Retail

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.

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

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

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

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.

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.

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.

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.

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

The MA Hyperdome Town Centre Fund is an unlisted wholesale property syndicate managed by MA Financial Group and its real estate platform IP Generation, acquiring and operating the Hyperdome Town Centre in Shailer Park, Logan City, approximately 25 kilometres southeast of Brisbane's central business district in Queensland, Australia. The fund completed equity raising and asset settlement in December 2025, having raised over AUD 400 million from wholesale and institutional investors to acquire the 44-hectare retail complex from Queensland Investment Corporation (QIC) for AUD 678.7 million — the largest-ever sale of a 100 percent interest in a Queensland regional shopping centre, sold by CBRE as exclusive agents. The fund employs a value-add real estate strategy targeting a 16 to 18 percent internal rate of return over a five-to-seven-year holding period, with distributions projected to grow from an initial annualised yield of 8.0 percent to 10.0 percent by the end of the forecast period. The fund is structured as a single-asset wholesale syndicate available exclusively to wholesale and institutional investors, with initial loan-to-value ratio of approximately 50 percent against a 60 percent covenant. The Hyperdome site comprises a 73,090 square metre shopping centre anchored by Kmart, Big W, Woolworths, Coles, ALDI, and Event Cinemas; a 22,487 square metre Home Centre across four buildings with 21 tenancies; peripheral pad sites; an office building; and approximately nine hectares of surplus land earmarked for future development. The fund's underlying asset, Hyperdome Town Centre, is 98 percent leased and delivering record trading performance anchored by essential non-discretionary retailers with stable, resilient cash flows. MA Financial Group, listed on the Australian Securities Exchange (ASX: MAF), has expanded its real estate platform through IP Generation to focus on large-format Australian retail and mixed-use assets offering durable income and capital growth. The Hyperdome acquisition followed MA Financial's earlier regional retail investments and represents the firm's largest single-asset real estate transaction to date. Strong institutional demand supported the equity raise exceeding AUD 400 million, underscoring appetite for high-quality Queensland retail assets with long-term growth catalysts including surplus land for future development.

The Nexxus Private Equity Fund II (Nexxus II) will focus on supporting and accelerating the internationalization of Spanish and Portuguese SMEs within European and American markets. The fund closed in April 2024 at €241 million (around US$261 million). COFIDES is an LP in the fund. The fund will make between eight and ten investments and has a strategy that spans across a range of sectors such as manufacturing, pharmaceuticals, and retail. The fund will invest in Spanish and Portuguese companies and has a particular focus on the midmarket in these regions. The fund manager, Nexxus Iberia, has a track record of completing 32 investments and fully divesting 22 portfolio companies in the Spanish and Portuguese midmarket.