dutch Ministry of Economic Affairs and Climate Policy. Of the total €250 million, €175 million was contributed by the Ministry and €75 million by Invest-NL itself, with additional co-investment support from regional development agencies (ROMs) active across the Netherlands. Invest-NL is wholly owned by the Ministry of Finance and was established specifically to address market failures in financing innovative Dutch companies. The fund operates as an independent unit within Invest-NL with a dedicated fund management team and an independent Investment Committee providing binding investment advice.The Deep Tech Fund invests in knowledge-intensive Dutch start-ups and scale-ups operating in sectors characterized by high innovation risk, long development cycles, and significant capital requirements — conditions that traditionally make these companies difficult to finance through conventional venture markets. Investment focus spans photonics, quantum technology, nanotechnology, microelectronics, high-tech materials, and medical technology — eight of the ten key technology categories identified in the Dutch National Technology Strategy (NTS). The Fund's independent Investment Committee includes Frits van Hout (Chairman), Hans Büthker, Aruna Subramanian, Eline Vrijland, and Steven Tan, bringing together expertise across technology, finance, and deep tech commercialization.Since its launch in 2022, the Invest-NL Deep Tech Fund has made multiple investments deploying capital across the Dutch deep tech ecosystem, including a €5 million commitment to the VCC Deep Tech Fund, a €10 million investment in the Innovation Industries Fund II, and a €10 million commitment to the Forward.One Deep Tech Fund. This co-investment model complements direct investments in individual deep tech companies, leveraging existing fund manager networks for deal flow validation and technical due diligence. The Fund aims to strengthen the Netherlands' international competitive position in strategic technology sectors while reducing the financing gap faced by capital-intensive, high-risk deep tech companies during critical growth phases.

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.

Invivo Ventures AI is a EUR 100 million early-stage venture capital fund managed by Invivo Partners, S.G.E.I.C, S.A., a Barcelona-based CNMV-registered fund manager with over EUR 150 million in assets under management. Announced in September 2025, the fund represents the fourth vehicle in Invivo Partners' franchise and marks a strategic evolution toward the intersection of artificial intelligence and scientific innovation — positioning itself as Spain's first locally focused vehicle dedicated exclusively to AI-driven science. The hard cap is set at EUR 120 million, with first close expected in H1 2026. The fund was established alongside the appointment of Dr. Josep M. (Pep) Martorell as Partner, who led innovation at the Barcelona Supercomputing Center and helped create programmes resulting in 14 spin-offs raising over EUR 40 million. The broader Invivo Partners platform has historically received institutional support from the European Investment Fund (EIF), Fond-ICO, the Institut Catala de Finances, and Barcelona City Council. The fund's investment thesis holds that artificial intelligence is now foundational infrastructure for any deeptech company. Accordingly, Invivo Ventures AI targets pre-seed through Series A companies applying AI to advance biotechnology, life sciences, synthetic biology, robotics, aerospace, mobility, computing and climate technology. Healthcare and life sciences constitute more than 50% of the intended portfolio. Initial ticket sizes range from EUR 2 million to EUR 4 million per investment, with follow-on reserves of up to EUR 10 million per company post-milestone. The geographic mandate is primarily Spanish-headquartered or Spanish-originated startups, with broader European coverage for the most compelling AI-science opportunities. Invivo Partners has built a track record through three prior funds including Healthequity VC Fund (2012-2019), Invivo Ventures FCR (EUR 60 million final close, 2019), and Invivo Ventures III (EUR 100 million target, first close H1 2024). The firm is co-founded and led by Luis Pareras and Albert Ferrer, with Laura Rodriguez and Pep Martorell serving as partners. Barcelona's position as a leading European biomedical research hub — home to research institutions, hospitals and a growing deep-tech ecosystem — provides Invivo with privileged deal flow access, particularly in the AI-driven life sciences segment where the city's scientific institutions have produced a pipeline of commercially relevant spin-offs.

Invivo Ventures III is the third venture capital fund from Invivo Partners, a Barcelona-based life sciences investor and one of Spain's leading venture capital managers focused on transformative healthcare and biotechnology innovation. The fund targets a final size of EUR 100 million and invests in early-stage European life sciences companies developing breakthrough technologies across cell and gene therapy, synthetic biology, artificial intelligence-enabled drug discovery, and advanced medical devices. Registered with Spain's CNMV (Comision Nacional del Mercado de Valores) as Invivo Ventures III, FCRE (Fondo de Capital Riesgo Europeo), the fund continues the investment philosophy established in its predecessor funds—backing pre-seed and seed-stage spinouts and startups that address unmet medical needs through novel science and technology platforms. The fund typically leads or co-leads initial rounds, writing tickets from EUR 1 million to EUR 5 million, and maintains active portfolio support through Invivo's network of scientific advisors, clinical development experts, and corporate partners. The fund's institutional investor base includes the European Investment Fund (EIF), Fond-ICO Global, the Catalan Institute of Finance (ICF, which committed EUR 8 million expandable to EUR 10 million), the Valencian Institute of Finance, and Barcelona City Council. This blend of development finance institutions and regional public investors reflects the fund's role as a cornerstone vehicle for Spain's emerging life sciences ecosystem, particularly within the biotechnology cluster anchored in Catalonia and Valencia. Portfolio companies from prior Invivo funds include biotech ventures such as Peptomyc, NEUmiRNA, and Signadori Bio.

JIC PEFJ2 Limited Partnership ("PEFJ2") is a ¥200 billion private equity co-investment vehicle established by Japan Investment Corporation (JIC) in November 2025 alongside JIC's second main private equity fund (PEF2). PEFJ2 was created to facilitate large-scale co-investments: transactions where JIC leads require a minimum deal size of ¥100 billion, and those where a private-sector investor leads require a minimum of ¥50 billion. The fund operates under JIC Capital, Ltd., the dedicated private equity investment subsidiary of Japan Investment Corporation, which channels government-backed capital into Japan's strategic growth and restructuring sectors. PEFJ2 is structured as a concentrated co-investment vehicle providing direct exposure to individual large-scale transactions rather than diversified portfolio exposure. Its investment mandate focuses on business restructuring, strategic carve-outs, and growth investments in sectors critical to Japan's industrial competitiveness — including technology and digital transformation, advanced manufacturing, healthcare, and energy transition. JIC's institutional mandate is to bridge critical gaps in domestic private capital availability by acting as anchor investor in deals too large or complex for domestic PE alone, thereby catalyzing private co-investment and stimulating Japan's broader private equity ecosystem. PEFJ2 complements PEF2's ¥800 billion overall fund size by providing a dedicated co-investment pool for institutional and corporate investors who prefer direct transaction exposure. Japan Investment Corporation was established by the Japanese government in 2019 to provide long-term, large-scale capital for industrial restructuring and new growth creation. JIC Capital has deployed capital across major Japanese industrial transactions, and the launch of PEF2 with ¥800 billion in total capital alongside PEFJ2 as its co-investment vehicle reflects JIC's ambition to meaningfully scale Japan's private equity market and address the country's corporate restructuring wave in the face of cross-border competitive pressure.

Japan Investment NEA 19 Venture Growth Equity, L.P. is a Japan-domiciled co-investment vehicle structured to allow the Japan Investment Corporation (JIC), Japan's sovereign wealth fund, to participate as a limited partner in the growth equity component of New Enterprise Associates' nineteenth fund program. JIC committed US$100 million across this vehicle and its companion, Japan Investment New Enterprise Associates 19, L.P., as announced in March 2026. The investment forms part of JIC's strategy to develop globally significant Japanese technology companies by partnering with world-class international venture capital managers with demonstrated abilities to create unicorns at scale. The underlying fund is managed by New Enterprise Associates (NEA), one of the world's largest and most established venture capital firms with over $25 billion in assets under management. The NEA 19 Venture Growth Equity vehicle is the growth-stage counterpart to NEA's main early-stage fund, targeting companies that have demonstrated strong product-market fit and are scaling revenues toward market leadership positions. NEA's growth equity investments target enterprise technology, consumer platforms, digital health and artificial intelligence businesses with global expansion potential. NEA has created more than 100 unicorns and achieved 270+ portfolio company IPOs over its history since founding in 1977. Through its JIC partnership, this vehicle aims to introduce NEA's growth equity deal flow to co-investment opportunities with Japanese venture capital firms, accelerating capital formation for high-growth Japanese startups targeting international markets. The structure provides qualified Japanese institutional investors with access to late-stage portfolio diversification alongside one of the most active growth-stage venture managers globally.

Japan Investment New Enterprise Associates 19, L.P. is a Japan-domiciled co-investment vehicle structured to allow the Japan Investment Corporation (JIC), Japan's sovereign wealth fund, to participate as a limited partner in New Enterprise Associates' nineteenth flagship venture capital fund, NEA 19. JIC committed US$100 million across this vehicle and its companion fund, Japan Investment NEA 19 Venture Growth Equity, L.P., with the announcement made in March 2026. The structure reflects JIC's mandate to foster the development of globally significant Japanese technology companies by exposing its portfolio to leading international venture managers with proven track records of unicorn creation. NEA 19 is managed by New Enterprise Associates (NEA), one of the world's largest and most established venture capital firms with over $25 billion in assets under management. NEA invests across the full company lifecycle, from incubation and seed-stage through late-stage growth, with a concentrated focus on enterprise and consumer technology, digital health, life sciences and artificial intelligence. NEA has built a portfolio that includes more than 100 unicorns and a track record spanning over 270 IPOs and 450 mergers and acquisitions since its founding in 1977. Through its commitment to Japan Investment NEA 19, JIC intends to introduce NEA to co-investment opportunities with Japanese venture capital firms, catalysing greater domestic startup investment and attracting international investor interest to the Japanese technology ecosystem. The vehicle provides Japanese institutional investors with exposure to NEA's global deal flow while supporting the internationalisation of Japan's most promising technology founders toward becoming global market leaders.

KKR Health Care Strategic Growth Fund II (HCSG II) is a dedicated healthcare growth equity investment vehicle managed by KKR, one of the world's largest alternative asset management firms. The fund reached a final close of $4.0 billion on January 10, 2022, representing nearly three times the size of its $1.45 billion predecessor fund, KKR Health Care Strategic Growth Fund I, which closed in November 2017. HCSG II is the second installment of KKR's dedicated healthcare growth equity strategy, designed to address the growing need for scaled growth capital in the global healthcare sector. The fund employs a growth equity strategy focused on healthcare companies across North America and Europe, investing in businesses operating in pharmaceuticals, medical devices, healthcare services, healthcare information technology, and life sciences. KKR brings its global network of healthcare industry expertise and operational resources to portfolio companies, providing access to capital, strategic guidance, and sector-specific insights to accelerate growth trajectories. The fund targets companies that have demonstrated product-market fit and are positioned for accelerated expansion in large healthcare end markets. HCSG II attracted a diverse investor base including public pension plans, sovereign wealth funds, insurance companies, financial institutions, endowments, private wealth platforms, family offices, and high-net-worth individuals globally. KKR committed approximately $500 million of its own balance sheet and employee capital alongside outside investors, demonstrating strong alignment of interests. The fund builds upon KKR's deep healthcare investment track record spanning multiple decades and positions the firm as a leading growth capital provider to healthcare innovators in developed markets globally.

KKR North America Fund XIII (NAX3) is a $19 billion mega-cap private equity buyout fund managed by KKR & Co. Inc., one of the world's leading global alternative asset managers headquartered in New York. Reaching final close on April 25, 2022, NAX3 was the largest fund in KKR's history at the time of closing, surpassing the firm's previous flagship vehicle, the $17.6 billion KKR 2006 Fund. KKR committed $2.0 billion of its own balance sheet alongside investor capital—one of the most significant GP alignment commitments in the fund's history—reflecting the firm's conviction in its North American investment pipeline and strong alignment of interests with its limited partners. NAX3 is structured as a generalist large-cap buyout fund with a primary geographic mandate across North America, principally the United States and Canada. The fund pursues opportunistic private equity investments across financial services, healthcare, retail, industrials, technology, media, and telecommunications. KKR's investment model emphasises operational value creation through the KKR Capstone operational improvement platform, strategic bolt-on acquisitions, ESG integration, and long-term ownership of market-leading franchises through controlled or significant-minority positions. Despite aggregate investor interest of approximately $24 billion, KKR scaled the fund back to $19 billion to preserve capital deployment selectivity and returns discipline. KKR North America Fund XIII attracted a broad global institutional investor base across public pension funds, sovereign wealth funds, insurance companies, endowments, and family offices. KKR has invested in more than 250 companies across North America over the past four decades, generating over $240 billion in cumulative invested capital globally. NAX3 continues this tradition with a diversified portfolio of control and co-control buyouts in some of North America's most consequential industries, with the fund now in its active investment and value creation phase following the April 2022 close.

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.

Leadwind Ventures Fund is a EUR 250 million growth-stage venture capital fund managed by K Fund, the Madrid-based venture capital firm, in partnership with Telefonica. Established in 2022 and headquartered in Spain, Leadwind was created to address the capital gap for technology scale-ups in Southern Europe and Latin America seeking growth capital from Series A through later rounds. The fund completed its final close with backing from institutional limited partners including the ICO Next Tech Fund, which committed approximately EUR 70 million representing roughly 35 percent of the total capital, alongside Telefonica as the principal private sponsor, BBVA Spark, and Catalana Occidente. Leadwind focuses on deeptech companies developing artificial intelligence, machine learning, cybersecurity, fintech, healthtech, and digital infrastructure solutions, prioritising founders with proven product-market fit and recurring revenues progressing toward profitability. The fund targets companies across Spain, Portugal, Italy, and Latin America — regions where ambitious technology scale-ups have historically faced limited access to growth capital at scale — and aims to support global technology winners anchored in Southern Europe and Latin America from their first institutional rounds through international scaling. Ticket sizes support Series A through Series C rounds, enabling the fund to lead or co-lead financing in competitive European and Latin American deeptech companies. An advisory board composed of senior executives from Google, Roku, Devo, Creditas, and other global technology organisations provides portfolio companies with strategic guidance and network access. Leadwind completed a EUR 140 million first closing before achieving its EUR 250 million final close. Its initial portfolio includes Factorial, the Barcelona-based HR management platform serving over 10,000 companies across more than 60 countries; Voicemod, a real-time AI voice technology company; Quibim, a medical imaging data analytics business enabling precision medicine; Digibee, an enterprise integration platform; and nflux, an AI co-pilot for manufacturing assembly. The fund reflects K Fund's broader mission to build a Southern European and Latin American deeptech ecosystem that can compete with US and Northern European counterparts, and represents one of the largest growth-stage venture vehicles focused exclusively on this underserved geography.

KP Select III is the third growth-stage fund in Kleiner Perkins' Select fund series, raised alongside KP21 (the firm's 21st venture fund) in June 2024. With $1.2 billion in capital commitments, KP Select III is among the largest vehicles in the Kleiner Perkins fund family, designed to back high-inflection investments in companies scaling rapidly toward market leadership. The fund is managed by Kleiner Perkins (formerly Kleiner Perkins Caufield & Byers), one of Silicon Valley's most storied and influential venture capital firms with a multi-decade track record of backing category-defining technology and life sciences companies from early stages to IPO and beyond. KP Select III focuses on late-stage and growth-equity investments in technology companies where Kleiner Perkins has identified meaningful inflection points — whether in revenue trajectory, market penetration, or technological capability. The fund's investment thesis is anchored in artificial intelligence, enterprise software, healthcare and life sciences, fintech, and hardtech — sectors where the firm has built deep expertise over five decades of active investing. In contrast to KP21 (which backs companies from the earliest stages with smaller initial checks), KP Select III deploys larger capital tranches into companies that have demonstrated initial product-market fit and are ready to scale aggressively. The fund leverages the full Kleiner Perkins platform, including its global network of portfolio companies, operators, and institutional relationships, to provide growth-stage founders with the strategic support needed to navigate complex expansion phases. Kleiner Perkins has backed some of the most transformative technology companies of the past fifty years, including Amazon, Google, Genentech, AOL, Netscape, and Spotify. The Select fund series builds on this legacy by concentrating follow-on capital in later-stage opportunities where the firm has established the deepest conviction. The launch of KP Select III alongside KP21 reflects Kleiner Perkins' two-pronged 2024 approach: seeding the next generation of category-defining companies through KP21 while deploying growth capital into breakout performers approaching inflection through the Select platform.

KP21 is the 21st venture fund raised by Kleiner Perkins, one of Silicon Valley's most iconic and enduring venture capital firms. Launched in June 2024 alongside KP Select III (the firm's third growth fund), KP21 closed with $825 million in capital commitments and is designed to back early-stage technology companies from inception through the earliest stages of product-market fit. The fund reflects Kleiner Perkins' continued commitment to founding-stage investing in a technology landscape redefined by artificial intelligence and rapid structural transformation across every major industry. KP21 deploys capital into early-stage companies across Kleiner Perkins' core investment verticals: enterprise software, consumer technology, healthcare and life sciences, financial technology, and hardtech. With AI as the defining technological narrative of the current cycle, KP21 places particular emphasis on companies building AI-native applications, infrastructure, and tooling — recognizing the shift from incremental software improvements to foundational reinvention of business processes, scientific discovery, and human-computer interaction. The fund invests from pre-seed through Series A, with typical initial check sizes ranging from $500,000 to $5 million and significant follow-on reserves for top performers. The addition of new partner Leigh Marie Braswell, who joined to lead AI-focused investments, reflects the firm's commitment to maintaining frontier expertise in the discipline most reshaping the venture capital landscape. KP21 represents the continuation of a 50-year investing legacy that includes founding-stage investments in Amazon, Google, Compaq, Netscape, Twitter, Genentech, Snap, and hundreds of other landmark technology companies. The number 21 in the fund's name marks Kleiner Perkins' 21st venture fund — a testament to institutional consistency and cycle-tested investment judgment spanning five decades and multiple technological paradigm shifts. The fund operates in concert with KP Select III, which provides growth capital to double down on KP21's most successful early-stage bets as they scale toward category leadership.

Kurma Biofund IV is a European early-stage life sciences venture capital fund managed by Kurma Partners, a Paris- and Munich-based investment management firm and subsidiary of Eurazeo. The fund achieved a first close of €140 million in October 2024 and completed its final close at €215 million on April 23, 2026—falling short of its original €250 million hard cap but representing a 35% increase in size over predecessor Biofund III (€160 million). Cornerstone investors include the European Investment Fund (EIF) and Bpifrance as returning institutional backers, alongside CSL, an Australian pharmaceutical company making its first commitment to the fund series. Biofund IV is dedicated to backing innovative therapeutic solutions for diseases with high unmet medical need. Approximately 80% of the fund's capital is allocated to companies developing therapeutic approaches spanning autoimmune diseases, oncology immunotherapeutics, and natural immunity platforms. The fund pursues a balanced, risk-managed strategy that combines new company creation—building spinouts from leading European academic institutions and research clusters—with investments in established venture-stage biotech companies requiring Series A or B financing. It targets 16 to 20 new investments across Europe, with a scientific focus on disruptive therapeutic modalities rather than incremental modifications to existing drug classes. With Biofund IV, Kurma Partners' total assets under management reached €1 billion. Kurma Partners' prior funds provide a strong proof-of-concept for the strategy. Biofund III (€160 million, 2018) produced three landmark exits: Amolyt Pharma was acquired by AstraZeneca, Emergence Therapeutics was acquired by Eli Lilly, and Corlieve Therapeutics was acquired by UniQure—all large-cap pharma acquirers, demonstrating the firm's ability to create venture-backed biotech value to acquisition standards. Biofund II (€55 million, 2013) and the Paris Saclay Seed Fund (€53 million, co-managed with Partech) further illustrate Kurma's capacity to source from deep academic networks and to build companies from the earliest stages of scientific validation through to clinical proof-of-concept.

Kurma Growth Opportunities Fund (KGOF) is a growth-stage and crossover life sciences fund managed by Kurma Partners, a Paris- and Munich-based investment firm and Eurazeo Group subsidiary. The fund completed its final close at €167 million in 2024, providing a dedicated late-stage vehicle to complement Kurma's earlier-stage Biofund series. KGOF is designed to invest in companies that have advanced beyond the venture stage and are positioning for significant commercial milestones, public market listings, or M&A exits in the near to medium term. KGOF invests across the therapeutic, diagnostic, HealthTech, MedTech, and life science tools subsectors, targeting SMEs raising growth capital through late-stage private rounds, crossover financings, and public offerings in high unmet medical need areas. The fund's investment mandate is deliberately broad within life sciences—spanning therapeutics at clinical stages through diagnostics and digital health platforms—reflecting Kurma's view that growth-stage capital deployment requires flexibility across asset types and clinical modalities. Geographically, KGOF focuses primarily on European companies, with additional investment rights in existing Kurma portfolio companies as they reach scale. Investment decisions prioritise companies with validated clinical or commercial proof-of-concept and clear paths to liquidity. Kurma Partners manages a family of specialized life sciences fund vehicles totalling approximately €1 billion in AUM as of 2026, including Biofund I through Biofund IV, Kurma Diagnostics II, and the Paris Saclay Seed Fund co-managed with Partech Ventures. The firm's track record spans the full cycle from company creation to exit: Biofund III produced acquisitions by AstraZeneca, Eli Lilly, and UniQure, establishing Kurma as a top-tier European biotech franchise. KGOF extends this franchise into the growth phase, providing continuity of capital for the firm's most mature portfolio companies while also sourcing new opportunities in later-stage European biotech.

Kurma Growth Opportunities Fund is a growth equity vehicle managed by Kurma Partners, a Paris-based specialist investor dedicated to European biotechnology and life sciences. Announced in March 2022 with a first closing of €160 million against a €250 million target, the fund represents Kurma Partners's inaugural growth-stage investment vehicle, a purpose-built complement to the firm's established early-stage Biofund series (Biofunds I–IV). The Kurma Growth Opportunities Fund focuses on unlisted European companies in biotech and healthtech at a pivotal transition point: moving from research and development validation to commercial-stage operations. The fund targets approximately 15 portfolio companies addressing significant unmet medical needs, providing growth capital to businesses ready to accelerate their paths to market — including late-stage clinical-stage biotech companies and digital health platforms approaching commercialization. The fund's investment mandate is backed by the Tibi label, making it eligible for the €6 billion French institutional initiative for innovative European company growth. A distinguished group of institutional limited partners participated in the first closing, including the European Investment Fund (EIF), Bpifrance, the Belgian Growth Fund (managed by PMV), BNP Paribas Fortis Private Equity, the SFPI, BNP Paribas Fortis, Groupe Pasteur Mutualité, and Eurazeo as anchor investor. With Kurma Partners crossing €1 billion in total assets under management following the €215 million final close of Biofund IV in April 2026, the Growth Opportunities Fund cements the firm's position as a comprehensive lifecycle investor in European life sciences — covering seed-stage discovery through commercial-stage scale-up.

The Kurma Growth Opportunity Fund is the first growth equity vehicle raised by Kurma Partners, a Paris-based life sciences investment firm with offices in Paris and Munich. Announced in March 2022 with an initial target of €250 million, the fund achieved a final close at €160 million and represents Kurma's strategic expansion from its established early-stage Biofund strategy into later-stage, commercially-oriented healthcare investing. The fund broadens Kurma's offering across the European life sciences investment spectrum, complementing its flagship Biofund series — which targets early-stage biotechnology companies — with a dedicated vehicle for companies approaching commercial inflection and needing growth capital to scale. The Kurma Growth Opportunity Fund invests primarily in unlisted European companies in healthcare, biotechnology, and healthtech at the critical transition between R&D-stage and commercial operations. Target companies are those with strong clinical evidence, meaningful unmet medical need, and clear near-term revenue potential, typically at the late Series B through Series D stage. The fund targets a diversified portfolio of at least 15 investments, deploying growth equity capital to accelerate commercialization, geographic expansion, and operational scale-up. Kurma's 25-member team, including 10 partners based across Paris and Munich, provides hands-on support in regulatory strategy, market access, partnership development, and business building. Kurma Partners has over 15 years of experience investing in European life sciences, managing a portfolio of funds including its flagship Biofund series, with Biofund IV targeting €250 million (first close October 2024). The firm has supported the creation and growth of numerous European biotech companies and built a deep network of scientific advisors and industry partners across clinical, regulatory, and commercial disciplines. The Growth Opportunity Fund closed at €160 million — below its target but representing a solid first close for a first-generation growth vehicle — reflecting institutional confidence in Kurma's ability to extend its expertise into the commercialization stage of the healthcare value chain.

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.

LYFE Capital Fund IV (Dragon) L.P. is the fourth flagship fund raised by LYFE Capital, a Shanghai-headquartered healthcare-focused private equity and growth investment firm managing capital across Asia and North America. Closed in approximately the second quarter of 2022 with total commitments of $935 million, Fund IV represents a significant scale-up from the firm's earlier vintages and reflects LYFE Capital's deliberate evolution from a China-focused growth investor into a multi-geography healthcare investment platform with global institutional backing. The fund's 'Dragon' designation is a naming convention LYFE applies to its primary limited partnership vehicles across successive fund generations. LYFE Capital Fund IV deploys growth equity and private equity capital into pharmaceutical, biotechnology, and life sciences companies, with a particular emphasis on healthcare supply chain assets, manufacturing infrastructure, and businesses positioned to benefit from the global reorganization of Asia's healthcare production base. While China historically accounted for the majority of LYFE's deal activity, Fund IV channels most capital into Asia ex-China markets and the United States — with China representing approximately 10% of the portfolio — reflecting a deliberate rebalancing driven by geopolitical considerations and institutional investor expectations for geographic diversification. The fund pursues control and significant minority positions in established healthcare businesses with documented clinical or commercial progress. LYFE Capital has established itself as a leading healthcare private equity manager in Greater China and across Asia, with a track record spanning the full pharmaceutical value chain from drug discovery platforms through healthcare services and medical technology. At $935 million, Fund IV is LYFE's largest vehicle to date and attracted commitments from leading institutional investors across Asia, North America, and Europe. The firm's deep sector expertise — spanning biotech, specialty pharma, diagnostics, and healthcare infrastructure — positions Fund IV to capitalize on structural investment opportunities created by regulatory reform, aging demographics, and healthcare manufacturing localization across Asian markets.

Lakestar Early IV is an early-stage venture capital fund managed by Lakestar. The fund is domiciled the United Kingdom. The fund will focus their investments across geographies, with a focus on Europe in sectors such as AI, digitalisation, deep tech, healthcare, and fintech. The funds are aligned with Lakestar’s commitment to forge a stronger future for Europe by nurturing the region’s innovation and tech ecosystem through the funding of business models which support economic growth and social prosperity. The fund closed in April 2024 together Lakestar Growth II with $600 million.

Lakestar Growth II is a growth venture capital fund managed by Lakestar. The fund is domiciled the United Kingdom. The fund will focus their investments across geographies, with a focus on Europe in sectors such as AI, digitalisation, deep tech, healthcare, and fintech. The funds are aligned with Lakestar’s commitment to forge a stronger future for Europe by nurturing the region’s innovation and tech ecosystem through the funding of business models which support economic growth and social prosperity. The fund closed in April 2024 together Lakestar Early IV II with $600 million.

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

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 Co-Investment Fund I, L.P. is a co-investment vehicle managed by Lightspeed Management Company, L.L.C. (Lightspeed Venture Partners), one of the world's leading multi-stage venture capital firms headquartered at 2200 Sand Hill Road in Menlo Park, California. Founded in 2000, Lightspeed manages over USD 40 billion in assets under management with offices across the United States, Europe, Israel, India and Southeast Asia. The fund's original Form D was filed with the SEC on April 7, 2025 (CIK 0002055513), establishing the 2025 vintage. It reached its final close of USD 601.3 million on December 16, 2025 as part of Lightspeed's record USD 9 billion-plus simultaneous fundraise across six vehicles — the largest capital raise in the firm's 25-year history. The fund is incorporated in Delaware and the GP entities are Lightspeed General Partner Co Investment Fund I, L.L.C. and Lightspeed Management Company, L.L.C., with general partners Arif Janmohamed, Ravi Mhatre and Bejul Somaia. The fund is structured specifically to co-invest alongside Lightspeed's primary managed vehicles — including Lightspeed Venture Partners Fund XV-A (USD 980 million), XV-B (USD 1.2 billion), and the Opportunity Fund III (USD 3.3 billion) — rather than deploying capital independently. This architecture enables select investors to participate directly in specific transactions alongside the flagship funds at high conviction, gaining additional exposure without the full diversification commitment of a primary fund. The fund employs Regulation D exemptions (Rule 506(b), Section 3(c) and 3(c)(7)) and is open to qualified purchasers. As a co-investment vehicle with no independent sector mandate, its exposure mirrors the Lightspeed platform: enterprise software, consumer technology, fintech, healthcare and artificial intelligence across the United States, Europe, Israel, India and Southeast Asia. The fund benefits directly from Lightspeed's 25-year track record and portfolio of over 112 unicorns. Platform companies that co-investors may access include Anthropic, xAI, Databricks, Mistral, Glean, Wiz, Rubrik, Stripe, Snap, Affirm, Epic Games and Grafana. At the time of the 2025 fundraise, Lightspeed had backed 165 AI-native companies, investing over USD 5.5 billion in the category, and returned USD 8 billion from current and active funds over the five preceding years. The co-investment structure positions Lightspeed Co-Investment Fund I as an efficient instrument for investors seeking concentrated exposure to Lightspeed's highest-conviction deployment decisions.

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.

Lightspeed Venture Partners Select VI, L.P. is a growth-stage venture capital fund managed by Lightspeed Management Company, L.L.C., operating under the Lightspeed Venture Partners brand. Founded in 2000, Lightspeed is one of the world's leading multi-stage VC firms with over USD 40 billion in AUM across offices in the United States, Europe, Israel, India and Southeast Asia. Select VI is the sixth vehicle in Lightspeed's dedicated growth and follow-on fund series — a lineage that includes Select I (2014, USD 430 million), Select III (2018 vintage), and Select V (2022, USD 2.26 billion). The fund's original Form D was filed with the SEC on December 12, 2024 (CIK 0002044417), establishing the 2024 vintage year. It reached a final close of USD 1.74 billion (announced publicly as approximately USD 1.8 billion) on December 16, 2025, as part of Lightspeed's record USD 9 billion-plus simultaneous fundraise. The slight discrepancy between the SEC amount and announced figures reflects committed-but-not-yet-funded capital, a standard feature of large VC closings. Select VI occupies the growth-stage position in Lightspeed's tiered fund architecture, alongside early-stage flagship funds (Fund XV-A at USD 980 million and XV-B at USD 1.2 billion) and the late/breakout Opportunity Fund III (USD 3.3 billion). The Select series is specifically designed to accelerate existing Lightspeed portfolio companies and selectively back new investments in companies with demonstrated product-market fit at the Series B through Series D+ stages. The fund targets companies globally across Lightspeed's core verticals — enterprise software, AI infrastructure, consumer technology, fintech, healthcare and cybersecurity — with particular emphasis on AI-native category leaders. It also serves a follow-on function, allowing Lightspeed to maintain and increase ownership in breakout portfolio companies as they scale toward IPO or large-scale exit, consistent with the mandate of prior Select funds. Select VI inherits a strong track record from predecessor funds. Select V (USD 2.26 billion, 2022) backed companies including Wiz, Grafana Labs, Navan, Glean, Anthropic, Anduril and Stripe. Across the platform, Lightspeed has backed over 112 unicorns and returned USD 8 billion from current and active funds in the five years preceding the 2025 fundraise, with over USD 3 billion returned in the single year prior to announcement. The firm has invested more than USD 5.5 billion in 165 AI-native companies, positioning Select VI to capture growth-stage upside from early bets on companies like Anthropic, Mistral, Databricks, Glean and Safe Superintelligence (SSI) as they continue to scale.

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

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

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

Linden Capital Partners, a Chicago-based private equity firm specializing in healthcare, has successfully closed its sixth buyout fund, Linden Capital Partners VI, at $5.4 billion. This marks a major milestone, surpassing its $4.5 billion target and initial $5.0 billion hard cap. The fund secured $5.2 billion in LP commitments from investors in more than 20 countries, along with a $200 million general partner commitment. Fund VI will continue Linden’s long-standing strategy of investing in middle-market healthcare companies, with a focus on services, products, and distribution segments. The firm brings a disciplined approach to value creation, combining deep operational expertise, tailored growth strategies, and a unique human capital model to support long-term success. The fund's investor base includes major institutional investors such as the New York State Teachers’ Retirement System, Texas County & District Retirement System, Louisiana State Employees’ Retirement System, Sacramento County Employees’ Retirement System, and Fairfax County Educational Employees’ Supplementary Retirement System. The oversubscribed fund closed in under nine months, highlighting strong investor demand and Linden’s leadership in healthcare investing.

Linden Structured Capital Fund II (SCF II) is the second structured capital vehicle raised by Linden Capital Partners, a Chicago-based private equity firm exclusively focused on the healthcare sector and one of the largest healthcare-dedicated investment managers in the United States with approximately USD 12.5 billion in regulatory assets under management. Linden was founded in 2004 and has built a deep sector franchise spanning healthcare services, healthcare IT, medical products, pharmaceuticals and biopharmaceuticals. SCF II closed at USD 400 million of aggregate commitments on April 1, 2025, surpassing the size of its predecessor, Linden Structured Capital Fund I, which raised approximately USD 355 million. The fund attracted returning SCF I participants and new investors from the United States, Europe, Asia and the Middle East, including pension plans, insurance companies, family offices and asset managers. Kirkland and Ellis LLP served as fund counsel and PJT Park Hill as placement advisor. SCF II employs a structured capital strategy, investing in middle-market healthcare companies through securities that combine debt- and equity-like features — commonly described as mezzanine or preferred equity instruments. This hybrid capital approach allows the fund to occupy a flexible position in portfolio companies' capital structures, providing downside protection characteristic of senior debt while capturing equity-like upside as companies grow. By leveraging Linden Capital Partners' deep healthcare franchise, proprietary network and operational infrastructure, the fund targets opportunities where structured capital can unlock growth, support add-on acquisitions or facilitate ownership transitions. The healthcare-only mandate means the investment team possesses sector-specific expertise that generalist credit funds cannot replicate, enabling more precise underwriting and hands-on value creation across the healthcare value chain. As of the fund's final close, SCF II had already deployed capital into eight investments and recorded its first full realisation, demonstrating active portfolio construction running concurrently with the fundraising process. This pace of deployment reflects both the depth of Linden's deal sourcing across the healthcare sector and the structural demand for hybrid capital instruments in a segment where traditional buyout structures may not fit every situation. SCF II's hybrid credit-equity mandate positions it as a complementary strategy alongside Linden's flagship buyout vehicles, offering limited partners exposure to healthcare deal flow through an instrument that balances income generation with meaningful capital appreciation potential.

Linzor Capital Partners III, L.P. (LCP III) is the third private equity fund raised by Linzor Capital Partners, the leading pan-regional middle-market private equity manager in Spanish-speaking Latin America, headquartered in Santiago, Chile with offices in Mexico City, Bogota and Buenos Aires. The fund held its final close on May 15, 2015, reaching its self-imposed hard cap of USD 621 million in aggregate capital commitments after just six months in the market — a testament to strong institutional demand from both returning and new investors. The fund is managed by Tacora Management Company II Ltd. (CRD 162736), administered by J.P. Morgan Private Equity Fund Services and audited by Deloitte and Touche LLP. The investor base comprised pension funds, asset management firms, insurance companies, sovereign wealth funds, endowments, foundations and family offices, with approximately 40% of capital from the United States, 33% from Europe and 27% from Latin America and Asia Pacific. General partners made significant personal commitments alongside limited partners. LCP III deploys the same disciplined, control-oriented middle-market buyout strategy as prior funds, targeting companies valued at USD 75-400 million in Chile, Mexico, Colombia, Peru and Argentina, with selective exposure to Uruguay and Spain. The fund concentrates on essential services and emerging platform businesses across healthcare, education, telecom and digital infrastructure, financial services and technology — sectors with strong demographic tailwinds and underpenetrated service delivery. With ticket sizes of USD 20-50 million, LCP III targeted 6-10 platform investments, building sector leaders through active operational involvement and ESG integration. The fund strategy evolved from LCP II to reflect Latin America's increasing focus on digital and knowledge-based services. LCP III invested across eight transactions. Notable realisations include Mundo Telecomunicaciones, Chile's fibre-to-the-home provider with over 400,000 subscribers across 2 million homes passed, sold to Digital Bridge in 2022; and S4L (formerly UTEL), Latin America's leading pure-online higher education platform in Mexico, which has returned dividends. Active holdings include Uno Salud, Chile's largest dental chain with 80-plus locations; SIES Salud, a Colombian healthcare services platform; Universidad Insurgentes, a Mexican university serving 23,000 students; and inConcert (Convertia), a Spain and Latin America-based SaaS provider of customer experience and digital marketing solutions. The fund also co-invested in Engen alongside LCP II, Mexico's leading independent equipment leasing platform.

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

M&G Catalyst is a proprietary growth equity and impact investment strategy launched in January 2021 by M&G Investments, the FTSE 100-listed asset manager with over £340 billion in assets under management. Unlike a traditional externally raised closed-end fund, M&G Catalyst was initially seeded from M&G's own With Profits fund and proprietary balance sheet capital, with the firm committing approximately £5 billion to the strategy. The strategy was developed to allow M&G to deploy long-duration proprietary capital directly into private growth-stage companies globally, filling a gap between early-stage VC and traditional large-cap buyout that the firm identified in the UK and European innovation ecosystem. M&G Catalyst invests in private growth-stage companies globally across four thematic pillars: Planetary Health (clean energy, sustainable food, climate technology), Human Health (biotech, diagnostics, digital health), Access & Inclusion (financial services, emerging-market technology, financial inclusion), and Enabling Technologies (semiconductors, AI, space technology, biotech tools). Investments are typically Series B and later, targeting companies with validated business models and clear paths to commercial scale. The strategy operates with a global mandate encompassing the United States, United Kingdom, Europe, Africa, and Southeast Asia, with the team taking lead or co-lead positions in growth rounds. Since its January 2021 launch, M&G Catalyst has invested over £1 billion across 35+ portfolio companies spanning all four thematic pillars, including businesses in climate technology, renewable energy, biotech, AI-enabled healthcare, and financial inclusion in emerging markets. The strategy's portfolio spans 35+ companies with a growing track record of follow-on investments and company maturation. The Catalyst team's performance supported M&G's decision to open the strategy to external institutional investors through the M&G Catalyst Growth Equity Fund I, demonstrating the viability of the impact-first growth equity approach.

M&G Catalyst Growth Equity Fund I is the first externally marketed institutional vehicle through which third-party investors can co-invest alongside M&G Investments' Catalyst growth equity and impact strategy, which has been actively deploying proprietary capital since January 2021. Developed to open access to the proven Catalyst strategy for institutional investors including pension funds and sovereign wealth funds, the fund had secured commitments exceeding $850 million as of its announced close, including a £100 million commitment from the British Business Bank as part of the British Growth Partnership. The fund manager is M&G Investments, the FTSE 100-listed asset manager headquartered in London with over £340 billion in assets under management. M&G Catalyst Growth Equity Fund I invests in private growth-stage companies across four impact themes: Planetary Health (climate technology, clean energy, sustainable food), Human Health (biotech, diagnostics, digital therapeutics), Access & Inclusion (financial inclusion, emerging market technology), and Enabling Technologies (AI, semiconductors, space, biotech tools). Investments typically target Series B and later-stage companies with validated commercial models and measurable environmental or social outcomes. The fund operates with a global mandate with particular emphasis on the United Kingdom, Europe, and high-growth emerging markets, co-investing alongside M&G's proprietary Catalyst capital and benefiting from the deal flow infrastructure of the broader team. M&G Catalyst Growth Equity Fund I draws on the Catalyst strategy's portfolio of 35+ investments built since 2021, with over £1 billion deployed across areas including climate technology, life sciences, digital infrastructure, and financial inclusion. The Catalyst team has demonstrated the ability to lead and co-lead growth-stage rounds and support portfolio companies through successive financing events. British Business Bank participation through the British Growth Partnership adds an institutional validation layer reflecting the fund's alignment with UK innovation and impact policy objectives, and its potential to generate competitive risk-adjusted returns alongside measurable impact.

Main Capital Partners is a private equity buyout fund based in The Hague (Netherlands) that invests in the software sector. Main Capital VIII closed at its hard caps of €1.9 billion in just 6 months’ time, well past their initial target size. The fund was substantially oversubscribed. Main Flagship invests in mature and growing software businesses with equity tickets over from €20 million to €150 million, focusing on fueling growth through strategic acquisitions. The fund had a significant re-up rate of 115% from existing limited partners (LPs), demonstrating strong support from the LP base. A notable aspect of the fundraising is the increasingly global institutional LP base, with close to 25% of commitments coming from US investors. Its portfolio companies are supported by in-house Market Intelligence & Performance Excellence teams, providing access to proprietary data & research and best practices on go-to-market strategies, technology, finance, and M&A. Main is deeply connected with the local software ecosystems in its core markets, including Benelux, DACH, Nordics, and the US. Main’s key goal is to build larger international software groups, based on organic growth and acquisitions, in approximately 10 defined product-markets such as Healthtech, Govtech, HRtech, and Cybersecurity. Main Capital Partners did not use a placement agent for the fundraising, and Loyens & Loeff acted as legal counsel. The successful closing of the funds reinforces Main’s position as a European leader in software buyouts and signifies the continued trust and support it has received from its LPs. Over the years, Main has realized close to 30 exits with a weighted average return over 4x and a loss rate well below 0.5%, demonstrating the firm’s strong investment performance and specialized focus on Enterprise Software investing."

Main Foundation II is a private equity fund based in The Hague (Netherlands) investing in software growth companies. Main Foundation II closed at its hard caps of €500 million in just 6 months’ time, well past their initial target size. The fund was substantially oversubscribed. Main Foundation invests in high-growth software businesses with equity tickets below €20 million, focusing on organic growth. The fund invests in companies with headquarters in Benelux, DACH and the Nordics. The fund had a re-up rate of 115%. Besides re-ups from existing investors, Main attracted many new investors, amongst which were reputable institutional investors such as APG (on behalf of its client ABP), Tecta Invest and Texas County and District Retirement System. Existing investors, such as Hamilton Lane, increased their commitments.

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

The 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.

Material Impact Fund III is a $352 million venture capital fund managed by Material Impact, a Boston-based investment firm co-founded by Carmichael Roberts and Adam Sharkawy. The fund is the firm's third flagship vehicle, designed to back inception-stage companies that leverage breakthrough innovations in materials science to address large-scale global challenges. Fund III closed in 2023, oversubscribed against its $325 million target, attracting capital from university endowments, family offices, foundations, and fund-of-funds, and bringing Material Impact's total assets under management to approximately $800 million across more than 30 portfolio companies. Fund III targets companies at the earliest stages of formation—typically engaging with founders before or shortly after their first institutional round. Material Impact's thesis centers on materials science as a foundational enabler across multiple industries: breakthrough advances in physical matter—from new polymers and bio-inspired composites to next-generation semiconductors—unlock step-change improvements in food and water security, sustainable manufacturing, healthcare delivery, artificial intelligence hardware, robotics, data storage, and transportation. Portfolio companies receive not only capital but strategic support from Material Impact's deep industrial networks, enabling them to navigate the complex path from lab-scale innovation to commercial production at scale across demanding industrial and consumer markets. With Fund III, Material Impact has established itself as the leading specialist investor in material-science-enabled inception-stage ventures—a category it defines and anchors in Boston's deep-tech ecosystem. The fund expands investment scope to include underrepresented healthcare applications and climate-linked sustainable manufacturing, reflecting the firm's conviction that materials science breakthroughs are foundational to both the digital and the green economy. Notable focus areas include biomanufacturing, sustainable packaging, AI hardware substrates, next-generation energy storage materials, and advanced diagnostics—sectors where material innovation is the rate-limiting step to commercial scale and where Material Impact's scientific network provides a decisive sourcing and diligence advantage.

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

Mayfield Select III, also known as Mayfield Spring, is a $375 million venture capital fund launched by Mayfield in May 2023. This fund is designed to invest in Series B rounds, focusing on both follow-on investments in breakout companies from Mayfield's existing portfolio and new opportunities outside of it. The fund aims to support companies that have demonstrated early product-market fit and are poised for significant growth. The fund targets sectors at the intersection of technology and biology, including human-centered AI, the data economy, developer-first technologies, semiconductors, cybersecurity, deeptech, Web3, and human and planetary health. Mayfield's investment philosophy emphasizes a people-first approach, partnering closely with founders to build enduring companies. With Mayfield Select III, the firm continues its tradition of backing visionary entrepreneurs during pivotal growth stages, providing not just capital but also strategic guidance and support. The fund reflects Mayfield's commitment to fostering innovation and addressing some of the most pressing challenges and opportunities in today's rapidly evolving technological landscape.

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.

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 Ventures XVII is an early-stage venture capital fund managed by Menlo Ventures, legally domiciled in Delaware and headquartered in Menlo Park, California. Officially formed in August 2025, the fund aims to back early-growth technology startups with long-term disruptive potential. The fund is targeting investments in 30 to 40 companies, typically writing checks between $8 million and $15 million. This capital deployment strategy aligns with Menlo Ventures' mission to support startups from seed through early expansion, providing not just capital, but also strategic and operational guidance. The fund’s general partners include prominent investors such as Venky Ganesan, Shawn Carolan, and Matt Murphy, who are key figures in the Menlo Ventures leadership team. Their combined track record includes successful investments in high-profile companies across multiple sectors. Menlo Ventures XVII is part of the firm’s broader strategy to expand its footprint in areas like artificial intelligence, enterprise software, healthcare, and fintech. The fund continues Menlo’s legacy of identifying and supporting companies positioned to lead their industries through innovation.

Mercia EIS Fund is a UK-based enterprise investment scheme fund managed by Mercia Asset Management (AIM: MERC), a publicly-listed specialist private capital investor with approximately £2 billion in assets under management. Operating since 2013, the Mercia EIS Fund has established itself as one of the UK's most active regional venture capital programs, deploying over £134 million across more than 150 companies. Managed by Mercia Fund Management, through a dedicated 48-person Ventures division led by Managing Director Will Clark, the fund occupies a distinctive position in the UK private capital ecosystem by combining EIS tax-efficiency with an investment strategy that explicitly focuses on high-potential technology businesses in regions outside London and the South East, areas that are chronically underserved by mainstream venture capital. The Mercia EIS Fund targets early-stage, disruptive technology companies across multiple sectors including healthcare and life sciences, software, deep technology, gaming, and advanced materials. Mercia's investment thesis centers on businesses with modest initial capital requirements, clear scalability pathways, and multiple identified exit routes, typically investing at seed and early-stage rounds where regional presence provides genuine proprietary access. With physical offices in 11 UK cities including Birmingham, Manchester, Sheffield, Leeds, Bristol, Newcastle, and London, and partnerships with 19 UK universities, Mercia Fund Management maintains deep local knowledge and network effects across the UK's diverse regional innovation ecosystems. Approximately 78% of the fund's portfolio companies are based outside London, reflecting the manager's commitment to deploying capital where UK innovation originates rather than concentrating it in the capital. Since inception in 2013, the Mercia EIS Fund has invested £134.2 million across a portfolio of more than 150 companies, with £31.6 million returned to investors and a remaining portfolio balance of £102.7 million as of March 2025. The fund's most notable exit was nDreams, a leading VR gaming studio sold in 2023 for £90.3 million, delivering a 7.6x return to investors. The fund targets an overall portfolio return of approximately 2.5x over a five- to seven-year horizon and is closely coordinated with Mercia Asset Management's broader platform including its VCT vehicles and private equity capabilities, enabling a "Complete Connected Capital" follow-on infrastructure that supports portfolio companies through multiple growth stages. Mercia Asset Management's £180+ million partnership with the British Business Bank further underscores the fund's role as a cornerstone of the UK regional innovation finance ecosystem.

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.

The Mirova Societal Impact Fund, operated as Mirova Impact Life Essentials (MILE), is a EUR 200 million target private equity fund dedicated to generating measurable societal impact across Europe through investments in growth-stage unlisted companies. The fund is managed by Mirova, a French asset management firm specializing in responsible investment and a subsidiary of Natixis Investment Managers, which manages more than EUR 28 billion in assets across listed equities, bonds, real assets, and private markets strategies. Structured as a Societe de Libre Partenariat under French law and classified under SFDR Article 9, the highest sustainable investment designation under European regulation, the fund's mandate is organized around four societal themes: knowledge and learning covering education technology and vocational training; well-being and health including health services, digital health, and home care; mindful and responsible consumption such as sustainable food systems, eco-mobility, and secondhand markets; and diversity and inclusion focusing on professional reintegration and accessibility services. Investment tickets range from EUR 5 million to EUR 20 million per company, with a primary focus on French and pan-European businesses. The fund carries a 10-year term with two one-year extension options and is approved under France's TIBI institutional investment initiative. It holds LuxFLAG ESG, LuxFLAG Social Impact, and Towards Sustainability labels. The fund aligns with United Nations Sustainable Development Goals 3 (health), 4 (education), 8 (decent work and economic growth), 10 (reduced inequalities), and 12 (responsible consumption and production).

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.

Miura Impact Fund is the inaugural impact investment vehicle of Miura Partners, the Barcelona-based private equity firm founded in 2008 that manages over €1.5 billion across five primary funds. Launched in 2022 and reaching final close in October 2024 at €135 million, the fund represents Miura Partners' first vehicle fully dedicated to impact investing in high-growth small and mid-cap companies on the Iberian Peninsula. The fund deploys €5 million to €15 million equity tickets into companies that provide measurable solutions to three core impact themes: Healthier Lives (encompassing innovative healthcare, accessible nutrition, and well-being), Thriving Communities (including quality employment, education technology, and digital inclusion), and Regenerative Planet (spanning clean energy, circular economy, and next-generation sustainable agriculture). Each investment opportunity is evaluated against the UN Sustainable Development Goals (SDGs) and leading impact frameworks including GIIN, IRIS+, and IMP. The fund structure links carried interest directly to the achievement of both financial returns and specific impact targets for each portfolio company, embedding accountability into the fund's incentive structure. Miura Impact Fund has completed four investments since inception. Portfolio companies include Tierra, a Spanish leader in the creation and maintenance of sustainable green spaces; Wikiloc, the leading outdoor navigation software and global community platform for outdoor activities; GasN2, a producer of energy-efficient onsite industrial gases; and Bianna, a multinational provider of technologies for waste treatment and waste-to-energy solutions. The fund typically holds investments for 3–6 years, consistent with Miura Partners' approach across its broader fund family, which has completed over 70 transactions since 2008.

Mundi Ventures LatAm Fund I is a $100 million venture capital fund dedicated to the next generation of technology-driven companies expanding access to financial and health protection across Latin America and the Caribbean. Managed by Mundi Ventures, a Madrid-headquartered venture capital firm with more than €1.5 billion in assets under management globally, the fund announced its first close in March 2026, anchored by IDB Invest—the private sector investment arm of the Inter-American Development Bank—and COFIDES, Spain's development finance institution, alongside leading regional insurance groups. The strong institutional backing from multilateral development finance reflects confidence in both the fund's financial returns potential and its development impact mandate across the region. Mundi Ventures LatAm Fund I targets early-growth-stage companies from post-Seed to Series B in fintech, insurtech, healthtech, climate technology, and adjacent sectors. The fund plans to deploy approximately $5 million per investment into 12 to 15 portfolio companies across Brazil, Mexico, Colombia, Chile, and Argentina, focusing on businesses with proven product-market fit and annual revenues between $1 million and $3 million. The investment thesis centres on AI-first and deep tech companies building proprietary infrastructure, data-driven underwriting platforms, intelligent risk models, and next-generation embedded distribution channels that can dramatically improve financial inclusion and health protection penetration in a region where insurance penetration and formal financial access significantly lag global benchmarks. The fund is led by General Partner Moises Sanchez and Partner Rafaela Andrade, who bring deep expertise in LatAm insurance ecosystems and technology-driven financial services. Mundi Ventures has already established a nucleus of category-leading portfolio companies through the fund, including Raincoat (parametric insurance platform, Puerto Rico), Sami (digital health insurance platform, Brazil), Betterfly (employee benefits and insurance platform), and Ole Life (digital life insurance), demonstrating the firm's ability to identify and back founders building transformative insurance and fintech businesses across the region. Mundi Ventures LatAm Fund I positions institutional investors for exposure to Latin America's rapidly evolving digital economy through a fund with demonstrable multilateral development finance validation.

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.

Mérieux Innovation 2 (MI2) is the second-generation venture capital fund managed by Mérieux Equity Partners, focused on advancing innovation in the healthcare sector. Building on the success of its predecessor, MI2 is designed to support early-stage companies with high-impact solutions across diagnostics, medical devices, and pharmaceutical services. The fund targets platform-based business models with validated proof of concept, offering scalability and long-term growth potential. MI2 combines capital investment with strategic guidance and access to a robust healthcare ecosystem, helping portfolio companies accelerate development and go-to-market strategies. MI2 has received the prestigious Tibi label, highlighting its commitment to driving technological innovation within France and the broader European healthcare landscape. It aims to generate strong returns while contributing meaningfully to patient care and clinical outcomes. The fund’s first investment is a €6 million commitment to DeepUll, a Spanish diagnostics company developing rapid sepsis detection technology. This aligns with MI2’s goal of supporting transformative platforms that address critical medical needs.

Mérieux Participations 3 is the third growth capital and buy-out fund managed by Mérieux Equity Partners, the investment arm of Institut Mérieux, a leading French family holding company with deep roots in biomedical science and healthcare innovation. Mérieux Equity Partners, headquartered in Lyon with offices in Paris and Boston, manages a dedicated fund series focused exclusively on the healthcare and nutrition sectors, investing in small- to mid-cap growth companies across France, Europe, and North America. Mérieux Participations 3 completed its fundraising at €377 million in December 2019, surpassing its initial hard cap of €350 million, attracting capital from leading European family holdings and institutional investors who share the fund's long-term orientation toward healthcare value creation. The fund pursues a dual strategy combining majority growth capital investments and management buy-out (MBO) transactions within the healthcare and nutrition sectors, targeting established businesses that can benefit from Mérieux Equity Partners' scientific expertise, operational network, and cross-border deal-making capabilities. Typical equity investments range from €20 million to €40 million per company, allowing the fund to support companies through meaningful inflection points in their growth trajectories. The investment team of eight dedicated professionals focuses on companies across diagnostics, medical devices, specialty pharmaceutical, nutraceuticals, clinical research, and related healthcare services, leveraging Institut Mérieux's scientific heritage and its portfolio of global biomedical businesses. By December 2019, Mérieux Participations 3 had already completed seven transactions, including majority investments in Addmedica (France, a rare disease specialty pharmaceutical company), Doc Generici (Italy, a generic pharmaceutical distributor), and Mabtech (Sweden, an immunoassay and reagent developer). The fund subsequently completed successful exits including Biobest and Doc Generici, delivering returns to its LP base. Mérieux Equity Partners manages this fund alongside its predecessor vehicles Mérieux Participations 1 and 2, building on a heritage of disciplined, science-led healthcare private equity investing that reflects the values and long-term perspective of the Mérieux family and Institut Mérieux.

Mérieux Participations 4 (MP4) is the fourth growth buyout fund managed by Mérieux Equity Partners (MxEP), a leading European private equity firm dedicated exclusively to the healthcare and nutrition sectors. Headquartered in Lyon and Paris, France, Mérieux Equity Partners manages approximately €1.6 billion in assets under management across its buyout and venture platforms. MP4 was launched in May 2021 with an initial target of €500 million and closed above target in September 2023 at approximately €568 million, making it one of the largest dedicated healthcare buyout vehicles in Europe. The fund pursues a growth buyout strategy, acquiring majority and significant minority stakes in profitable, fast-growing companies operating in the health and nutrition sectors across Europe. MP4 targets companies with proven business models, strong market positions in niche segments, and ambitious organic and inorganic growth plans. The fund's mandate covers the full spectrum of healthcare — including medtech, diagnostics, contract research and manufacturing organizations (CROs/CMOs), digital health, and specialty nutrition — with a preference for businesses with pan-European or global growth potential. Mérieux Equity Partners brings deep sector expertise, a global industrial network through its parent Institut Mérieux, and a track record of active portfolio management. By final close, Mérieux Participations 4 had already deployed capital across more than eleven healthcare investments, demonstrating strong momentum consistent with the firm's thesis of backing high-growth European healthcare champions. The fund reserved for professional clients under AMF regulation and is part of a broader franchise that includes Mérieux Participations 1 through 3, which collectively established a strong track record of value creation across the European healthcare ecosystem. Portfolio companies include InnoSyn B.V. (Netherlands, outsourced process R&D) and Health in Code (Spain, integrated clinical genetics platform, via Alantra Healthcare continuation fund).

NB Aurora S.A. SICAF-RAIF is a Luxembourg-domiciled, Italian-focused growth capital investment vehicle that provides expansion financing and professional management support to high-potential, family-owned small and medium-sized enterprises (SMEs). Originally established in 2017 as a collaboration between Neuberger Berman — one of the world's largest independent employee-owned investment managers — and the management team that would later become Aurora Growth Capital, the fund was structured as a closed-end Société d'Investissement à Capital Fixe (SICAF) and reserved alternative investment fund (RAIF) listed on Euronext MIV Milan. In March 2025, shareholders approved a transformation of NB Aurora into a semi-liquid evergreen fund structure, resulting in its delisting from the stock exchange. NB Aurora targets family-owned Italian SMEs operating in niche, export-driven markets with revenues typically between €40 million and €200 million. The fund deploys equity tickets of €20 million to €60 million per investment, acquiring majority stakes and active minority positions in businesses with strong growth potential but in need of capital, governance improvement, and strategic direction. The fund's sector focus spans four primary verticals: Technology Growth and Digital Transformation, Industrial Manufacturing and Business Services, Environmental and Sustainability, and Healthcare. Investments are made with a hands-on, ESG-integrated approach aimed at professionalizing governance structures, accelerating international expansion, and executing targeted buy-and-build strategies within fragmented Italian mid-market sectors. With approximately €500 million in assets under management, NB Aurora has built a portfolio of nine platform investments, with notable entries including Dierre (December 2023) and exits including Club del Sole (March 2024). Following a management buyout from Neuberger Berman, the NB Aurora team became fully independent under the Aurora Growth Capital brand, joining forces with the NB Renaissance Partners team to form the most significant Italian-led private equity investment platform dedicated to domestic mid-market companies and entrepreneurs.

NFocus Fund is a $51.5 million corporate venture capital fund co-established by Nikon Corporation and Geodesic Capital, an experienced Silicon Valley-based venture capital firm with deep expertise in US-Japan cross-border technology investments. The fund was formally launched on August 6, 2024, with Nikon Corporation serving as the anchor limited partner through Nikon Ventures Corporation (NVC), a California-incorporated Nikon subsidiary tasked with managing the company's direct venture engagement with portfolio startups. NFocus Fund is domiciled in the Cayman Islands, consistent with standard fund structures for international institutional venture investors. NFocus Fund invests in early-to-mid-stage startups — from seed through Series B — operating in strategic technology domains that align with Nikon's long-term vision of enabling a society where humans and machines co-create seamlessly by 2030. Priority investment areas include advanced imaging and sensing, robotics and automation, semiconductor manufacturing technology, precision optics applications, digital health, and other categories in which Nikon seeks to accelerate inorganic innovation and build strategic partnerships with emerging technology companies. Nikon Ventures Corporation engages directly alongside Geodesic Capital as an active investor in portfolio companies, providing startups with access to Nikon's global technology ecosystem, manufacturing capabilities, engineering talent, and corporate partnership network — a differentiated value proposition beyond capital alone. Geodesic Capital contributes its Silicon Valley network, track record of successful early-stage investments, and deep understanding of Japanese corporate culture and partnership dynamics, making it well-suited as Nikon's preferred venture partner. NFocus Fund has a 10-year term, with a maximum 12-year extension, and focuses primarily on North America, with flexibility to pursue compelling opportunities in other global innovation hubs. The fund exemplifies a growing trend of Japanese industrial conglomerates establishing dedicated corporate venture vehicles to complement internal R&D with access to externally developed, disruptive technologies. Portfolio activity includes an early-stage investment in Trener Robotics (February 2026), consistent with the fund's emphasis on robotics and automation as a core investment theme.

NPIF II – Praetura Equity Finance is a venture capital fund managed by Praetura Ventures as part of the Northern Powerhouse Investment Fund II (NPIF II), a £660 million government-backed programme launched in March 2024 by the British Business Bank. Praetura Ventures was selected through a competitive tender process to manage the North West England equity mandate — the largest single equity allocation within NPIF II at £100 million — covering Greater Manchester, Lancashire, Cheshire, Cumbria, and Merseyside. The fund was designed to address the persistent gap in early-stage equity access across the North West, building on the original NPIF programme's legacy of catalysing private venture investment in Northern England from 2017 onward. The fund provides equity investments of up to £5 million per company, targeting businesses with demonstrated high-growth potential across all sectors, with priority focus on deep tech, life sciences, health technology, software, and digital innovation. Praetura Ventures combines deep local market expertise with an intensive ownership model, providing portfolio companies with direct access to operational support teams, strategic co-investment networks, and the broader Praetura platform encompassing private equity, debt finance, and fund-of-funds strategies. The fund explicitly promotes diversity, equity, and inclusion, with mandates to actively support underrepresented founders and widen access to venture capital across Northern networks that have historically been underserved. Launched in Spring 2024, NPIF II – Praetura Equity Finance is already actively deploying capital across the North West. Praetura Ventures manages over £260 million in AUM across its platform and has confirmed portfolio investments under the mandate, including in companies such as Audiebant and CloudGuard. The wider NPIF II programme has facilitated over £275 million in total investment to Northern businesses across all regions within its first two years. The fund operates on an approximately five-year investment period backed by the British Business Bank and HM Government, and is expected to support hundreds of high-growth businesses across the North West through to approximately 2029.

NPIF – Mercia Equity Finance is a government-backed venture capital fund managed by Mercia Asset Management, operating through its subsidiary Mercia Fund Management, as part of the Northern Powerhouse Investment Fund (NPIF). The NPIF was a landmark £400 million initiative launched in February 2017 by the British Business Bank with co-funding from the European Investment Bank and the European Regional Development Fund. The fund was established specifically to address the persistent underfunding of innovative SMEs across Yorkshire, Humber, and Tees Valley — regions that have historically received a disproportionately low share of UK venture capital compared to London and the South East of England. The fund deploys equity investments ranging from £100,000 to £2 million into early-stage and growth-stage businesses across a broad range of sectors, with particular strength in technology, artificial intelligence, clean energy, healthcare innovation, and advanced manufacturing. Mercia brings a nationwide network of regional offices and specialist investment teams, offering portfolio companies not only capital but active hands-on strategic support, co-investment introductions, and access to Mercia's broader fund ecosystem. The investment strategy deliberately targets companies with growth trajectories that cannot be sustained through traditional debt financing alone, making the fund a critical enabler for ambitious Northern founders seeking long-term equity partners. Since its inception in 2017, NPIF – Mercia Equity Finance has deployed over £71 million across more than 67 businesses in Yorkshire, Humber, and Tees Valley, supporting the creation of over 600 direct jobs in the region. Portfolio highlights include Faradion, a sodium-ion battery technology company sold for approximately £100 million to Reliance Industries, and GI UK, acquired by a Dutch multinational. Backed by the European Investment Bank, the European Regional Development Fund, and HM Government, the fund has catalysed substantial private co-investment alongside its public funding commitments, helping to build a more vibrant and sustainable venture capital ecosystem across the North of England.

NVentures is NVIDIA Corporation's corporate venture capital arm, established in 2021 and headquartered in Santa Clara, California, to invest in early-stage and growth-stage technology companies that build on or benefit from NVIDIA's hardware, software, and AI platforms. Unlike conventional closed-end funds, NVentures operates as an evergreen balance-sheet vehicle directly funded by NVIDIA, with every investment personally approved by CEO Jensen Huang — a structure that reflects how central venture activity is to NVIDIA's long-term strategic positioning. The portfolio grew from approximately $300 million in early 2023 to over $1.5 billion by late 2024, and NVentures has become one of the world's most active and influential corporate venture investors in the AI era. NVentures invests across the full venture lifecycle — from seed through late-stage pre-IPO — in companies developing AI infrastructure, AI model capabilities, robotics, healthcare AI, biotech and life sciences, and enterprise software built on GPU-accelerated compute. The fund participates in rounds from a few million dollars at the seed stage to hundreds of millions in strategic co-investments alongside top institutional VC firms. Portfolio companies receive not only capital but direct access to NVIDIA's engineering teams, pre-release hardware, CUDA and software platform support, supply chain relationships, and NVIDIA's global customer and partner network spanning hyperscalers, enterprises, research institutions, and sovereign AI programmes. NVentures' portfolio as of 2025 includes some of the most prominent AI infrastructure and model companies globally: OpenAI, xAI, Mistral AI, Hugging Face, Databricks (which raised at a $62 billion valuation in late 2024), CoreWeave (which IPO'd in March 2025 delivering significant returns to NVIDIA), and Runway (AI video generation). NVIDIA participated in approximately 45 AI-related financing rounds in 2024, and by mid-2025 had already surpassed that total for the year. NVIDIA's publicly disclosed equity portfolio across six holdings totalled approximately $1.14 billion as of April 2025, led by its CoreWeave position. As an evergreen CVC vehicle, NVentures does not publish a fixed fund size — its investment pace and capacity scale with NVIDIA's balance sheet and strategic priorities.

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.

Neva II is a multi-stage global venture capital fund launched in September 2024 by Neva SGR, the venture capital subsidiary of Intesa Sanpaolo Group — one of Europe's largest banking groups and Italy's leading retail and corporate bank with over EUR 1 trillion in total assets. Targeting EUR 400 million in commitments, Neva II is the second-generation flagship global vehicle managed by Neva SGR following the firm's inaugural generation of funds. As of the September 2024 launch, EUR 187 million had already been raised and invested across five diversified portfolio companies. Neva II is managed under the Italian SGR (Societa di Gestione del Risparmio) regulatory framework and is open to qualified institutional investors globally. Neva II invests across the full early-growth venture spectrum — from seed through Series C — in technology-driven companies addressing global challenges across five priority sectors: life sciences and healthcare innovation (particularly oncology and autoimmune disease therapeutics, digital health); energy transition and cleantech; digital transformation and enterprise software; next-generation manufacturing and materials; and aerospace. The fund's investment selection requires portfolio companies to demonstrate clear pathways to solving global problems with a focus on sustainability, ESG integration, and circular economy alignment. The geographical scope is global, with particular attention to European and North American innovation ecosystems where Neva SGR has established sourcing relationships. The backing of Intesa Sanpaolo provides portfolio companies with access to a major European bank's corporate network, lending capabilities, and strategic partnerships across Italian and international enterprise markets. Neva SGR was established in 2020 as Intesa Sanpaolo's dedicated venture capital arm, building an investment platform designed to bridge between global technology innovation and the strategic needs of one of Europe's largest financial institutions. Neva II is the companion fund to Neva II Italia (EUR 100 million target), which specifically targets Italian-headquartered startups with a PIR-compliant structure. Together, the two Neva II funds represent a EUR 500 million combined investment platform — doubling the capacity of the predecessor generation. This scaling reflects both the maturation of Neva SGR's team and network after four years of active investment, and Intesa Sanpaolo's commitment to positioning its banking group at the intersection of European and global innovation ecosystems.

Neva II Italia is a PIR-compliant (Piano Individuale di Risparmio) Italian venture capital fund launched in September 2024 by Neva SGR, the venture capital subsidiary of Intesa Sanpaolo Group. Targeting EUR 100 million in commitments, Neva II Italia is structured as a closed-end Italian-law alternative investment fund under the SGR management framework, qualifying under PIR Alternative regulations that provide significant tax advantages to Italian pension funds (casse previdenziali), insurance companies, and institutional retail investors seeking venture capital exposure. As of its September 2024 launch, the fund had already raised over EUR 42 million and completed five investments in promising Italian companies. Neva II Italia invests exclusively in Italian-headquartered or Italian-founded companies at the early-to-growth stage — from seed through Series B — across five priority sectors aligned with the broader Neva SGR investment thesis: life sciences and healthcare innovation (oncology, autoimmune disease, digital health); energy transition and cleantech; deep tech and next-generation manufacturing; digital transformation and enterprise software; and aerospace. The Italian focus differentiates Neva II Italia from its companion fund Neva II (EUR 400 million, global mandate), which invests across international ecosystems. By anchoring on Italian companies, Neva II Italia gives domestic institutional investors a dedicated vehicle to access the Italian startup ecosystem with the full support network of Intesa Sanpaolo Group — Italy's largest domestic bank, with extensive relationships across Italian corporations, SMEs, family offices, and institutional investors. Neva II Italia complements the broader Neva II twin-fund platform, which together targets EUR 500 million in combined capacity — double the investment envelope of the predecessor Neva SGR fund generation. This scaling represents both Neva SGR's maturation as an Italian venture capital institution after four years of deployment, and Intesa Sanpaolo Group's strategic commitment to cultivating a domestic venture capital ecosystem that keeps innovative Italian companies within the Italian institutional investor sphere rather than ceding early ownership to foreign VC firms. The PIR Alternative structure of Neva II Italia has attracted particular interest from Italian pension and social security funds, which historically have been underallocated to the domestic VC asset class relative to peer European institutional markets.

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

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

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

NewSpring Health Capital IV is a growth equity fund that targets high-growth, lower-middle market companies focused on technology-enabled healthcare services and niche clinical providers. The fund aims to invest in companies that influence healthcare by using technology and human capital in novel ways, with a focus on easing access to care, improving outcomes, and increasing efficiency while lowering costs. With a focus on proprietary deal flow, the fund has made investments in specialized pharmaceutical distribution services, sleep disorders management, cardiovascular staffing, dysphagia diagnostics, business process outsourcing services for behavioral health programs, and healthcare disclosure management technology and services. The fund's target investments are companies that evolve and shape high-impact sectors in healthcare. NewSpring Health Capital IV seeks to invest from $10 to $25 million in lower-middle market companies that have between $10 to $100 million in revenue at the time of investment. The fund has raised over $180 million and received strong support from existing and new investors, including a diverse group of strategics, financial institutions, and family offices. The fund is led by a team with extensive expertise in different segments of healthcare, including a team of advisory partners with deep industry experience. With a deep and growing deal pipeline of innovative healthcare companies, the fund will capitalize on the escalating opportunities and growing momentum within this segment of the market.

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.

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.

Nordic Capital Evolution Fund (Evolution I) is a €1.2 billion mid-market private equity buyout fund managed by Nordic Capital, a leading sector-specialist private equity firm with a 35-year operational history across the Nordic and Northern European markets. Reaching final close on July 1, 2021, in a record fundraising period of just three months, Evolution I is the inaugural fund in Nordic Capital's dedicated mid-market vehicle series, designed to apply the firm's proven large-cap value creation model to a broader universe of mid-sized European companies. The fund closed at the hard cap and was significantly oversubscribed. Evolution Fund targets control buyout investments in mid-market companies across Northern Europe, with equity commitments typically ranging from EUR 35 million to EUR 150 million and enterprise values of EUR 50 million to EUR 300 million. The fund concentrates on three core sectors aligned with Nordic Capital's institutional expertise: Healthcare; Technology & Payments; and Financial Services. Building on the same value creation toolkit deployed in Nordic Capital's flagship buyout series—emphasising digital transformation, talent development, internationalisation, and operational efficiency—Evolution I seeks to capture structural growth opportunities in the Northern European mid-market, a segment historically underserved by dedicated large-cap buyout vehicles of equivalent quality. The fund attracted a geographically well-diversified institutional investor base with European LPs representing approximately 57% of commitments, followed by Asian investors at 19%, North American investors at 19%, and Middle Eastern investors at approximately 5%. By investor type, asset managers and advisers represent roughly 40%, public and private pension funds 30%, sovereign wealth funds 20%, and endowments and family offices 10%. Evolution I proved the concept for a standalone mid-market series: its successor, Nordic Capital Evolution II, closed at the EUR 2 billion hard cap in December 2024, 65% larger and raised within just four months, confirming deep institutional demand for the strategy.

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

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.

About Norrsken EvolveNorrsken Evolve is a Stockholm-based venture capital fund with €57 million under management, dedicated to backing Europe's next generation of impact-driven technology companies. Launched in August 2025 as the evolution of the Norrsken Accelerator—which since 2021 has supported 80 companies—the fund invests at the pre-seed stage with initial checks of €250,000 per company, complemented by long-term follow-on capital for top-performing portfolio companies. The fund is led by General Partners Johan Attby, Alex Bakir, and Rebecka Löthman Rydå, who combine deep operational experience with a shared conviction that the most impactful technology companies can also be Europe’s most commercially durable ones. The oversubscribed fund attracted institutional LPs including the European Investment Fund, Saminvest, and SmartCap Green Fund, alongside leading tech founders and family offices including Skaala, the investment vehicle of Taavet Hinrikus and Sten Tamkivi.Norrsken Evolve targets founders building transformative solutions at the intersection of sustainability, resilience, and scalability, with a particular focus on sectors including biotechnology, renewable energy, logistics, construction, food technology, healthcare, information security, and climate resilience. The fund invests broadly across Europe, with an expanding presence in emerging tech hubs such as Tallinn, Estonia through a partnership with Kasvuhoone. Each cohort receives intensive founder support through the Norrsken Evolve program, combining capital with hands-on operational guidance, structured mentorship, and access to a global network of follow-on investors. By investing at the pre-seed stage and targeting overlooked geographies and founder profiles, Norrsken Evolve aims to surface and support Europe’s most promising impact founders before mainstream capital reaches them.Building on the Norrsken Accelerator’s track record—where 75% of supported companies went on to secure follow-on funding from top global investors—Norrsken Evolve represents the next chapter of Norrsken’s mission to prove that purpose and profit are fully compatible. The fund targets a portfolio of 20 to 30 companies per year, with the ambition of creating durable category leaders that address the most pressing challenges in European resilience, sustainability, and technological sovereignty. Norrsken Evolve’s combination of structured founder programming, institutional LP support, and a clear impact mandate positions it as one of Europe’s most distinctive pre-seed platforms for the next generation of resilient tech companies.

North Haven Capital Partners VIII (NHCP VIII), managed by Morgan Stanley Capital Partners, is a North American control buyout fund targeting lower middle‑market companies with strong EBITDA or free cash flow profiles. With its final close dated June 23, 2025, the fund amassed approximately US $3.2 billion in commitments, positioning it as a significant vehicle for growth‑oriented investments. The fund focuses on leadership‑driven businesses poised for strategic transformation across information technology, business services, healthcare, industrials, manufacturing, distribution, and logistics sectors. NHCP VIII pursues control stakes in founder‑owned or owner‑operated firms, often executing transactions such as recaps, spin‑outs, or succession‑related transitions. A key criterion is companies with at least US $1 million in EBITDA or free cash flow, underscoring the fund’s emphasis on operational strength. Leveraging the deep operational and sector expertise of Morgan Stanley’s private equity team, NHCP VIII aims to partner closely with management teams to enhance performance and scale businesses. Investments are concentrated in North America, with vehicle domiciles in Delaware and Luxembourg, providing flexibility and access to both domestic and international limited partners.

Northlane Capital Partners III is the third flagship fund launched by Northlane, reflecting the firm’s continued focus on middle‑market investments in the healthcare and business services sectors. The fund closed at $750 million, exceeding its original target of $550 million and significantly outpacing prior fund sizes. NCP III seeks to partner with founder‑ or management‑led companies that are niche market leaders, with defensible positioning, disciplined cost structures, and opportunities for operational scaling through technology, M&A, and strategic expansion. The fund builds on Northlane’s track record of executing in specialized subverticals where deep domain knowledge and active value creation can yield outsized returns. In deploying capital, NCP III is expected to emphasize partnerships where Northlane can bring not just capital, but operational support: structuring add‑on acquisitions, leadership upgrades, service line expansion, and geographic scale. Given the firm’s past execution and sector focus, deep diligence, alignment incentives, and post‑acquisition oversight will be central to its approach. Though the fund is new and still in deployment, NCP III leverages Northlane’s prior investments and relationships across healthcare and business services in U.S. lower‑middle to middle market companies. The fund’s ambition is to back durable, scalable growth trajectories in sectors resilient to economic cyclicality.

ONCAP IV LP is the fourth fund raised by ONCAP, Onex Corporation's dedicated lower mid-market private equity platform. The fund held a single closing on November 8, 2016, raising US$1.1 billion — approximately C$1.47 billion at the time — with Onex Corporation committing US$480 million as the largest limited partner. The fund was oversubscribed and raised in approximately two months, reflecting significant demand from both existing and new limited partners. ONCAP IV is approximately 40% larger than its predecessor ONCAP III (C$800 million, raised 2011). The fund targets equity investments of US$20 million to US$200 million in North American lower mid-market businesses across three core verticals: Consumer, Industrials, and Services, with emphasis on multi-location consumer services, automotive aftermarket, health and wellness, engineered products and materials, education, facility services, and tech-enabled services. The fund has made 13 platform investments and over 53 add-on acquisitions, with notable portfolio companies including Mavis Discount Tire, Ideal Dental Management Partners (invested July 2022), Merrithew (recreational fitness equipment), and Komar Industries. ONCAP IV's investment philosophy emphasizes partnering with management teams to drive revenue and EBITDA growth without relying on financial engineering or excessive leverage. At the time of the fund's close, the ONCAP platform had generated 43% gross IRR and 5.2x gross MOIC on realized and substantially realized investments across prior funds, underpinning strong LP confidence in the platform.

ONCAP V LP is the fifth and most recently closed fund raised by ONCAP, the dedicated lower mid-market private equity platform of Onex Corporation (TSX: ONEX). The fund held its final close on April 7, 2025, raising US$1.3 billion in total commitments including US$250 million from Onex Corporation as the largest limited partner. ONCAP V exceeded its predecessor ONCAP IV in both total commitments and third-party LP capital, with third-party investor commitments increasing by more than 50% versus ONCAP IV and welcoming many new investors to the platform. The fund held an initial close in December 2022 at approximately US$360 million. Latham & Watkins served as legal counsel for the fund formation. ONCAP V targets equity investments of US$20 million to US$250 million in North American lower mid-market businesses across three core verticals: Consumer, Industrials, and Services, with specific sector emphasis on multi-location consumer services, automotive aftermarket, health and wellness, engineered products and materials, education, facility services, and tech-enabled services. As of the final close announcement, the fund had completed six platform company acquisitions and two add-on acquisitions, with approximately 40% of capital deployed. The ONCAP platform manages US$3.5 billion in AUM across its fund family through 39 employees in Toronto and New York, with a 26-year track record of 38 platform investments and over 200 add-on acquisitions without a single capital impairment on any realized investment. In 2024 alone, ONCAP returned over US$530 million to LP investors across all funds, representing more than 20% of total ONCAP NAV at the time.

OPC Opportunity Fund I LP is a follow-on and opportunistic investment vehicle managed by Oval Park Capital LLC, a Raleigh, North Carolina-based venture capital firm founded in 2018 by Justin Wright-Eakes, a Durham native who spent eight years at New York City hedge funds before returning to build a technology-focused investment platform in the US Southeast. The fund was structured as a complement to Oval Park Capital's flagship vehicle, OPC Venture Fund I (closed at $20.5 million in 2021), enabling the firm to pursue follow-on investments in its strongest existing portfolio companies at the Series A and Series B stages while also selectively backing new breakthrough physical technology companies solving mission-critical global challenges. OPC Opportunity Fund I held its first sale on December 7, 2023, with a target of $20 million registered in Delaware, and had raised approximately $9.66 million from 22 investors as of January 2025 per SEC Form D filings. The fund's sector focus spans deep technology and hardtech verticals including advanced manufacturing, climate technology, industrial artificial intelligence, healthcare data infrastructure, robotics, energy systems, agriculture technology, water technology, and construction technology. Geographically, Oval Park Capital deliberately targets the Southeast United States, Midwest, and Mid-Atlantic regions — ecosystems that historically attract less venture capital than coastal hubs yet harbor significant engineering talent, major research universities, and industrial heritage that supports hardware and deep tech company formation. Oval Park Capital manages a second fund, OPC Venture Fund II, which was in preparation for launch in 2026, building on the combined platform's mission to deploy capital into North American deep tech and hardtech companies across underserved innovation ecosystems.

Oak HC/FT Partners I is the inaugural fund of Oak HC/FT, a venture and growth equity firm founded in 2014 by Annie Lamont, Andrew Adams, and Patricia Kemp, who spun out the dedicated healthcare and financial technology investment team from Oak Investment Partners. The fund closed in late 2014 with $500 million in committed capital, establishing Oak HC/FT as a differentiated manager at the intersection of two uniquely complementary and high-growth sectors: healthcare information services and financial services technology. Oak HC/FT Partners I focuses exclusively on technology-driven transformation across healthcare IT—including pharmaceutical services, alternative-care delivery models, and sub-population health solutions—and financial services technology platforms. The fund targets both early-stage ventures and more mature growth-stage companies across the United States, deploying investment tickets of $5 million to $50 million. The team's deep sector expertise, cultivated over decades at Oak Investment Partners, drives a proprietary deal pipeline sourced through strong founder and entrepreneur relationships within both industries. Oak HC/FT Partners I represents the foundation of a firm that has grown to manage over $5.3 billion in assets under management across multiple flagship funds. The early portfolio validated the firm's dual-sector thesis, with the team going on to complete 46 realizations and support 35 portfolio companies that achieved unicorn valuations in excess of $1 billion. The success of Partners I paved the way for successive fundraises: Partners II ($600M, 2017), Partners III ($800M, 2019), Partners IV ($1.4B, 2021), Partners V ($1.9B, 2022), and Partners VI, demonstrating consistent investor confidence in the firm's focused strategy.

Oak HC/FT Partners VI is a venture capital fund managed by Oak HC/FT, focused on investing in high‑growth companies at the intersection of healthcare information services and financial services technology. Based in Stamford, Connecticut, the fund benefits from the firm’s deep domain expertise and hands‑on partnership approach. The fund typically participates in early and growth‑stage rounds, deploying investment tickets ranging from $15 million to $35 million in earlier‑stage opportunities and $5 million to $50 million in growth‑stage companies. Oak HC/FT seeks to back businesses that are driving structural transformation in healthcare and fintech through innovative, scalable models. With a strategy centered on deep collaboration, Oak HC/FT provides more than capital—they bring board‑level engagement, go‑to‑market support, and access to an extensive network of industry leaders. The fund is actively deploying capital in U.S.‑based companies committed to reshaping financial and healthcare ecosystems.

The Ohio High Growth Investment Opportunities Fund is an evergreen venture and growth equity fund managed by The O.H.I.O. Fund, a private fund investment adviser based in Columbus, Ohio, co-founded in 2024 by Mark Kvamme and Ray Leach. Designed as a continuously open evergreen vehicle, the fund is accessible to institutional investors, family offices, and Ohio-focused allocators seeking exposure to early-stage and growth-stage innovation companies within the state. The Ohio High Growth Investment Opportunities Fund forms part of The O.H.I.O. Fund's dual-fund platform, which together raised over $238 million in its first year of operation. The fund focuses on early-stage and growth investments in innovative Ohio-based entrepreneurs and businesses, with a differentiated thesis centered on leveraging Ohio's competitive advantages in advanced manufacturing, biotechnology, logistics, workforce technology, and artificial intelligence applications. The fund also extends its mandate into real estate and infrastructure opportunities, including agricultural and industrial land acquisitions across Ohio's 12 counties, providing investors with diversified exposure beyond pure-play venture. Investment structures are flexible, supporting companies from early venture rounds through growth equity stages with varying ticket sizes. In its first year of operation (2024–2025), The O.H.I.O. Fund deployed approximately $196 million across 30 Ohio companies and real estate projects through its two core funds and special purpose vehicles, with 106 investors—nearly all Ohio-based—providing capital. Notable investments include Eagle Electronics (IoT modules), JucaBio (early-stage biotherapeutics), and Innosource (AI-powered workforce solutions). The combined portfolio generated more than $75 million in total returns through January 2026. The fund accelerated its pace of investment in 2026 with expanded institutional commitments, reflecting growing investor confidence in Ohio's innovation economy.

The Ohio Institutional Impact Investment Fund (the "Impact Fund") is the institutional impact investing vehicle of The O.H.I.O. Fund, a private fund investment adviser co-founded in 2024 by Mark Kvamme and Ray Leach and headquartered in Columbus, Ohio. The fund fully closed at $106 million in June 2025, drawing institutional commitments primarily from Ohio-based investors, foundations, and impact-oriented allocators seeking measurable economic and social returns alongside financial performance. The Impact Fund represents a cornerstone of The O.H.I.O. Fund's strategy to channel institutional capital into Ohio's growing innovation economy. The Ohio Institutional Impact Fund deploys capital alongside The O.H.I.O. Fund's flagship Ohio High Growth Investment Opportunities Fund, with an explicit emphasis on investments that generate measurable economic and social impact within the state of Ohio. The fund targets opportunities across advanced manufacturing, biotechnology, real estate, infrastructure, and workforce technology—sectors where Ohio demonstrates durable competitive advantages and where capital deployment can drive job creation, regional economic growth, and community benefit. The fund's diversified mandate spans early-stage venture and real assets, providing investors with broad exposure to Ohio's innovation ecosystem while maintaining an impact measurement framework. The O.H.I.O. Fund's combined platform invested $196 million across 30 companies and real estate projects in its first year, generating over $75 million in total returns through January 2026. The Impact Fund closed at its $106 million target in June 2025, marking a significant milestone for the Ohio institutional investment community and demonstrating the depth of LP appetite for Ohio-focused impact capital. The O.H.I.O. Fund has continued to scale its operations in 2026, expanding its team, broadening its portfolio, and accelerating its deployment pace with new institutional commitments from both Ohio-based and national impact allocators.

One Equity Partners IX, L.P. (OEP IX) is the ninth and largest flagship fund raised by One Equity Partners, a New York–headquartered middle market private equity firm founded in 2001 as the private equity arm of JPMorgan and spun out as an independent firm in 2015. OEP IX closed at its hard cap of $3.25 billion on September 2, 2025, exceeding its $2.75 billion target and representing the largest fund in the firm's 24-year history. The fund attracted limited partner commitments from more than 30 countries, including insurance companies, pension funds, asset managers, sovereign wealth funds, funds-of-funds, foundations, and family offices. OEP IX pursues a value-oriented private equity strategy in the middle market, focusing on identifying and executing transformative business combinations that build market-leading companies in industrial, healthcare, and technology sectors across North America and Europe. One Equity Partners takes a systematic, thematic approach to sourcing and structuring transactions, targeting businesses with defensible competitive positions and opportunities for operational improvement and strategic acquisitions. The firm maintains offices in New York, Chicago, Frankfurt, and Amsterdam to support its transatlantic investment strategy, bringing local market knowledge to each geography. One Equity Partners has completed over 400 transactions worldwide since its founding in 2001 and manages approximately $16 billion in combined assets under management following the OEP IX closing. The firm's track record spans healthcare, industrial, and technology investments in the $500 million to $3 billion enterprise value range. Kirkland & Ellis LLP served as legal counsel for OEP IX. The fund's successful close at its hard cap, combined with its expanded global investor base and record fund size, underscores institutional confidence in One Equity Partners' investment approach and the firm's positioning as a leading mid-market private equity firm.

One Equity Partners IX-A, L.P. is a parallel co-investment vehicle established in connection with One Equity Partners IX, L.P. (OEP IX), the ninth and largest flagship fund raised by One Equity Partners. As a parallel fund structure, OEP IX-A is designed to accommodate limited partners that cannot participate in the main OEP IX vehicle due to regulatory, tax, or structural requirements—typically offshore institutions, non-U.S. investors, and institutional allocators requiring Cayman Islands domicile. The vehicle was closed in September 2025 contemporaneously with the closing of OEP IX at $3.25 billion. OEP IX-A invests pari passu alongside One Equity Partners IX, L.P. in the same portfolio companies and transactions, applying the same value-oriented middle market private equity strategy. The fund targets industrial, healthcare, and technology sectors across North America and Europe, consistent with One Equity Partners' thematic investment approach. One Equity Partners pursues transformative business combinations and operational improvements in middle-market companies, targeting businesses with enterprise values in the $500 million to $3 billion range. One Equity Partners was founded in 2001 as the private equity arm of JPMorgan and became independent in 2015. The firm manages approximately $16 billion in combined assets under management across its fund series, with offices in New York, Chicago, Frankfurt, and Amsterdam. The combined OEP IX and IX-A fundraise represents the largest capital raise in the firm's history, with LP commitments drawn from more than 30 countries including insurance companies, pension funds, sovereign wealth funds, and family offices. Kirkland & Ellis served as legal counsel for both vehicles.