Sector Agnostic

p>360 ONE Asset, the investment arm of 360 ONE WAM, has introduced a ₹500 crore (approximately $60 million) sector-agnostic venture capital fund aimed at supporting Indian startups from seed to Series A stages. This initiative is part of the firm's strategy to provide early financial backing to promising startups, bridging the gap between India's micro-VC ecosystem and larger global funds. The fund is designed to invest in bold founders building category-defining businesses across emerging sectors such as consumer technology, fintech infrastructure, generative AI, and frontier technologies including spacetech, defence, and precision manufacturing. 360 ONE Asset emphasizes a long-term partnership approach, offering patient capital and active co-investment opportunities for strategic partners. With an overall alternates and public markets AUM of nearly $10 billion, and a venture capital and private equity platform managing over $3 billion, 360 ONE Asset leverages its substantial resources to support startups throughout their growth journey. The firm remains focused on long-term macro trends like domestic consumption, financial infrastructure, healthcare, AI-led services, and deep tech innovation.

Adenia Capital IV is the fourth flagship fund of Adenia Partners, a Mauritius-based private equity firm founded in 2002 and one of Africa's most established mid-market investors. The fund closed at EUR 230 million in May 2017—above its EUR 200 million target—following an initial close in November 2016. Its 31 investors included a balanced 50/50 split between development finance institutions (EIB, IFC, BII, DEG, Proparco, Bpifrance, OeEB, SIFEM) and private investors including pension funds, family offices, and high-net-worth individuals; Adenia's own directors and principals contributed 4%. Fund IV makes equity investments of EUR 10–20 million for majority or transformative stakes in established African businesses generating revenues of USD 5–40 million and EBITDA of USD 1–7 million. The strategy is sector-agnostic, covering consumer goods, agribusiness, financial services, ICT, hospitality, and healthcare. The fund expanded Adenia's geographic reach beyond its historic Indian Ocean and West African focus into East Africa (Kenya) and Southern Africa (South Africa), underpinned by new local offices opened during the fundraise period. At final close, Adenia had completed 21 investments and 10 exits across three predecessor funds since 2002, with strong financial and development impact returns. Fund IV assembled a portfolio including Quick Mart (retail, Kenya), Red Lands Roses (agribusiness, Kenya), Africa Biosystems (diagnostics), Proximed (pharma distribution), and Overseas Catering Systems. As of late 2023, the fund held eight to nine active positions and is fully invested. Adenia's subsequent Fund V, the firm's first fully pan-African vehicle, closed at $470 million in 2023/2024.

Apera Private Debt Fund III is a €2.9 billion private debt fund launched by Apera Asset Management, a London-based firm specializing in providing private capital solutions to lower mid-market companies in Western Europe. The fund focuses on senior secured unitranche financings, offering bespoke financing solutions to businesses with robust management teams and strong market positions. The fund's strategy targets investments ranging from €15 million to €100 million, emphasizing downside resilience and attractive long-term growth prospects. Apera's approach involves deep local relationships across its network of offices in Munich, London, Paris, and Luxembourg, enabling it to identify and support promising companies in the DACH region, the UK, Nordics, France, and Benelux. Apera Private Debt Fund III attracted a diverse group of institutional investors, including pension funds, insurers, sovereign wealth funds, and endowments from Northern Europe, Asia, and North America. The successful fundraising, which surpassed the fund's original hard cap, reflects the strength of Apera's investment platform and its track record in delivering private credit across its core European markets.

Apera Private Debt Fund III is the third flagship private debt fund of Apera Asset Management, a specialist pan-European private credit manager founded in 2016 and headquartered in London, with additional offices in Munich, Paris, and Luxembourg. The fund held its final close on 30 April 2025, securing total commitments of €2.9 billion including co-investment vehicles and leverage, surpassing its original hard cap. This represents a more than twofold increase over its predecessor, Apera Private Debt Fund II, which closed in July 2022 at €1.27 billion. The fund attracted capital from a broad international base of institutional investors—including pension funds, insurers, sovereign wealth funds, and endowments—with particularly strong participation from Northern Europe, Asia, and North America. Domiciled in Luxembourg, the fund was structured with legal counsel from Debevoise & Plimpton. Fund III pursues Apera's core private debt strategy of providing senior secured unitranche financings to lower mid-market companies across Western Europe. The fund targets businesses operating across the DACH region (Germany, Austria, Switzerland), the United Kingdom, the Nordic countries, France, and Benelux, with individual investment tickets typically ranging from €15 million to €100 million. Apera emphasises bespoke, relationship-driven financing solutions for companies demonstrating downside resilience, competitive market positioning, and attractive growth prospects. The firm favours prudent capital structures characterised by low leverage and strong equity support from private equity sponsors. With a team of over 50 investment professionals distributed across four European offices, Apera deploys deep local market knowledge and established sponsor relationships in each of its target geographies. Apera was co-founded in 2016 by Klaus Petersen, David Wilmot, and Robert Shaw and has built a consistent generational track record in European lower mid-market private credit. Its debut vehicle established the direct lending platform, while Fund II attracted €1.27 billion at final close in July 2022, exceeding its initial €800 million target. The growth in Fund III to €2.9 billion reflects compounding institutional confidence in Apera's origination capability and credit performance across economic cycles. The firm's standing was further validated when Franklin Templeton announced an agreement in 2025 to acquire a majority stake in Apera Asset Management—a transaction expected to close in the third quarter of 2025—integrating Apera's European private credit franchise into one of the world's largest global alternatives platforms.

Ardian Private Debt III is the third generation private debt platform managed by Ardian, one of Europe's foremost independent private investment houses. The fund achieved a final close of €2 billion in September 2015, representing a significant step up from its predecessor Ardian Private Debt II, which raised €1.5 billion in 2008. The platform attracted a diverse global investor base spanning insurance companies and pension funds from Europe, Asia, and North America, with approximately 50% of commitments coming from institutions new to Ardian's private debt programme. The fund's strategy centres on providing flexible, tailor-made non-bank financing solutions to European private equity-backed companies across the capital structure, encompassing unitranche and subordinated debt instruments. Ardian Private Debt III extends facilities ranging from €40 million to €300 million per transaction, targeting mid-cap businesses undergoing sponsor-led acquisitions, refinancings, or recapitalisations. The investment team, anchored in London, Paris, and Frankfurt, leverages Ardian's deep private equity heritage to structure financing aligned with the strategic goals of sponsors and management teams alike, acting as sole or majority lender to provide bespoke terms rather than standardised bank-like conditions. At the time of its close, approximately 40% of the fund had already been deployed across nine investments, reflecting robust deal flow and the team's strong relationships with European buyout sponsors. Notable early transactions included financing for Charlesbank Capital Partners' acquisition of UK technology group Six Degrees Group and Cathay Capital's buyout of French pharmaceutical company Cenexi. Ardian's private debt team has arranged more than €500 million in financings annually since 2010, and the platform's successful deployment underpinned the launch of Ardian Private Debt IV, which surpassed its €2.5 billion target to close at €3 billion in January 2020.

Ardian Private Debt III - Senior is a senior-tranche vehicle linked to the Ardian Private Debt III platform, managed by Ardian, one of Europe's leading independent private investment houses based in Paris, France. This vehicle is structured to offer investors exposure exclusively to the senior secured portion of the Ardian Private Debt III deal flow, providing a priority-claim position relative to the main fund's broader flexible financing mandate. The vehicle shares the same vintage year and manager as the main Ardian Private Debt III fund, which closed at approximately $2.21 billion in aggregate commitments at a 2015 vintage. The senior tranche vehicle's investment focus follows the same underlying direct lending thesis as Ardian Private Debt III — targeting flexible, tailor-made financing to European mid-market companies — with an emphasis on senior secured first-lien positions in leveraged buyout and recapitalization transactions. Senior-only vehicles in Ardian's private debt program are structured to rank ahead of subordinated and junior lenders in the payment waterfall, offering institutional investors a more conservative risk-return profile within the same mid-market European credit ecosystem. The strategy is sector-agnostic, targeting companies with predictable cash flows and proven market positions across European industries. Ardian's private credit platform, which encompasses the Private Debt series III, IV, and V and associated co-investment and senior tranche vehicles, has deployed over EUR 1 billion annually since the mid-2010s and completed more than 120 transactions across European middle-market companies. The platform manages assets in both France and Luxembourg under Ardian's alternative investment manager structure, with the credit team having grown its AUM to approximately $7 billion by the time of Private Debt IV's close in January 2020.

Ardian Private Debt V - Senior is the senior lending vehicle within Ardian's fifth-generation private debt platform, managed by Ardian, one of Europe's largest independent private investment houses headquartered in Paris, France. The broader Ardian Private Debt V platform closed at approximately EUR 4 billion in November 2022 — the firm's largest private debt fund to date — building on the EUR 3 billion raised for Private Debt IV. Together with managed accounts and co-investment capacity, the Private Debt V platform represents aggregate capital of approximately EUR 5 billion. The fund carries a 2021 vintage year, with the Luxembourg-domiciled SICAV-RAIF vehicle registered on April 30, 2021 and making its first investments in late 2021. The senior vehicle within the Ardian Private Debt V platform focuses on first-lien senior secured direct lending to European mid-market companies. Beginning with Private Debt IV, Ardian expanded its credit strategy to include 'stretched senior' debt instruments alongside its traditional flexible financing approach, allowing the platform to compete directly with senior bank lenders while providing greater structural flexibility than traditional syndicated markets. This innovation continued in Fund V, making the senior tranche vehicle an important part of the platform's risk-differentiated offering. The fund is structured as a Luxembourg SCS SICAV-RAIF, consistent with pan-European institutional investor requirements. Ardian Private Debt V was raised in approximately 12 months, driven by strong demand from existing investors returning from prior fund vintages. The fund targets European mid-market companies undergoing buyout, growth capital, or refinancing events on a sector-agnostic basis, with the senior tranche designed for institutional investors seeking priority credit exposure within the same deal pipeline as the broader platform. Ardian's private credit team has completed over 120 deals since inception of the program.

Altrium Co-Invest Fund I (ACF I) is a co-investment fund managed by Azalea Investment Management, the private equity platform linked to Seviora Holdings, itself an indirect subsidiary of Temasek, Singapore's state-owned investment firm. The fund was designed to offer accredited investors the opportunity to co-invest alongside leading private equity fund managers globally, gaining exposure to individual portfolio company transactions at the deal level without taking on the J-curve and blind pool risk of traditional LP commitments. The fund's investment strategy is sector- and geography-agnostic at the vehicle level, following the deal flow generated by Azalea's broad network of institutional private equity relationships. Co-investment positions are selected based on the quality and track record of the sponsoring GP, the attractiveness of the individual transaction, and alignment with the ACF I portfolio construction objectives. This approach enables the fund to build a diversified portfolio of direct co-investments alongside top-performing buyout, growth equity, and infrastructure managers from a single fund vehicle, with the operational support and due diligence capabilities of Azalea acting as a co-GP. Altrium Co-Invest Fund I achieved a final close of $268 million, surpassing its original target of $200 million and representing strong demand from institutional investors and high-net-worth individuals, including many who participated in Azalea's prior Altrium vehicles. The fund forms part of the broader Altrium platform, which includes the Altrium Private Equity Fund, Altrium Growth Fund, and Altrium Sustainability Fund, with the platform's total assets under management reaching $2.3 billion. Many prior investors from earlier Altrium funds re-invested in ACF I, reflecting the LP community's confidence in Azalea's co-investment capabilities and deal access.

Altrium Private Equity Fund III is a private equity fund managed by Azalea Investment Management, the Singapore-based PE platform linked to Seviora Holdings, an indirect subsidiary of Temasek. It is the third vehicle in the Altrium PE Fund series and the latest offering within Azalea's Altrium platform, which aims to democratize access to top-performing private equity fund managers for institutional and accredited investors in Singapore and the broader Asia-Pacific region. The fund operates as a fund-of-funds and secondaries vehicle, investing in primary commitments to top-performing global PE funds and in secondary market interests in private equity portfolios. This blended approach combines the diversification and GP relationship benefits of traditional fund-of-funds investing with the discount acquisition potential and accelerated J-curve of secondaries. Azalea's investment team selects underlying PE managers based on track record, team depth, portfolio construction discipline, and alignment of interest, with a global mandate that spans North America, Europe, and Asia. Altrium Private Equity Fund III reached its first close at $262 million in April 2025, supported by commitments from institutional investors and high-net-worth individuals, with significant re-investment from participants in the prior Altrium PE Fund vehicles. The fund contributes to the Altrium platform's total assets under management of $2.3 billion across all vehicles, including the Altrium Co-Invest Fund, Altrium Growth Fund, and Altrium Sustainability Fund. The first close milestone reflects continued LP confidence in Azalea's ability to deliver institutional-quality private equity access to the Singapore investor base.

Benefit Street Partners Second Special Situations Fund (BSP Special Situations Fund II) is a closed-end special situations credit fund managed by Benefit Street Partners (BSP), a wholly-owned credit subsidiary of Franklin Templeton. The fund closed in May 2024 with approximately $850 million in aggregate committed capital, oversubscribing its undisclosed original target, with 40 percent of capital already deployed at the time of announcement. The limited partner base comprises institutional investors across sovereign wealth funds, public pension plans, corporate pension plans, insurance companies, and family offices. BSP Special Situations Fund II provides bespoke financing solutions to borrowers that cannot access traditional capital markets, investing across the full spectrum of stressed and distressed credit situations in the United States and Europe. The fund targets over-leveraged businesses and complex capital structure opportunities across both private and publicly traded credit instruments. The predecessor vehicle, BSP Special Situations Fund I, closed in December 2017 at its hard cap of $750 million against an original target of $500 million, and the combined platform has deployed more than $3 billion since inception, generating an inception-to-date net IRR of 25 percent on early investments as of the May 2024 close. The strategy leverages BSP's credit research capabilities and restructuring advisory network to identify opportunities across the credit cycle. Benefit Street Partners manages BSP Special Situations Fund II as part of a broader credit platform that oversees more than $76 billion in combined assets under management following BSP's 2023 combination with Alcentra, another Franklin Templeton credit subsidiary. Franklin Templeton's acquisition of Benefit Street Partners in 2019 provided BSP with expanded distribution and operational resources globally. The fund's investment team sources transactions through BSP's relationships with restructuring advisers, investment banks, and corporate borrowers seeking non-traditional financing across the U.S. and European special situations markets.

The Blue Torch Credit Opportunities Fund III focuses on providing bespoke credit solutions to middle market companies across a broad array of industries, including those who require capital support for growth, acquisitions, operational challenges, and financial hurdles. This means that the fund targets a wide range of sectors for its investments, with a focus on providing flexible and customized financing solutions to companies in need of capital. Blue Torch's target geography for its investments is the United States and Canada. Blue Torch Capital invests between $20 and $200 million in companies with minimum revenue of $50 million. The financial target for the Blue Torch Credit Opportunities Fund III was to reach $2.0 billion in total investor commitments. However, the fund exceeded this target, closing at $2.3 billion in total investor commitments.

FIEX (Fondo para Inversiones en el Exterior) is a Spanish public investment fund managed by COFIDES (Compañía Española de Financiación del Desarrollo), established by Law 66/1997 of December 30, 1997, on behalf of the Spanish State. The fund is designed to promote the internationalization of Spanish companies and the broader Spanish economy by providing temporary minority equity holdings in Spanish companies undertaking international expansion and in companies located abroad. The fund's investment strategy centers on providing risk capital—primarily in the form of temporary minority equity stakes—to Spanish companies seeking to establish subsidiaries, expand existing facilities, acquire foreign companies, or develop international market positions. FIEX also invests in private equity funds and expansion capital vehicles that support the internationalization of Spanish businesses. Individual operations range from €250,000 to €30 million, with COFIDES frequently co-investing alongside FIEX to reach total financing volumes of up to €40 million per transaction. The fund targets a wide array of sectors including manufacturing, infrastructure, energy, healthcare, food and agribusiness, logistics, and tourism across all global geographies. By end of 2016, FIEX had accumulated endowments totaling €878 million, reflecting its role as Spain's primary government vehicle for catalyzing private-sector cross-border investment. COFIDES, as fund manager, is a member of the International Development Finance Club (IDFC) and the Association of European Development Finance Institutions (EDFI), underscoring FIEX's position within the global development finance community. The fund operates on a revolving basis—reinvesting returns to finance new international expansion projects—and remains one of Spain's most important instruments for supporting sustainable internationalization and economic diplomacy.

The Commonfund Capital Secondary Partners IV, L.P. fund significantly exceeded its $750 million target and closed on over $1.2 billion, with $110 million raised for an overflow fund to co-invest alongside the flagship. The fund attracted strong support from existing and new investors in the U.S. and Europe, including family offices, insurance companies, pensions, RIAs, private wealth platforms, healthcare companies, endowments, and foundations. The fund is managed by CF Private Equity. The fund operates in the global secondaries market, focusing on smaller transaction sizes. Their dedicated secondaries team has completed 370+ transactions across 800+ underlying fund interests managed by over 400 managers, providing liquidity solutions for investors in both LP liquidity and GP-led liquidity. The fund has approximately $3.0 billion in AUM as of the final close of Commonfund Capital Secondary Partners IV, LP.

D.E. Shaw Alkali Fund VI is the sixth closed-end vehicle in the Alkali series managed by the D.E. Shaw group, a leading global investment and technology development firm headquartered in New York. Launched in November 2024, the fund raised $1 billion in commitments from a diversified institutional investor base including endowments and foundations, sovereign wealth funds, and pension plans. The Alkali VI fundraise brings the total commitments across the Alkali series—which launched in 2012—to approximately $3.9 billion, underscoring the sustained institutional confidence in the D.E. Shaw group's private credit platform. More than $500 million of the total commitments came from existing investors in prior Alkali vintages, while the firm's own entities, principals, employees, and other investment funds contributed more than $70 million, aligning internal and external incentives across the fund's mandate. Alkali Fund VI pursues a multi-strategy, intermediate-duration approach targeting less-liquid opportunities in credit, credit-related, and other markets. Its primary investment focus encompasses corporate debt, structured credit, synthetic securitizations, and other specialty asset classes. The fund is co-managed by Managing Directors Rich McKinney, Marianna Fassinotti, and Seth Charnow, who lead the D.E. Shaw group's Private Credit investment team. That team operates in close collaboration with the firm's other credit-oriented investment teams—collectively comprising approximately 200 investment, technology, data analysis, and research professionals—giving Alkali VI access to proprietary analytical tools, quantitative models, and market intelligence that distinguish the D.E. Shaw group's approach to credit investing from traditional credit managers. The D.E. Shaw group established the Alkali series in 2012 as a dedicated vehicle for credit and credit-adjacent strategies, and has consistently grown the series across six fund vintages over more than a decade. The Alkali VI raise demonstrated particularly strong LP retention, with prior-vintage investors accounting for more than half of total commitments—a meaningful signal of satisfaction with prior fund performance. The D.E. Shaw group's broader platform manages assets across quantitative and discretionary strategies in public and private markets, providing Alkali VI with research infrastructure and market access that span fixed income, credit, equities, and multi-asset domains.

Golding Private Debt Co-Investment 2021 is a Luxembourg-domiciled co-investment fund managed by Golding Capital Partners, a Munich-headquartered alternative investment management firm with approximately EUR 14 billion in assets under management and offices in Luxembourg, Milan, Tokyo, and Zurich. The fund completed its final closing at EUR 165 million in committed capital on October 10, 2024, representing the ninth generation of Golding's established private debt strategy. A successor vehicle is planned for 2025, reflecting continued institutional investor demand for Golding's co-investment approach in the private credit space. The fund's strategy centers on direct co-investments alongside Golding's private debt target funds, providing institutional investors with the ability to increase their allocation to specific deals beyond what is available through the main multi-manager fund structure. This co-investment approach offers investors lower fees, enhanced portfolio concentration, and closer alignment with deal-level economics relative to traditional fund-of-funds structures. The underlying investment focus is primarily on first-lien senior secured lending to small and medium-sized enterprises in Europe and North America, consistent with Golding's broader private credit philosophy of conservative risk management and diversified exposure across top-tier direct lenders globally. The fund invests on a sector-agnostic basis, targeting companies with strong cash flow generation and established market positions. Golding Capital Partners has managed private debt assets since the early 2010s, building a nine-generation track record across multi-manager funds, co-investments, and secondary strategies in the private credit asset class. The firm's private credit platform manages approximately EUR 4.9 billion in assets. The fund is structured as a Luxembourg SCS SICAV-FIAR, a standard institutional co-investment vehicle under Luxembourg alternative investment fund law, with Golding Capital Partners (Luxembourg) S.A. authorized as AIFM by the Commission de Surveillance du Secteur Financier (CSSF).

Grafine Partners has closed its inaugural strategy, Grafine Capital I, with approximately $600 million in total capital commitments. This strategy exceeded its target of $500 million. Grafine Capital I is a fund of fund focusing on providing anchor LP capital and institutional-level support to first-time funds launched by experienced private markets investors. As of march 2024, the fund has already deployed a significant portion of capital in three first-time managers and associated direct investments in sectors such as real estate, healthcare, technology, resource efficiency, and consumer businesses. -Ascendant Capital Partners, a vertically integrated opportunistic real estate investment and operating firm focused on hotel and residential investments. -Stanley Capital Partners, a European-focused mid-market private equity firm focused on healthcare, technology & resource efficiency. - The Newcastle Network, an investment platform providing growth capital to lower middle market performing consumer businesses. Through a pioneering investment approach, Grafine's first strategy provides anchor LP capital and institutional-level support to first-time funds launched by experienced private markets investors, in exchange for revenue sharing and access to co-investment opportunities for its LPs.

ICG's debut LP Secondaries fund, ICG LP Secondaries I (LPS I), focuses on acquiring buyout fund interests from limited partners. The fund has reached its hard cap of $1bn after being significantly oversubscribed, with total commitments amounting to $1.6bn, including co-investment special purpose vehicles and separately managed accounts. LP Secondaries invests globally, providing liquidity solutions to investors in third party private equity funds. The team, led by Oliver Gardey, Ryan Levitt, and Vivien Blossier, is comprised of specialized LP secondaries investors based in London and New York. As a pure LP secondaries strategy, the fund offers a specialized approach to the secondaries market, attracting clients who share in ICG's conviction. The success of the fundraise demonstrates the appetite for a specialized strategy within the secondaries market. With 7 LP stakes transactions already closed and over $1.5bn of assets acquired, as of April 2024, the fund aims to further build on its reputation as an LP-led secondaries specialist investor. This differentiated approach is expected to create value for clients and serve them well.

INVL Private Equity Fund II is the second‑generation private equity vehicle of the Invalda INVL Group, designed to be the largest PE fund in the Baltics. Having raised €410 million at final close, it exceeded both its initial €250 million target and its €400 million hard cap. The fund focuses on investing in medium‑sized, late‑stage growth companies in the Baltic states, Poland, Romania and other European Union markets. It seeks controlling or significant minority stakes and plays an active value creation role to help portfolio companies scale, acquire, transform, or expand. Typical equity investment tickets range from €10 million to €60 million, with flexibility to structure smaller investments initially if there is a clear path to growth and follow‑on injections. The fund also can co‑invest in larger deals in partnership with other investors. INVL Private Equity Fund II aims for a diversified portfolio of about 10–12 platform companies. It combines buyout and buy‑and‑build strategies, backing firms with strong fundamentals, competitive positions, and resilience amid macro volatility. The team aligns interests with management, taking a “hands‑on” approach to governance, operational improvements, and strategic growth.

InCred Special Opportunities Fund-I (ISOF-I) is the inaugural special situations credit fund launched by InCred Alternative Investments, a subsidiary of InCred Capital Financial Services. Structured as a Category II Alternative Investment Fund (AIF), ISOF-I has a base size of $175 million, including a $60 million green shoe option. As of April 2025, the fund has secured over $70 million in commitments from a mix of domestic and international investors. The fund is designed to deliver superior risk-adjusted returns through a market-agnostic strategy, focusing on secured credit investments in India's traditional sectors. ISOF-I aims to capitalize on opportunities arising from dislocated secondary markets, cash flow mismatches, and other special situations, ensuring downside protection through strong collateral coverage. Managed by a team with deep expertise in credit and special situation investing, ISOF-I plans to deploy capital across 15–18 investments over a 6.5-year tenure. The fund targets a gross internal rate of return (IRR) of 21–23%, with regular quarterly distributions to investors.

GAEA Inversión is a Spanish private equity fund structured as a Sociedad de Capital Riesgo (SCR) and managed by Inveready Asset Management SGEIC. Launched in September 2019 and completing its first close of €55 million in January 2020, the fund reached its €110 million target with cornerstone backing from the European Investment Fund and high-net-worth investors distributed by Andbank España. Registered with Spain's CNMV, GAEA represents Inveready's inaugural PE vehicle dedicated to the Spanish mid-market segment. GAEA Inversión targets Spanish SMEs with revenues of €10–100 million and EBITDA of €1–20 million, deploying equity tickets of €2–20 million per investment across a portfolio of 10 to 15 companies valued between €5 million and €75 million. The fund operates with a flexible transaction model combining majority and minority equity positions alongside hybrid debt-equity instruments, enabling structures tailored to each company's growth, internationalisation, or succession objectives. Sector-agnostic and Iberia-focused, GAEA's active ownership approach targets an underserved gap in the Spanish lower mid-market where limited institutional PE capital has historically been available. Since deploying its first capital in 2020, GAEA has built a portfolio of more than 15 companies spanning technology and telecoms (GIGAS Hosting, Grupo Ticnova), food retail (Grupo Uvesco), biopharma (BDI Biotech), hospitality (Alda Hotels), advanced manufacturing (Argomániz), sports leisure (360 Padel Group), and electric mobility (QEV Technologies). The fund is led by founding partners Josep Maria Echarri and Carlos Conti, who together have executed over 50 private capital transactions in Spain. As of 2026, GAEA is in its harvesting phase with four exits recorded, validating its thesis in a segment of the Spanish economy long underserved by institutional capital.

The Mercer Private Investment Partners VII (PIP VII) fund is a fund-of funds focusing on private investments in equity, credit, and real assets, with a total fundraising of nearly $4 billion in limited partner capital commitments. This fund is the seventh vintage in Mercer's PIP series and offers investors flexible access to a wide spectrum of global private markets across various sectors including private equity, private debt, infrastructure, real estate, natural capital, and sustainable opportunities. PIP invests across primaries, co-investments, secondaries, and other specialized offerings to provide a compelling opportunity for investors to align with the best thinking of Mercer's advice and solutions. The fund received significant commitments from new institutional investors, including endowments, foundations, and insurers, with a majority of capital raised from new investors who had not previously committed to prior PIP vintages. The United States was the strongest region for net new LP growth overall, with more new LP capital committed to PIP VII than any other region globally. Mercer's focus on meeting clients where they are across the governance continuum has enabled it to retain strong commitments from existing clients and attract new capital from expanding client segments.

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.