Technology, Software & Gaming

201 Ventures Fund I is the debut venture capital fund of 201 Ventures, a Madrid-based early-stage investment firm founded with a distinctive focus on advancing freedom and autonomy in Europe. The firm's branding — expressed as 'freedom++' — positions it as an investor at the frontier of dual-use and sovereign technology, backing founders with deep technical expertise who are building solutions to complex, strategic challenges. 201 Ventures targets companies at the pre-seed and seed stages, emphasizing technical risk, long-term ambition, and a service mindset — characteristics it associates with founders who have both academic depth and an orientation toward practical, high-stakes application domains. The fund's sectoral focus spans defense technology, aerospace and deep tech, marine sensing, materials science, and frontier research infrastructure. Representative portfolio companies include Statecraft and Stark (AI and defense applications), Zydro (marine technology), Hypersonica (aerospace and hypersonics), Ionlace (advanced materials), and Arctic R&D and Deep Earth (research-led deep tech). This portfolio composition reflects a deliberate strategy to back European founders building technologies with dual-use or sovereign-capability relevance, a segment gaining increasing institutional and government interest across Europe amid heightened geopolitical focus on strategic technology sovereignty. Fund I is managed from Madrid, Spain, with a European geographic mandate. The firm's emphasis on defense and frontier technology aligns with growing European policy priorities around sovereign industrial capability, making 201 Ventures a distinctive voice in the nascent European deep-tech and defense-tech investment landscape. Fund size has not been publicly disclosed. The firm operates under the website brand 201.vc and is reachable at info@201.vc.

360 ONE VC Fund is an early-stage venture capital fund launched in 2025 by 360 ONE Asset Management, India's leading integrated wealth and asset management platform managing over ₹5 lakh crore in assets. The fund, sized at ₹500 crore (approximately USD 60 million), represents 360 ONE Asset's decisive entry into India's high-growth startup ecosystem, designed as the seed and Series A layer of the firm's broader 'Idea to IPO' capital stack that spans early-stage through pre-IPO and listed equities. The fund pursues a sector-agnostic yet frontier-technology-oriented strategy, with a particular emphasis on generative artificial intelligence, fintech infrastructure, consumer technology, spacetech and defence innovation, precision manufacturing, healthcare platforms, and deeptech. It targets category-defining startups at the seed and Series A stages where institutional-quality backing and governance support can accelerate trajectories toward large-scale outcomes. The fund takes significant ownership positions and provides active board representation, distinguishing it from passive micro-VC vehicles and positioning it as a long-term partner through multiple growth rounds. The fund's advisory board comprises accomplished operators and investors, including Bluestone founder Gaurav Kushwaha, Publicis Sapient CEO Nigel Vaz, Better Capital's Vaibhav Domkundwar, and C5i CEO Ashwin Mittal. As of launch, 360 ONE Asset reported four investments under evaluation across sectors including hybrid-casual gaming, consumer packaged goods, SaaS, and spacetech. The fund sits within 360 ONE's broader private equity and venture platform, which already managed over USD 3 billion in AUM prior to this launch, providing the VC fund with deep institutional infrastructure, a wide LP network, and co-investment capacity for follow-on rounds.

4Founders Capital III is a €70 million venture capital fund focused on pre-seed and seed-stage B2B technology startups, managed by 4Founders Capital, a Barcelona-based firm founded in 2017 by Jesús Monleón, Javier Pérez-Tenessa, Marc Badosa, Marek Fodor, and Paula Blázquez. Registered with Spain's CNMV as '4FOUNDERS CAPITAL III, F.C.R.E., S.A.' (NIF: A19842020), Fund III is the firm's third successive fund targeting the same foundational thesis: backing high-growth technology startups with global scalability ambitions, strong EBITDA orientation, and — increasingly — a core AI component. The main investors include the European Investment Fund (EIF), CDTI-Innvierte (Spain's national innovation agency), Institut Català de Finances (ICF), insurance companies, family offices, and a large cohort of entrepreneurs who have backed the firm since its inception. Fund III deploys initial tickets between €250,000 and €2 million, targeting approximately 40 startups at the pre-seed and seed stages. The primary sector focus is on B2B SaaS, artificial intelligence, fintech, cybersecurity, developer tools, business services, and traveltech — areas where the fund sees the strongest combination of high addressable market and defensible software economics. Follow-on investments are reserved for companies demonstrating strong early performance. The fund continues 4Founders Capital's practice of backing founders across Spain and Europe, with a preference for companies with international sales ambition from day one. Fund III launched in early 2025, completing a first close of €44 million in February 2025, before reaching its final close of €70 million — above its original €65 million target — within six months. The predecessor Fund I achieved a net IRR exceeding 18% and completed 11 exits, including Holded, Securitize, Flanks, and The Hotels Network. Fund II (2021, €50M) assembled a 38-company portfolio including Embat, Zenrows, Vidext, TaxDown, and Viterbit. Fund III positions 4Founders Capital as one of Spain's leading early-stage technology investors with a consistent and replicable fund model.

500 Emerging Europe Fund II is a €70 million early-stage venture capital fund focused on Central and Eastern Europe (CEE), managed by 500 Emerging Europe — a regional venture platform originally affiliated with 500 Global (formerly 500 Startups), the Silicon Valley–based accelerator and multi-stage VC firm. The fund targets founders from the CEE and Turkey region building globally scalable technology companies, with a particular emphasis on identifying 'emerging talent arbitrage': highly skilled, globally ambitious founders operating in markets where early-stage capital has historically been underrepresented relative to the density of engineering talent. The fund maintains independent operational decision-making, with the 500 Global affiliation providing access to the Silicon Valley network and follow-on syndication reach. Fund II deploys initial tickets of up to €1 million for 5–10% equity stakes at the seed and early Series A stages. Geographic emphasis falls on Poland, Romania, the Baltic states, and Turkey, which together account for approximately 50% of portfolio allocations, with the balance split across the broader CEE corridor from the Baltic to the Adriatic. Portfolio companies span enterprise SaaS, fintech, machine learning operations tools, and developer infrastructure — sectors where CEE engineering depth has historically produced high-output founding teams with global ambitions. The fund has made 36 investments across its deployment cycle. Fund II was launched in 2022 and reached its €70 million target. The fund's total portfolio of companies has collectively raised over $3 billion in follow-on funding from top-tier global investors including Sequoia Capital and Andreessen Horowitz, with several portfolio companies nearing unicorn valuation thresholds. In November 2024, the 500 Emerging Europe team rebranded the firm as e2vc, reflecting an evolution from the 500 Global affiliation toward a fully independent identity, while Fund II continues to operate under its original structure and investment mandate.

55 North Fund I is a €300 million venture capital fund exclusively focused on quantum technology, managed by 55 North, a Copenhagen-based firm founded in 2025 by Dr. Owen R. Lozman, Dr. Helmut G. Katzgraber, and Dr. Kai M. Hudek. The fund is positioned as the world's largest dedicated fund for the quantum technology stack, spanning quantum computing, quantum sensing and timing, and quantum communications. The founding team brings a combination of deep scientific credentials — PhDs in physical organic chemistry, physics, and experimental physics engineering — and over 50 combined years of experience in R&D leadership and quantum industry building, creating an unusually technically literate investment partnership at the frontier of a transformative emerging technology. 55 North Fund I targets early-to-growth-stage companies across all layers of the quantum stack: hardware (processors, photonics, trapped ion systems, cryogenic cooling infrastructure), software and algorithms, enabling materials and components, and the broader quantum sensing and communications applications layer. The fund maintains a strong European geographic bias, with approximately 75% of capital targeting European companies and one quarter specifically reserved for Nordic firms — a deliberate contribution to Denmark's National Strategy for Quantum Technology. Novo Holdings, the investment arm of the Novo Nordisk Foundation, acts as cornerstone investor, alongside EIFO (the Danish Export and Investment Fund of Denmark) and other public and private institutional backers. 55 North completed the first close of Fund I at €134 million, against a total target of €300 million, which at full deployment would rank it among the largest dedicated quantum venture funds globally. Early investments demonstrate the fund's commitment to backing technically advanced companies: a co-investment in IQM's €275 million Series B round (quantum computing hardware) and co-leadership of a €13 million Series A-2 round in Kiutra, a developer of advanced cryogenic cooling systems essential for quantum processor operation. The fund's long-term, patient capital approach reflects the multi-year development cycles inherent to the quantum hardware and systems layers.

6 Degrees Capital (6DC) is an early-stage venture capital firm established in October 2022 and registered with the Belgian Financial Services and Markets Authority (FSMA) as an alternative investment fund manager (registration number 0792.478.221). Headquartered in Antwerp with a co-office in London, the firm is led by Managing Partners Wouter Volckaert and Filip Coen alongside a senior eight-person investment team. The name reflects the 'six degrees of separation' concept, embodying the firm's philosophy that connectivity and conviction compound over time to create extraordinary outcomes. 6DC Fund III deploys initial cheques of €1 million to €5 million at Seed and Series A stage, with follow-on reserves of up to €15 million per portfolio company. The fund is structured around three conviction-led thesis pillars: the Future of Enterprise (mission-critical SaaS, vertical software with embedded intelligence, and scalable infrastructure); AI (teams applying artificial intelligence across the full stack); and the Future of FinTech (embedded finance, payments, digital banking, InsurTech, and crypto infrastructure). The firm targets companies with demonstrated product-market traction — typically generating between $100k and $5m in annual revenue — led by what 6DC describes as 'unconventional and unapologetic founders' building category-defining businesses. 6DC Fund III reached its final close at €154 million in late 2025, attracting a diversified LP base comprising fund-of-funds, sovereign wealth funds, financial institutions, family offices, and high-net-worth individuals across Europe. Across three fund generations since inception, 6DC has backed more than 70 companies, with a portfolio spanning Apaleo (hotel management SaaS), Banxware (embedded lending), Artificial Labs (insurance AI), DoPay (neobank), and Payflow (earned-wage access), among others. Fund III entered deployment prior to final close, with initial investments including Conveo (AI market research platform), FlatPeak (energy software), Spruce, Luca, and Artificial. The fund targets top-decile returns and is engineered to generate multiple fund-returners per vintage.

ABC Impact is a Singapore-headquartered impact private equity firm and one of Asia's largest dedicated impact investors. Founded in 2019 as a member of Temasek Trust Asset Management, the firm focuses on growth equity investments in companies delivering positive, measurable social and environmental outcomes alongside compelling risk-adjusted financial returns. It was established with anchor backing from Temasek Trust, Temasek, Pavilion Capital, Mapletree Investments, SeaTown Holdings, Sembcorp Industries, and Singapore Power, and has grown to manage over USD 900 million in assets under management across its two funds. ABC Impact is a signatory to the UN Principles for Responsible Investment (PRI) and the Operating Principles for Impact Management, a member of the Global Impact Investing Network (GIIN), and has its impact measurement independently verified by BlueMark. ABC Impact Fund II pursues a disciplined, thematic growth equity strategy targeting high-potential businesses across four priority sectors: clean energy and climate resilience; inclusive finance and digital access; healthcare and education; and sustainable food systems. The fund invests with a pan-Asia geographic mandate, emphasising market-led approaches in areas where conventional development models have historically underserved populations at scale. Investments announced for Fund II include Aye Finance (India), which provides loans to micro and small enterprises; Tekoma Energy (Japan), a renewable solar project developer; and DCDC Kidney Care (India), one of the country's largest dialysis networks delivering affordable treatment to underserved patients. The fund's LP base reflects both development finance institutions and institutional investors, including the Asian Development Bank, Temasek Trust, Temasek, Mapletree Investments, SeaTown Holdings, a Southeast Asian sovereign wealth fund, and a U.S. family office. ABC Impact's track record begins with its inaugural USD 300 million Fund I (2019), which invested across 11 portfolio companies and reported measurable outcomes including supply of essential services to over 20.26 million people and avoidance of 1.68 million metric tonnes of CO2 emissions. Fund I achieved a notable exit from Sunseap, a Singapore-based solar developer, in 2022. Fund II held its first close in January 2024 at over USD 550 million and reached a final close of over USD 600 million on 14 April 2025, doubling the size of its predecessor. The final close attracted new limited partners including the Asian Development Bank (USD 20 million commitment) and Temasek Trust, underscoring the firm's growing institutional credibility and reflecting strong demand for Asia-focused, institutional-grade impact investing.

ABRY Heritage Partners II, L.P. is the second fund in ABRY Partners' lower middle market Heritage strategy, having closed at $605 million in 2021 — approximately 15% larger than its predecessor, ABRY Heritage Partners, L.P., which raised $525 million in 2016. The fund is managed by ABRY Partners, LLC, a Boston-based private equity firm founded in 1989 that has completed over $90 billion in leveraged transactions across more than 550 properties. ABRY Partners maintains offices in Boston, Charlotte, and London and manages approximately $5.4 billion in active capital across four distinct fund strategies. Heritage II pursues controlling equity positions in lower middle market companies with enterprise values between $20 million and $150 million, deploying equity checks of $20 million to $60 million per transaction. The fund targets founder-led and family-owned businesses with limited prior exposure to institutional capital, emphasizing recurring revenues, high free cash flow generation, and high barriers to competitive entry. Core verticals include insurance and financial services, accounting and business advisory services, healthcare IT and services, outsourced professional services, managed IT services, and media — all within ABRY Partners' established sectoral expertise built across 35 years. As of mid-2026, Heritage II is actively deploying capital from its 2021 vintage, with approximately 80% deployment expected by end of 2026. The fund's active portfolio includes 17 companies such as Ascend Healthcare, Best Lawyers, Blue Mantis, Burgess Hodgson (UK), Dynasty Financial Partners, NetNumber, Oracle RMS (Canada, 2025), Screen Vision Media, and Turnberry Solutions. The fund has already achieved seven realized exits including AddSecure, Aftermath, Innovisk, Lighthouse Autism Center, Nuspire, SiteLock, and Socius, reflecting ABRY's active consolidation playbook in insurance distribution, accounting services, and managed IT.

ABRY Senior Equity Fund V, L.P. is a $1.05 billion mezzanine credit vehicle managed by ABRY Partners, a Boston-based private equity and credit firm founded in 1989 with over $90 billion in cumulative investments. The fund closed in 2017 and represents the fifth vintage in ABRY's Senior Equity series, which provides preferred equity and subordinated debt capital to middle-market companies in the media, communications, information, and business services sectors without acquiring controlling stakes. ABRY Partners is one of the most experienced sector-focused private credit managers in North America, combining deep industry knowledge with flexible capital structuring to address financing needs that traditional buyout funds and senior lenders cannot efficiently serve. The fund's investment strategy focuses on originating and structuring preferred equity and mezzanine debt positions in companies across the media, telecommunications, information technology, and business services industries in North America. ABRY Senior Equity V targets lower-middle market and middle-market businesses, providing growth and recapitalization capital in the range of $20 million to $75 million per transaction. Unlike control-oriented buyout funds, ABRY Senior Equity vehicles partner alongside management teams and co-investors without acquiring majority stakes, enabling portfolio companies to access substantial capital while retaining operational independence. This minority preferred equity positioning places investors higher in the capital structure than common equity, providing meaningful downside protection compared to equity funds. ABRY Senior Equity V is fully invested, and the firm has since closed its sixth fund (ABRY Senior Equity VI) at $1.16 billion, reflecting sustained institutional demand for ABRY's mezzanine strategy across six successive fund generations. The fund is domiciled as a Delaware limited partnership and managed from ABRY Partners' headquarters in Boston, Massachusetts. ABRY's track record in the Senior Equity series demonstrates the attractiveness of structuring preferred equity in fragmented, recurring-revenue businesses where deep sector expertise translates into enhanced deal origination and superior credit underwriting capabilities relative to generalist lenders.

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

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

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

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

Single-asset continuation fund managed by Accel-KKR that extends the firm's investment in isolved, a human capital management (HCM) software company. The fund, led by Goldman Sachs Alternatives, closed at $1.9 billion in August 2025 and commits $350 million in new growth capital to isolved while providing liquidity to investors from prior Accel-KKR vehicles.

Accel-KKR's first dedicated secondary investment fund, focused on the software sector. Closed at over $2.2 billion in November 2024 with Ardian as lead investor and StepStone Group, Adams Street Partners, and CPP Investments among LPs. The fund invests in a broad range of secondary transactions in software companies and was partially seeded with existing Accel-KKR portfolio investments.

ARTIS TechBio II is a USD 200 million venture capital fund managed by ARTIS Ventures, a San Francisco-based firm founded in 2001 by Stuart Peterson. The fund closed on 14 December 2023 and is ARTIS Ventures' fourth fund overall and its second dedicated TechBio vehicle. ARTIS coined and trademarked the term TechBio to describe the convergence of technology and biology, and both TechBio funds operate under that exclusive mandate. Managing Partners Stuart Peterson and Vasudev Bailey lead the fund alongside Senior Partners Austin Walne and Ruchita Sinha. The fund invests at seed through Series B stages — with typical check sizes ranging from USD 2 million to USD 15 million with reserves for follow-on — in companies using data science, software, artificial intelligence, machine learning, and synthetic biology to transform human health and well-being. Six operating principles guide portfolio construction: global-scale platforms, underserved disease areas, system-wide care delivery innovation, founder diversity (over 60% of portfolio founders from underrepresented groups), perseverance in regulated industries, and specialised healthcare expertise. Portfolio companies are required to address measurable patient outcomes or health system efficiency gaps, reflecting the fund's impact-aligned mandate. The broader ARTIS Ventures platform spans TechBio I and II plus earlier general life sciences vehicles. Known portfolio companies across the platform include Freenome, Eko, Delix Therapeutics, Outpace Bio, Tessera Therapeutics, Rad AI, and Onto Health. ARTIS Ventures' exit track record includes Stemcentrx (acquired by AbbVie for approximately USD 10 billion), Lemonaid Health (acquired by 23andMe), YouTube (acquired by Google), Palantir (IPO), Aruba Networks (IPO), and Bloom Energy (IPO). TechBio II's early confirmed investments include Range Biotechnologies (seed, June 2023) and RightSite (January 2025), demonstrating active deployment across its life-sciences-meets-technology thesis.

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

AVP Growth Fund I is a €1.5 billion late-stage technology investment fund launched by AVP (Atlantic Vantage Point), formerly known as AXA Venture Partners. The fund is supported by anchor commitments from AXA and the European Investment Fund (EIF) as part of the European Tech Champions Initiative (ETCI). This initiative aims to bolster Europe's late-stage tech funding landscape and support rapidly growing, large technology companies. The fund targets high-growth European technology companies, providing substantial investments to help them scale and compete globally. AVP Growth Fund I has already completed investments in companies such as Agicap and Odoo, demonstrating its commitment to fostering European tech champions. AVP operates as an independent global investment platform with a transatlantic presence, managing over €2.5 billion across various investment strategies, including venture, early growth, growth, and fund of funds. The firm leverages its extensive network and expertise to support entrepreneurs from early stages to IPO, aiming to create a robust European alternative to U.S. growth funds and sovereign wealth capital.

Accel XVI is a $650 million early-stage venture capital fund raised by Accel Partners, one of Silicon Valley's most enduring investment franchises. Closed in December 2023 as a Delaware limited partnership, the fund operates from Accel's headquarters at 500 University Avenue, Palo Alto, California. It represents the firm's sixteenth US flagship fund and matches its 2021 predecessor, Accel XV, at $650 million — a deliberate signal of portfolio discipline and consistent fund sizing across market cycles. The fund is managed by partners including Andrew Braccia, Sameer Gandhi, Ping Li, Vasant Natarajan, Ryan Sweeney, and Richard Wong. Accel XVI deploys capital under the firm's "prepared mind" philosophy — intensive sector research before identifying investments, enabling conviction-driven entry at the earliest company stages. The fund targets pre-seed through Series B rounds, with roughly 95% of investments concentrated at seed and Series A. Accel serves as first institutional backer in approximately 87% of its portfolio companies. Geographic focus is the United States, across enterprise software, cybersecurity, artificial intelligence, infrastructure, and consumer technology, with the partnership taking active board seats and providing structured support in talent, enterprise sales, and market expansion throughout each company's development. The Accel franchise behind Fund XVI carries a multi-decade track record spanning early-stage positions in Meta, Dropbox, Slack, Atlassian, CrowdStrike, and UiPath — among the most consequential technology businesses of the modern era. Recent vintages include Segment (acquired by Twilio), Scale AI, Sentry, Monte Carlo, and Ironclad. Accel XVI closed at its full $650 million target in Q4 2023, one of the most difficult fundraising environments in a decade, on the strength of LP confidence following landmark exits including Klaviyo's IPO and the Pismo acquisition.

Accel-KKR Credit Partners is the inaugural direct lending fund of Accel-KKR, a technology-focused private equity firm headquartered in Menlo Park, California. Launched in 2017 with a final close in early 2018, the fund was established to provide flexible, non-dilutive debt financing to software and technology companies—both founder-owned businesses and institutionally backed platforms—that require growth capital without equity dilution. Accel-KKR Credit Partners targets structured senior and unitranche debt instruments, offering borrowers customized financing for acquisitions, shareholder distributions, management buyouts, and organic growth initiatives across the North American software sector. The fund focuses exclusively on software and technology companies, leveraging Accel-KKR's deep proprietary deal flow and sector expertise to underwrite credit risk in a market where traditional lenders often lack the technical knowledge to evaluate recurring-revenue software business models. Unlike generalist business development companies, Accel-KKR Credit Partners benefits from direct sourcing through the firm's established buyout platform and its network of thousands of software executives accumulated over two decades. The fund provides unitranche, senior secured, and second lien facilities, typically ranging from USD 10 million to USD 75 million per transaction. Since its inception, Accel-KKR Credit Partners has deployed over USD 1.5 billion across more than 80 investments in US software companies spanning verticals including healthcare IT, human capital management, financial software, media technology, and logistics software. The fund's success led to the launch of Accel-KKR Credit Partners II, targeting USD 350 million, and a broader multi-vintage credit franchise that has established Accel-KKR as a recognized lender in the private credit market for technology companies.

Achieve Partners EdTech Buyout Fund is a dedicated education technology buyout fund that closed at USD 167 million in late 2023. The fund is managed by Achieve Partners, a specialist private equity firm focused exclusively on software and technology-enabled services companies serving the education market — from K-12 through higher education and workforce development. Achieve Partners was established with the conviction that the US education sector's shift toward digital learning, data-driven instruction, and platform-based administration creates a distinctive buyout opportunity set that generalist PE firms routinely underestimate. The fund pursues control and majority buyout transactions in profitable or near-profitable edtech companies whose products accelerate learning outcomes for students and reduce administrative burden for educators and institutions. Target businesses include learning management platforms, instructional content delivery tools, assessment and credentialing software, student information systems, and workforce development solutions. The fund's investment thesis is anchored in the structural tailwinds of the US K-12 ESSER funding cycle, persistent digital transformation mandates across higher education, and growing corporate demand for upskilling and reskilling platforms. Check sizes and target enterprise values are consistent with the lower middle market, giving the fund a differentiated sourcing channel in a segment where sector expertise confers meaningful informational advantages. Limited partners in the fund include Federated Hermes, one of the largest responsible investment managers in the United States, reflecting the educational mission alignment that Achieve Partners emphasizes in its capital formation narrative. The fund's initial portfolio companies at announcement included Boclips, a curated educational video content platform; MasteryPrep, a test preparation and college-readiness coaching business; and Elentra, a healthcare education software company. Achieve Partners works as an operationally engaged sponsor, providing portfolio companies with go-to-market support, product strategy, and partnerships across the K-12 and higher education procurement channels.

Adams Street European Venture Fund 2023 is the debut dedicated European venture vehicle managed by Adams Street Partners, one of the world's preeminent private markets asset managers with over $62 billion in assets under management and more than 50 years of private markets experience. Launched with a 2023 vintage, the fund reached final close in May 2025, securing more than EUR 270 million in capital commitments from a broad institutional investor base — including public pension plans, corporate and Taft-Hartley plans, insurance companies, and endowments — significantly oversubscribing its original fundraising target. This is the firm's first commingled fund dedicated exclusively to European venture capital, built on a 25-year foundation of investing across the region through Adams Street's global fund programs. The fund pursues a disciplined fund-of-funds strategy, allocating approximately 70% of committed capital to primary investments in a curated selection of 10 to 20 established and emerging European venture capital managers, with the remaining 30% reserved for secondary transactions and direct co-investments into venture-backed companies. This hybrid structure provides diversified exposure across the European startup ecosystem while preserving flexibility to concentrate capital behind high-conviction breakout opportunities at the company level. The fund is expected to build indirect exposure to approximately 400 early-stage companies over a two-to-three year deployment horizon, with concentrated sectoral emphasis on technology and healthcare innovation across the United Kingdom and continental Europe. Adams Street Partners brings a deep and verified track record in European venture, having invested in more than 50 European VC funds and deployed nearly $2 billion in the region since 2000, backing managers including Index Ventures, Accel, Balderton Capital, and a range of spinout funds from top-tier firms. Partner Ross Morrison, who leads the European venture strategy, holds advisory board positions at Index Ventures, Highland Capital, Keensight, Livingbridge, and Vitruvian. The fund's institutional credibility was underscored by a commitment of up to EUR 60 million from British Business Investments, a subsidiary of the British Business Bank, made through its Managed Funds Programme.

Adams Street Venture Innovation Fund IV Program is a $1.2 billion-plus global venture capital program that reached final close in October 2024, managed by Adams Street Partners, the Chicago-based 100% employee-owned alternatives firm managing over $60 billion in assets under management. The program comprises three constituent Delaware limited partnerships: Venture Innovation Fund IV LP, Leaders Fund II LP, and Adams Street Venture Select Fund 2023. The program was oversubscribed, closed above its fundraising target, and is more than 40% larger than the predecessor Venture Innovation Fund III program, reflecting strong institutional demand across three continents. The program deploys capital across three complementary approaches: primary commitments to top-tier venture capital fund managers globally, secondary purchases of existing VC fund interests, and direct co-investments into high-growth, venture-backed portfolio companies. The blended strategy is designed to maximize exposure to the global innovation economy, with Adams Street identifying artificial intelligence as a key secular driver alongside sectors such as enterprise software, healthcare technology, and fintech. The multi-manager architecture provides diversification across stage, geography, and manager strategy while leveraging Adams Street's multi-decade GP relationships—the firm has invested in venture capital since the 1970s. Adams Street's venture platform draws on relationships with more than 250 general partners worldwide and has generated a track record across four successive program vintages, each materially larger than its predecessor. Limited partner support for VIF IV spanned institutional investors, foundations, family offices, and wealth platforms from three continents. In parallel with the global VIF IV Program, Adams Street closed a dedicated €270 million European Venture Fund in May 2025, demonstrating the firm's commitment to regional VC ecosystems as a complement to its broader global program.

Adelis Equity Partners Fund IV AB is the fourth flagship fund of Adelis Equity Partners, a Stockholm-headquartered private equity firm founded in 2012. The fund achieved a final close of EUR 1.616 billion in March 2025—well above its target and significantly oversubscribed—drawing EUR 1.5 billion from external institutional investors alongside EUR 116 million from Adelis employees, who collectively serve as the fund's largest single investor at a 7.7% stake. Park Hill Group acted as placement agent. Fund IV pursues growth-oriented buyout investments in mid-market companies across the Nordic region (Sweden, Denmark, Norway, Finland) and the DACH area (Germany, Austria, Switzerland), targeting businesses with revenues of EUR 10–300 million. Adelis concentrates on three sectors—Business Services, Tech & Software, and Healthcare & Life Sciences—partnering with founders and management teams to accelerate growth through organic expansion, industry consolidation, and add-on acquisitions. Fund IV succeeds the EUR 932 million Fund III, reflecting steady fund-size growth since the firm's debut in 2013. Since inception, Adelis has raised EUR 4.25 billion across four flagship funds and two continuation vehicles, completing 45 platform investments and more than 260 add-on acquisitions with 22 full exits and average annual portfolio revenue growth of 34%. Fund IV drew commitments from leading pension funds, foundations, and funds of funds in Europe and North America, with 75% of external capital from returning Fund III investors who increased their average commitment by approximately 30%.

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.

Air Street Capital II is a $121 million AI-native venture capital fund managed by Air Street Capital, the London-based firm founded by Nathan Benaich. The fund closed on 6 September 2023 and represents the firm's second vehicle, more than tripling the $17 million raised for Fund I in 2020. Fund II backs AI-first companies at the earliest stages across North America and Europe, with a particular emphasis on foundational AI research translating into commercial products in technology and life sciences. Notable angel investors who supported the fund include Spotify co-founder Daniel Ek and Google DeepMind Chief Scientist Jeff Dean, alongside operators from OpenAI, Isomorphic Labs, Hugging Face, Recursion, and Wayve. The fund's investment strategy is built around a single conviction: AI founders deserve an AI-native investor. Air Street operates with a first-cheque, lead-round model, taking concentrated positions in a small number of high-conviction companies and maintaining long holding periods to allow compounding scientific discovery to translate into durable commercial value. Sectors in scope include applied AI, drug discovery, AI data infrastructure, computer vision, and AI-enabled healthcare and safety applications. The firm publishes the annual State of AI Report, giving its team structural insight into the frontier of AI capability and deployment. Fund II built on the track record established by Fund I, which backed portfolio companies including Allcyte (acquired by Exscientia in Nasdaq's largest-ever European biotech IPO), Valence Discovery (acquired by Recursion Pharmaceuticals to form Valence Labs), Intenseye and V7. With Fund II, Air Street expanded its investment universe to include AI unicorns such as Black Forest Labs and ElevenLabs, while generating further exits including Adept (acquired by Amazon) and Graphcore (acquired by SoftBank). Air Street Capital II was followed by the firm's record-breaking $232 million Fund III closed in March 2026, cementing Air Street as one of the largest solo GP venture firms in Europe.

Altimeter Growth Partners Fund VII is the latest venture capital vehicle from Altimeter Capital Management, targeting investments in the technology, media, and telecommunications (TMT) sector within the United States. With a first close of $552.68 million in July 2024, the fund continues Altimeter's strategy of backing high-growth tech companies. The fund seeks to invest in early to growth-stage companies that demonstrate strong potential in their respective markets. Altimeter's investment approach focuses on identifying innovative businesses with scalable models and significant market opportunities. Altimeter Capital Management, founded by Brad Gerstner, has a history of successful investments in technology companies, leveraging its expertise to support portfolio companies through various stages of growth.

Alumni Ventures Basecamp Fund is a seed-stage and pre-seed venture capital vehicle managed by Alumni Ventures Group, one of the most active early-stage venture capital firms in the United States by deal volume. Alumni Ventures operates a network-driven co-investing model that provides accredited individual investors with access to a highly diversified portfolio of early-stage technology companies sourced through partnerships with top-tier specialist seed investors, accelerators, and university alumni networks. The Basecamp Fund is one of several thematic sub-funds within the Alumni Ventures platform, designed to offer exposure to a broad cross-section of the US seed-stage startup ecosystem without sector concentration risk. The fund pursues a co-investing strategy, participating alongside established seed specialist investors and institutional VCs rather than leading rounds independently. Each Basecamp investment cycle targets approximately 100 seed and pre-seed deals sourced across Alumni Ventures' primary deal hubs in San Francisco, New York City, and Chicago over a 12-to-15-month deployment period. The fund reserves approximately 25% of investible capital for follow-on investments in its highest-conviction portfolio companies, preserving pro-rata rights in the most promising startups through subsequent financing rounds. The diversified co-investing approach captures broad exposure to the US early-stage venture ecosystem while managing the binary outcome risk inherent in seed-stage investing through portfolio breadth. Alumni Ventures Group has established itself as one of the most prolific seed-stage co-investors in the US, with a total community of over 500,000 members and subscribers contributing to deal flow and portfolio value creation. The Basecamp Fund closed to new investors on December 31, 2020, with capital deployed throughout 2021 across its target portfolio of approximately 100 companies. The Alumni Ventures platform has supported hundreds of startups across enterprise software, fintech, life sciences, and consumer technology sectors, with multiple portfolio companies from prior fund vintages graduating to institutional Series A and B rounds led by top-tier venture capital firms including Andreessen Horowitz, Sequoia Capital, and General Catalyst. Alumni Ventures manages capital across 30+ sub-funds and direct investment vehicles totaling over USD 1 billion in assets under management platform-wide.

Angeles Ventures Fund I is an early-stage venture capital fund managed by Angeles Investors, a Chicago, Illinois-based investment platform founded to leverage the power of the Latino growth demographic to discover, fund, and scale technology-enabled startups led by Hispanic and Latinx founders in the United States. Launched in October 2023, the fund targets 20 to 30 seed-stage B2B and B2C technology companies, with check sizes ranging from USD 100,000 to USD 1 million or above. The fund's investment thesis is built on the structural opportunity represented by the US Latino community — the fastest-growing demographic in the US economy — and the persistent underfunding of Hispanic and Latinx-led ventures by institutional capital. Angeles Investors draws on a network of over 260 angel investors with more than 23 prior investments to source, diligence, and support founders. The fund invests alongside co-investors including Goodwater, Chingona, Launch (Jason Calacanis), Hyde Park Ventures, and Listen Ventures, providing portfolio companies with both capital and an extensive network of operators and advisors across technology and consumer sectors. As of May 2024, Angeles Ventures Fund I had closed an equity investment from Bank of America and deployed capital across multiple portfolio companies including Storybook, Linker Finance, Certiverse, and Sigo Seguros. The fund's general partners, Adela Cepeda and David Olivencia, bring decades of combined experience in finance, venture, and community development. Through the Angeles Investors angel network and its institutional fund structure, Angeles Ventures aims to become the defining early-stage capital platform for Hispanic and Latinx entrepreneurship in the United States, targeting sectors including enterprise SaaS, fintech, insurtech, and tech-enabled services.

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 Digital Fund I is a $1.1 billion growth equity fund launched by Apax Digital, the dedicated digital growth investment arm of Apax Partners, one of the world's leading global private equity firms. Established with a 2017 vintage, the fund represents Apax's strategic commitment to investing in high-growth technology and digital companies transforming industries across the United States and Europe. The fund pursues growth equity investments in mid-to-large-scale technology businesses at the intersection of software, data, and services, targeting companies with proven business models scaling rapidly. Apax Digital's investment approach combines the firm's decades of operational expertise in technology investing with a dedicated team of digital specialists focused on identifying disruptive businesses in high-growth digital subsectors. The fund targets companies where Apax's sector expertise, global network, and operational resources can meaningfully accelerate growth, with equity checks consistent with Apax Partners' broader growth buyout strategy, partnering with founders and management teams to support geographic expansion, product development, and strategic acquisitions. Apax Digital Fund I closed at approximately $1.1 billion, serving as the foundation of the Apax Digital strategy and demonstrating strong LP demand for a dedicated digital growth equity vehicle within the Apax platform. Building on its success, Apax Partners subsequently launched Apax Digital Fund II, which closed at approximately $2 billion in 2023, reflecting continued LP support for the strategy. Apax Partners manages approximately EUR 70 billion in total assets under management, having raised approximately $80 billion in aggregate since inception across its global fund family.

Apax Digital Fund is the growth equity investment strategy of Apax Partners, one of the world's leading global private equity firms. Established in 2017 with the inaugural Apax Digital Fund raising USD 1.113 billion, the strategy targets minority and majority growth equity and growth buyout investments in high-growth enterprise technology and internet companies globally. A second vintage, Apax Digital Fund II, closed in 2023 at USD 1.957 billion, nearly doubling the capital raised under the digital franchise and affirming consistent institutional demand for the strategy. The Apax Digital investment approach focuses on enterprise software, internet, and technology-enabled services companies at the intersection of growth equity and growth buyout, with individual investments typically ranging from USD 30 million to USD 150 million. The strategy invests across the United States, Europe, and Israel, targeting businesses with strong recurring revenue profiles, proven product-market fit, and the potential to scale globally with the support of the Apax platform. Core sectors include enterprise SaaS, software B2B, and tech-enabled business services. Portfolio companies have included atHome Group, Petvisor, and Magaya, among others. The strategy is managed by the Apax Digital Growth team, a specialist investment unit within Apax Partners. The broader Apax Partners platform, founded in 1972 and headquartered in London, has raised and advised approximately USD 80 billion in aggregate funds as of 2024, investing across technology, healthcare, internet and consumer, and services sectors globally. Apax Digital Funds benefits from this institutional infrastructure, including the firm's sector expertise, global portfolio networks, and decades of experience scaling technology businesses from growth stage to market leadership.

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

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

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

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

Arcline Capital Partners IV is the fourth flagship vehicle raised by Arcline Investment Management, closing at $6 billion in October 2025 after a rapid sub-10-month fundraising cycle. The fund significantly exceeded its initial $5 billion target, reflecting strong institutional demand for Arcline’s consistent, industrial-focused investment strategy. Legal counsel for the fundraise was provided by Kirkland & Ellis. The vehicle maintains Arcline’s emphasis on technology-led industrial platforms, with investments targeted across a diverse set of sectors including defense, aerospace, industrial technology, life sciences, energy transition, and specialty materials. These industries align with the firm's long-standing belief in secular tailwinds and thematic value creation. Fund IV focuses on acquiring or partnering with middle-market companies in North America, particularly those with enterprise values of up to $3 billion and annual revenues up to $1 billion. Arcline’s hands-on, operationally intensive approach is designed to accelerate growth through digital enablement, carve-out execution, and management team collaboration. The fund is positioned to benefit from long-term macroeconomic and geopolitical trends such as supply chain reshoring, defense modernization, and industrial decarbonization. Arcline seeks to leverage these dynamics through platform consolidation, carve-outs from larger corporations, and investment in companies where technology transformation is a value lever.

The Armilar IV fund is positioned to back exceptional deep‑technology founders across the Iberian Peninsula, with a specific interest in companies that fuse advanced science and enterprise‑grade software. With a first close of around €120 million and an ultimate target near €240 million by late 2026, Armilar IV offers meaningful capital to support follow‑on growth and scale financing. It builds on the longstanding track record of Armilar Venture Partners—who have supported companies like OutSystems and Feedzai—from regional innovators to global platforms. The investment thesis of Armilar IV centres on B2B enterprises with robust technical moats, demonstrable product‑market fit, and the capacity to expand internationally from Spain and Portugal. The fund plans to make approximately 20 investments over its lifetime, combining cheque writing with active operational support and board participation to accelerate commercial traction. The targeting sectors span AI, cybersecurity, healthtech and spacetech—areas where scientific research meets software innovation. The fund believes that Iberia’s deep‑tech ecosystem is at an inflection point, and that institutional‑scale capital like this can bridge the gap between early research and global commercial deployment. By focusing on companies at the junction of science and software, Armilar IV seeks to partner with technical founding teams that are under‑leveraged in large European growth rounds, providing the scale and guidance needed to lead expansion rounds and become internationally competitive.

Armira Growth Fund I is the inaugural growth equity fund of Armira Growth, the venture and growth investment arm of the Armira holding group, headquartered in Munich, Germany. The fund reached its hard cap of EUR 200 million at final close in May 2024, backed by a founding investor base of entrepreneurial families, established mid-market holding companies, and portfolio companies from the broader Armira group including Osapiens, Wemolo, Workwise, and Yoummday. The Armira group manages over EUR 3 billion in total equity across its Mittelstand and growth-stage investment portfolio. Fund I targets minority stake investments in European growth-stage technology and tech-enabled companies, with a primary focus on the DACH region (Germany, Austria, Switzerland) and selective opportunities in Northern Italy. Investment tickets range from EUR 10 million to EUR 50 million per company, with a concentrated portfolio model designed to enable active operational support. The fund targets B2B SaaS platforms, digital infrastructure companies, marketplace businesses, and technology-enabled services that have demonstrated proven revenue models and strong management teams. Armira Growth provides portfolio companies with access to a proprietary network of over 100 entrepreneurs and entrepreneurial families with deep roots in the German Mittelstand. Fund I achieved a final close at its EUR 200 million hard cap in May 2024. The investor base combined entrepreneurial families with existing Armira portfolio companies and selective institutional investors, positioning the fund at the intersection of family capital and institutional growth equity. The broader Armira holding group has executed over EUR 3 billion in equity transactions across more than 30 years of investing in European mid-market and growth-stage businesses, providing Armira Growth with an established operational platform and proprietary deal flow network.

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.

Atempo Growth II is the second flagship credit fund of Atempo Growth, a leading European venture debt manager established in 2020 by co-founders Luca Colciago, Jack Diamond, and Matteo Avramov Giulivi. The firm has built one of Europe's most active venture lending platforms, financing over 100 high-growth technology companies across the continent over the combined careers of its leadership team, who bring more than two decades of experience deploying non-dilutive capital to technology businesses. The fund deploys venture debt capital to European technology companies at early and growth stages that already carry backing from institutional venture capital investors. By providing loans rather than equity, Atempo Growth II allows founders to extend their runways, fund product development and international expansion, and reduce dilution — complementing rather than competing with equity investors. The fund's flexible mandate accommodates a range of debt structures tailored to each borrower's stage and capital requirements, targeting high-growth technology businesses across software, fintech, healthcare technology, and other innovation-driven verticals with strong venture backing. Structured as a Luxembourg SICAV-RAIF, the fund offers institutional investors access to a diversified European venture debt portfolio. Atempo Growth II reached a first close at EUR 300 million in April 2025, anchored by repeat investors Banco Santander — which holds a 30% strategic stake in the platform and committed up to EUR 160 million — alongside the European Investment Fund and British Business Investments. The first closing brought the platform's total assets under management above EUR 700 million. A final close of EUR 400 to EUR 500 million is targeted for Q1 2026. Atempo Growth I, the predecessor fund launched in 2022 with EUR 272 million, achieved full deployment within three years, demonstrating the depth of European demand for venture debt financing.

Atomico Growth VI is the first dedicated growth-stage vehicle from Atomico, the London-based venture capital firm founded by Skype co-founder Niklas Zennström. The fund closed in September 2024 at $754 million, forming part of Atomico's largest-ever fundraise of $1.24 billion alongside its early-stage Venture VI fund. Growth VI marks a significant strategic evolution for the firm, establishing a dedicated capital pool to support portfolio companies through their later expansion phases from Series B rounds through to pre-IPO stages, without conflating early-stage and growth check sizes within the same vehicle. The fund targets European technology companies with proven product-market fit and accelerating revenue growth, providing follow-on financing as companies scale across international markets. Investment focus spans artificial intelligence, software infrastructure, climate technology, and digital health, reflecting the sectors where European startups have demonstrated global competitive advantages. Atomico Growth VI participates in Series B through late-stage rounds, with the flexibility to lead or join syndicates alongside other growth equity specialists and crossover funds as companies approach public market readiness. The fund had deployed capital across more than 20 investments at the time of close, reflecting Atomico's proactive approach to putting capital to work ahead of the final close. British Patient Capital, the commercial investment arm of British Business Bank, committed £30 million to Growth VI as part of a £60 million total commitment across both Atomico funds. The British Business Bank's participation underscores the fund's focus on European founders building companies with global ambitions, consistent with Atomico's historical backing of companies including Klarna, Lilium, and Supercell in earlier fund vintages.

Atomico Venture VI SCSp is an early-stage venture capital fund managed by Atomico, one of Europe's most established technology-focused venture capital firms. The fund reached final close in September 2024 with $485 million in limited partner commitments, forming part of a record $1.24 billion dual-fund raise conducted in parallel with Atomico Growth VI ($754 million). Domiciled in Luxembourg as a Societe en Commandite Speciale (SCSp), the fund is managed by the firm founded in 2006 by Niklas Zennstrom — co-founder of Skype — headquartered in London with additional offices in Paris, Berlin, and Stockholm. Atomico Venture VI pursues a concentrated early-stage strategy, deploying capital predominantly at Series A with selective engagement at the Seed stage. The fund invests exclusively within the European technology ecosystem across 15 countries, backing founders with the ambition to build global technology category leaders. The investment mandate is sector-agnostic within technology, spanning software, artificial intelligence, fintech, deep tech, industrial automation, and internet infrastructure. Early portfolio companies include Neko Health (Stockholm), Ben and Dexory (London), Deeploi (Berlin), Strise (Oslo), and Lakera (Zurich). Venture VI operates alongside its companion Atomico Growth VI, together providing coverage of the full European technology growth curve from Series A through pre-IPO. Atomico brings one of Europe's strongest venture track records to this sixth fund generation, having invested in more than 155 technology companies and achieving a unicorn conversion rate of approximately one in six — producing 31 unicorns to date. Landmark exits include Supercell (majority stake sold to SoftBank at a $3 billion valuation), The Climate Corporation (acquired by Monsanto for $1.1 billion), Klarna, and Rovio (Helsinki Stock Exchange IPO). Known limited partners in Atomico Venture VI include Japan Investment Corporation (JIC, $20M) and Swedish pension fund AP Fonden 3. The $1.24 billion dual-fund raise represented Atomico's largest fundraising effort in its 18-year history.

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.

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

Axcel Elevate I is the inaugural lower mid-market private equity fund raised by Axcel, a Copenhagen-based investment firm that has been one of the leading private equity houses in the Nordic region since its founding in 1994. The fund closed in November 2025 at its EUR 459 million hard cap following strong investor demand, with the majority of commitments from existing Axcel investors and additional participation from leading Nordic and international investors including pension funds, funds of funds, foundations, and family offices. The fund was launched in the summer of 2025 and reached its hard cap after an efficient fundraising process. Axcel Elevate I represents a strategic expansion of Axcel's investment platform into the lower end of the Nordic mid-market, targeting businesses that are too small for Axcel's traditional mid-market funds but that nonetheless possess strong growth fundamentals, differentiated market positions, and experienced management teams. The fund focuses primarily on companies in the technology, business services, and healthcare sectors across Denmark, Sweden, Norway, and Finland. Axcel's managing partner Schmidt-Jacobsen leads the Elevate strategy, joined by Swedish partner Johan Lundén in Spring 2026, who brings fifteen years of private equity experience and is based in Stockholm. The first investment from Axcel Elevate I was made in KapitalKontroll, a lower mid-market company in the Nordic technology, business services, and healthcare space. By establishing a dedicated vehicle for the lower mid-market, Axcel creates a deeper regional presence and a natural progression in which smaller portfolio companies can be supported through growth phases and, over time, may graduate to Axcel's larger mid-market fund for continued development. Axcel Elevate I operates alongside Axcel's established mid-market series, forming a complementary two-tier Nordic private equity platform with coverage across the full lower and mid-market segments of the Nordic region.

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

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

Axeleo Capital 2 (AXC2) is the second early-stage venture capital fund managed by Axeleo Capital, an independent French venture capital firm founded in Lyon and specializing in B2B software and enterprise technology. AXC2 succeeds Axeleo Capital 1 (AXC1), the firm's inaugural fund, and continues Axeleo's core thesis of backing next-generation enterprise technology founders from seed stage through Series B, providing both capital and operational support to scale companies internationally. The fund focuses exclusively on B2B technology, investing in startups developing solutions in cybersecurity, enterprise SaaS, B2B fintech, artificial intelligence, blockchain-enabled applications, and advanced data platforms. Axeleo Capital's investment thesis centers on identifying early-stage founders with deep technical expertise building enterprise-grade products capable of capturing durable positions in large B2B software markets. AXC2 targets approximately 30 portfolio companies with initial tickets of up to EUR 5 million per investment, with reserved capital for follow-on participation through Series A and Series B rounds. The fund allocates approximately 70% of capital to French startups and 30% to broader European companies, positioning Axeleo as a leading firm in the Lyon and French enterprise tech ecosystem. AXC2 held a first close of EUR 50 million in September 2022, supported by more than 150 investors including Fonds National d'Amorçage 2 managed by Bpifrance. The fund achieved its final close of EUR 73 million in December 2023, with new institutional investors including Tikehau Capital, leading family offices, and founders from French unicorn companies joining over 95% returning investors from the predecessor AXC1 fund, demonstrating strong LP conviction in Axeleo Capital's early-stage B2B platform.

Axeleo Capital AXC2 is the second early-stage B2B technology venture fund of Axeleo Capital (AXC), a Lyon-based venture capital firm specializing in pre-seed to Series A investments in enterprise software and B2B technology startups. The fund held its final close in December 2023 at €73 million, exceeding its initial interim target and building on the success of AXC1, Axeleo's debut fund. Axeleo Capital focuses on the next generation of B2B startups in artificial intelligence, data and analytics, cybersecurity, blockchain, and financial technology, with an investment remit spanning France and Western Europe. The fund makes initial investments of between €0.2 million and €2 million at pre-seed or seed stage, with capacity to follow on through Series A and beyond. By its final close, AXC2 had already backed 14 portfolio companies and recorded its first successful exit, demonstrating portfolio velocity consistent with early-stage conviction investing. The fund was structured with the support of more than 150 investors, with over 95% of Axeleo's historical LP base renewing their commitment — a strong validation of the team's track record and investment thesis. Anchor institutional support came from the Fonds National d'Amorçage 2, managed by Bpifrance on behalf of the French government as part of the France 2030 innovation initiative. Axeleo Capital, co-founded by Xavier Milin and the original Axeleo team, operates at the intersection of deep B2B sector knowledge and early-stage startup ecosystem development in the French tech corridor.

B Capital Opportunities Fund II is the second late-stage growth vehicle of B Capital Group, a global technology-focused private equity and venture firm co-founded by Howard Morgan and Raj Ganguly with strategic backing from Boston Consulting Group (BCG). The fund closed in March 2024 at $750 million, nearly doubling the size of its predecessor B Capital Opportunities Fund I, and was anchored by private and public pension funds, family offices, high-net-worth individuals, and sovereign wealth funds. B Capital Opportunities Fund II makes primary and secondary investments in later-stage technology, healthcare, and climate tech companies, with a geographic focus on North America and Asia. The fund's core strategy is to identify follow-on investment opportunities in high-performing existing B Capital portfolio companies that have demonstrated product-market fit and are scaling toward profitability — allowing investors to access proven operators at a stage of reduced binary risk. A portion of the vehicle is allocated to new investments where B Capital's value-added capabilities, including its strategic partnership with BCG's global consulting network, can materially accelerate value creation. B Capital brings a distinctive model to growth investing: the firm's partnerships with BCG and other corporate partners give portfolio companies access to top-tier advisory resources, C-suite networks, and enterprise customer introductions that independent sponsors cannot replicate. Representative portfolio exposure includes a secondary investment in Icertis, a leading contract intelligence software platform. With offices in San Francisco, New York, Los Angeles, Singapore, and London, B Capital operates as a globally integrated growth equity platform bridging technology ecosystems in Silicon Valley, Southeast Asia, and India.

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.

BDC Capital's Deep Tech Venture Fund is a dedicated venture capital fund established in 2021 by BDC Capital, the venture and growth capital arm of the Business Development Bank of Canada (BDC), Canada's federal development finance institution. The fund was designed to address a persistent financing gap in Canada's deep technology sector, providing capital to Canadian startups commercializing transformational technologies requiring longer development cycles and specialized expertise to reach commercial scale. The fund targeted investments across four foundational technology areas: quantum computing, advanced electronics and photonics, next-generation semiconductor applications, and foundational artificial intelligence systems. With a mandate to invest in 15 to 20 companies over at least 12 years, the fund committed CAD 200 million to build Canada's deep tech commercialization pipeline, focusing on companies at the intersection of scientific research and commercial viability, often bridging the gap between university spin-outs and Series A institutional venture rounds. The fund made 12 investments before BDC's broader portfolio review led to a strategic restructuring of its venture capital activities following a CAD 220 million write-down in the value of BDC Capital's VC portfolios in fiscal year 2024 (ending March 31, 2024). BDC subsequently wound down the Deep Tech Venture Fund after approximately four years, shifting focus to a defence-technology successor mandate. The fund achieved Closed status as BDC redirected resources toward next-generation technology investment programs, having demonstrated early commercialization potential in several portfolio companies operating in quantum, photonics, and AI infrastructure.

BITKRAFT Ventures Fund III is the third flagship venture fund from BITKRAFT Ventures, the leading specialist investor in gaming, interactive entertainment, and digital sports. The fund closed in April 2024 at $275 million, bringing BITKRAFT's total assets under management to over $1 billion across six specialized vehicles. The raise was completed against a backdrop of broader gaming industry headwinds, reflecting limited partners' confidence in BITKRAFT's focused investment thesis and the firm's track record of backing companies at the intersection of games, technology, and culture. Fund III continues BITKRAFT's strategy of investing at the seed and Series A stages in studios, platforms, and enabling technology companies across global interactive media markets. The fund targets founders building next-generation games and game engines, esports and competitive gaming platforms, user-generated content and creator tools, spatial computing and mixed-reality experiences, and AI-native content creation infrastructure for the gaming sector. BITKRAFT brings operational expertise alongside capital, with a team that includes veteran game developers, platform operators, and media executives who provide hands-on support to portfolio companies navigating the complex gaming value chain. At the time of its close, BITKRAFT had made more than 15 new investments in the prior 12 months, demonstrating the firm's active deployment pace and broad deal origination network. Fund III investors include a diversified mix of institutional limited partners, gaming-native strategics, and family offices with media and entertainment exposure. The fund's closing brought BITKRAFT's cumulative gaming-focused capital to over $1 billion, cementing the firm's position as one of the largest dedicated gaming venture investors globally alongside firms such as Griffin Gaming Partners and Andreessen Horowitz's gaming-focused initiatives.

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.

BR AVC Growth Fund is a growth-stage venture capital fund managed by Ballast Rock Group in partnership with the Acronym Venture Capital (AVC) team, providing institutional and accredited investors with access to diversified growth equity investments in later-stage private technology companies. The fund leverages Ballast Rock's integrated investment management platform with AVC's proprietary deal origination network to invest in companies at the Series B stage and beyond that have demonstrated strong revenue fundamentals and are approaching a clear path to profitability or strategic exit. Ballast Rock Group was founded to bring institutional-quality investment management to a broader investor base across multiple asset classes. The fund deploys capital into a concentrated portfolio of well-run private technology companies with significant revenue run-rates, strong domain knowledge, capital-efficient business models, and substantial cash runway. The investment thesis targets companies with a definable path to potential profitability within two to three years through organic growth or strategic merger and acquisition activity. BR AVC Growth Fund employs a Preferred Multiple on Invested Capital (MOIC) fee structure that eliminates performance fees below a preferred MOIC threshold, directly aligning manager and investor incentives at a stage where capital efficiency is paramount. The target fund size of 20 million US dollars is intentionally compact, providing concentrated exposure to a small number of high-conviction growth-stage investments in the U.S. technology sector. BR AVC Growth Fund completed its first close at 11 million US dollars in April 2023, subsequently deploying into seven portfolio company investments by mid-2024, with an eighth investment in progress. The fund represents Ballast Rock Group's strategy to integrate institutional investment infrastructure with specialist venture capital deal origination, bridging the gap between large institutional growth equity vehicles and smaller, operator-led angel networks. AVC's access to later-stage growth rounds through its network provides investors with a differentiated pipeline in a market segment historically dominated by multi-billion dollar growth equity platforms.

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

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

Bain Capital Tech Opportunities Fund II is the second dedicated technology growth equity vehicle of Bain Capital, managed through its specialised Bain Capital Tech Opportunities strategy. The fund completed its final close in January 2023 at $2.4 billion in total commitments, substantially exceeding its $1.5 billion target and nearly doubling the capital raised by the predecessor fund, which closed at $1.3 billion in 2020. Legal counsel was provided by Ropes & Gray, which represented Bain Capital on the fund close alongside two additional Bain Capital fund closings totaling more than $3 billion in the same quarter. Fund II invests in high-growth technology companies across software-intensive verticals with clear recurring revenue characteristics and strong competitive positioning. Target sectors include infrastructure and security software, healthcare information technology, financial technology and payments, and vertical enterprise applications. The fund deploys $75 million to $250 million of equity per transaction, with an average check size in the $150 million range—consistent with its role as a growth-stage or pre-IPO capital provider rather than a leveraged buyout vehicle. Bain Capital Tech Opportunities brings deep expertise in operational value creation, technology-sector diligence, and board-level partnership to minority and control-oriented growth investments where proprietary insight translates to differentiated returns. The predecessor Bain Capital Tech Opportunities Fund I closed at $1.3 billion in 2020 and demonstrated the strategy's ability to generate outsized returns in enterprise software growth equity. Fund II's scale—at nearly double the predecessor—reflects strong institutional investor demand and validates the team's track record in identifying proven enterprise software businesses with high recurring revenue, significant addressable markets, and durable competitive moats well before their ultimate public market or strategic exit outcomes.

Baird Capital Venture Partners VI is a $218 million venture capital fund managed by Baird Capital, the private equity investment arm of Robert W. Baird & Co. Holding a final close on December 18, 2023, it represents the sixth and largest venture fund in Baird Capital's history and continues a two-decade-plus heritage of mid-stage venture investing focused on B2B technology companies in the United States. The fund focuses on mid-stage B2B technology and services companies, making initial equity investments of $10 million to $20 million over the lifecycle of each relationship, with significant follow-on capacity for supporting portfolio companies through Series C, D, and beyond. Baird Capital Venture Partners VI targets companies led by experienced and visionary management teams, with capital-efficient business models and differentiated products or services that address large, growing market opportunities. The fund is particularly active in enterprise software verticals including data privacy management, predictive analytics, capacity planning software, and SaaS operations management. Led by four investment partners with over 70 combined years of experience, the fund had already deployed $34.5 million across three portfolio companies at the time of close: Osano (data privacy compliance software), Parallax (forecasting and capacity planning for professional services firms), and Zylo (SaaS management platform). Baird Capital's investor base includes Baird itself as a meaningful co-investor alongside third-party institutional investors, high-net-worth clients, and qualified Baird associates, reflecting the firm's strong alignment with portfolio company outcomes and long-term performance.

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

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.

Bessemer Venture Partners BVP Forge II is the second fund managed by BVP Forge, the growth equity arm of Bessemer Venture Partners, one of the world's oldest and most storied venture capital firms managing $19 billion across its platform. BVP Forge II closed at $1 billion in November 2025, oversubscribed and completed in just four months, bringing total BVP Forge assets under management to $2.3 billion. The fundraise represents a significant step-up from the firm's inaugural $780 million Fund I, which backed nine portfolio companies, and attracted strong institutional LP demand including a $75 million commitment from the New Mexico State Investment Council. The fund targets self-sustaining technology and services companies with double-digit growth trajectories, deploying equity investments of $30 million to $250 million per company and targeting enterprise values between $50 million and $500 million. BVP Forge focuses on growth buyout and significant minority investments in sectors including enterprise software, artificial intelligence, tech-enabled services, and managed services, where durable revenue models and sticky customer bases create platforms for multiple expansion and operational value creation. The strategy is differentiated by deep integration with the broader Bessemer Venture Partners platform, giving portfolio companies access to the firm's extensive network across venture and growth investing. BVP Forge's geographic mandate spans North America, Europe, Australia, and New Zealand, positioning the fund to access software and AI-native businesses across mature but fragmented markets. Portfolio companies benefit from Bessemer's operational teams specialising in recruiting, go-to-market strategy, and AI capability building — resources typically unavailable at independent growth equity firms. The fund's investment thesis is anchored in the conviction that mission-critical software and AI platforms serving enterprise customers represent the most durable value creation opportunity in technology at the growth stage, with the Bessemer platform providing significant sourcing and due diligence advantages.

BGV II is Bethnal Green Ventures' second flagship impact technology fund, established to back one hundred early-stage technology startups addressing significant social and environmental challenges. Bethnal Green Ventures (BGV), founded in London and widely credited with pioneering the 'tech for good' movement in European venture capital, launched BGV II in 2024 with a fundraising target of £50 million, completing its first close at £33 million. Notable anchor investors in the first close include the British Business Bank, M&G Catalyst, and Big Society Capital, reflecting strong institutional conviction in impact-first early-stage technology investing. BGV II deploys capital across early-stage technology companies through the firm's signature Tech for Good Programme, providing pre-seed and seed funding typically coupled with intensive mentorship and a structured cohort-based programme. BGV's portfolio companies operate across sectors including mental health technology, education technology, climate technology, accessibility tools, and digital public services, with a shared commitment to technology that creates measurable positive societal or environmental outcomes. The fund commits to investing at least half its capital in ventures with at least one female founder, reinforcing BGV's commitment to diversity as a core investment criterion rather than an afterthought. As of late 2025, BGV II had made 17 investments including Silence Speaks and other UK-based tech-for-good companies. The fund builds on BGV's decade-long legacy as a seed-stage impact investor, during which it has supported hundreds of companies and established one of Europe's most distinctive founder communities centred on positive societal impact. BGV II positions itself as the institutional benchmark for mission-driven seed investing in the United Kingdom.

Bewater II FCRE is a €40 million Spanish venture capital fund managed by Bewater Funds, an independent asset manager headquartered in Madrid and co-founded by François Derbaix, Unai Ansejo, and Ramón Blanco. Bewater Funds pioneered liquidity-first venture capital in Spain, targeting established technology companies with proven business models rather than early-stage startups. Launched in December 2022, Bewater II FCRE is the second vehicle in the Bewater Funds family and is authorised and supervised by Spain's CNMV as a Fondo de Capital Riesgo (FCR). The fund raised its capital from a combination of institutional investors, family offices, and high-net-worth individuals, with minimum LP tickets set at €100,000 to ensure sophisticated, illiquidity-aware investor participation. The fund applies a rigorous financial eligibility screen that distinguishes it sharply from conventional venture capital. Target companies must: (1) generate minimum annual recurring revenues of €500,000; (2) grow revenues by more than 30% per year; (3) carry a valuation below ten times trailing annual sales; and (4) command an overall valuation above €3 million. This combination of revenue velocity, profitability orientation, and valuation discipline targets the underserved segment of Spanish technology businesses that have crossed product-market fit but remain too small for growth equity and too profitable to attract traditional VC. The investment committee is composed of the three Bewater founders plus well-known Spanish angel investors José and Luis Martín Cabiedes — all five contribute €2.75 million of their own capital alongside LP funds, aligning incentives throughout the fund's lifecycle. Bewater II FCRE builds on the performance record established by Bewater Funds' first vehicle, which demonstrated that applying private-equity-style discipline to Spanish internet and software companies can generate attractive risk-adjusted returns with lower binary outcome risk than early-stage VC. The strategy targets SaaS, marketplace, fintech, and digital-media companies operating in Spain, with particular interest in businesses that have bootstrapped to profitability and are seeking their first institutional partner to accelerate international expansion. By offering partial liquidity to founders alongside growth capital, Bewater Funds occupies a niche in the Iberian venture landscape that mainstream VC and buyout funds do not address.

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.

BlueCrow Capital Next Tech Fund I is a Portugal-based venture capital fund managed by BlueCrow Capital, a Lisbon-headquartered asset manager specialising in technology innovation. Launched in 2020 as a closed-end vehicle with an ISIN of PTBLWJIM0013, the fund represents one of the first dedicated technology venture capital funds in Portugal to focus entirely on innovative technological solutions, with a particular emphasis on artificial intelligence, machine learning, and digital infrastructure applications. With a target raise of €100 million and a minimum subscription of €50,000, the fund is structured for professional and semi-professional investors seeking direct exposure to Portugal's emerging technology ecosystem. The fund pursues investments in growth-stage Portuguese technology companies exhibiting differentiated solutions with a global outlook and clear international scalability. Its investment thesis centres on five key verticals: software and digital platforms including SaaS, cloud, and analytics; technology applied to industry and services spanning energy, construction, healthcare, and logistics; digital infrastructure and cybersecurity; artificial intelligence and machine learning; and sustainability-focused technology. The vehicle targets 18 to 22 portfolio companies with average ticket sizes between €3 million and €6 million, structured around a nine-year active investment period within a 16-year total fund life. BlueCrow Capital provides portfolio companies with capital and active management support and international expansion strategy assistance, leveraging its established network within Portugal's innovation ecosystem. Since its 2020 launch, Next Tech Fund I has been active in deploying capital into Portugal's burgeoning technology ecosystem. Among its known investments is AGENTIFAI, an artificial intelligence company backed through a Series A round in December 2021, demonstrating the fund's conviction in AI-native businesses at growth inflection points. The fund targets an expected annual return of 17%, reflecting its positioning in high-growth technology companies with global market potential. BlueCrow Capital leverages its established network within Portugal's innovation and startup ecosystem to source proprietary deal flow and support portfolio founders in their international growth ambitions.

About BlueCrow Next Tech Fund IBlueCrow Next Tech Fund I (legally: Next Tech Fund I, FCR) is a Portuguese venture capital fund managed by BlueCrow Capital (BlueCrow Sociedade de Capital de Risco SA), a Lisbon-based venture capital firm founded in 2016. The fund carries the LEI code 8945001H44WNDNR7NY59 and the ISIN PTBLWJIM0013, and is regulated by the Portuguese Securities Market Commission (CMVM) as a closed-end Fundo de Capital de Risco (FCR). Established in 2020 with a target size of €100 million, the fund has a 16-year investment horizon comprising a 9-year active investment period followed by a 7-year value-realization phase. The minimum subscription threshold of €50,000 reflects an institutional and sophisticated investor profile. BlueCrow Capital positions Next Tech Fund I as one of the first Portuguese funds focused exclusively on innovative technology companies with differentiated global growth potential.The fund invests exclusively in Portuguese technology companies that are eligible under Portugal's SIFIDE tax incentive system (Tax Incentive System for Business R&D), ensuring a focus on genuinely R&D-intensive businesses with defensible technological differentiation. Target investments span multiple technology verticals including artificial intelligence and machine learning, cloud software platforms (SaaS), cybersecurity and digital infrastructure, and technology applied to industry, healthcare, energy, construction, and logistics. The fund aims to build a diversified portfolio of 18 to 22 portfolio companies with average ticket sizes of €3 million to €6 million per investment, and an expected annual return of 17% over the investment horizon. BlueCrow Capital adds value through active portfolio management, structured internationalisation support, and deep integration into Portugal's technology and innovation ecosystem. The expected annual return of 17% targets a risk-return profile suitable for institutional limited partners committed to Southern European venture capital.Since its establishment in 2020, Next Tech Fund I has assembled a portfolio of early-stage and growth technology companies including AgentifAI (AI-native platform, Series A investment in December 2021), Paynest (HR fintech platform), KIT-AR (augmented reality for industrial environments), Bandora (digital health), Senseidata (data analytics platform), and Tonic Easy Medical (digital health). The fund reflects BlueCrow Capital's position as a pioneer of institutionalized venture capital investment in Portugal's emerging technology ecosystem, operating alongside the broader Portuguese innovation infrastructure. Note: this record (id=497) has a near-duplicate entry (id=505, slug=nexttech-fund-i) which differs only in the omission of a space in the fund name ("NextTech" vs "Next Tech") and which was created within two minutes on the same date. Record id=505 should be merged into this canonical record.

BlueFive Reef Private Equity Fund I is the debut private equity vehicle from BlueFive Capital, a newly established Abu Dhabi-based investment firm founded in November 2024 by Hazem Ben-Gacem, formerly Co-CEO of Investcorp where he led the firm for over six years and built a 30-year career. The fund raised $2 billion in just nine months from its founding — an extraordinary pace for a first-time fund — reflecting deep LP relationships built during Ben-Gacem's tenure at Investcorp, which managed over $55 billion in assets at its peak under his leadership. BlueFive Capital is registered with and regulated by the Abu Dhabi Global Market (ADGM) and manages the fund from its UAE base. BlueFive Reef Private Equity Fund I pursues a concentrated strategy focused on the Gulf Cooperation Council (GCC) region, targeting mid-market and growth-stage companies in five priority sectors: healthcare and medical services; technology and digital services; hospitality and tourism; aviation services; and industrial and manufacturing companies. The investment thesis is centered on backing GCC growth champions — established companies with strong regional market positions that can be accelerated through operational improvements, geographic expansion across Gulf markets, and selective bolt-on acquisitions. The fund targets businesses that benefit from the structural transformation of GCC economies under Vision 2030 programs and the diversification of hydrocarbon-dependent economies. The $2 billion first close was achieved without a traditional LP roadshow, relying instead on Ben-Gacem's longstanding institutional relationships and the credibility built through 30 years of Gulf-focused private equity at Investcorp. The fund is managed by FundRock Investment Management Services (ME) Ltd as the fund administrator and regulatory vehicle. With the fund now closed and deploying capital, BlueFive Capital has positioned itself as a significant new GCC-focused private equity platform with ambitions of growing total assets to $25 billion over the medium term through additional fund vehicles across private equity, private credit, and real assets.

Boldstart Fund VII is a $250 million venture capital fund raised by Boldstart Ventures, a New York-based inception-stage firm that has backed enterprise software founders before product, traction, or even a deck since 2010. The fund closed in July 2025 as the seventh in Boldstart's series, bringing total assets under management to over $1.1 billion. The fund was oversubscribed but deliberately capped at $250 million to preserve the firm's high-conviction, founder-first model. Fund VII targets founders building the autonomous enterprise — AI-native infrastructure, agentic workflows, intelligent data engines, AI security, and crypto-powered smart contract infrastructure. The fund leads pre-seed and seed rounds with initial checks from $500,000 to $15 million, specializing in deeply technical teams reimagining enterprise architecture from first principles. Follow-on capital can be deployed from the firm's $175 million Opportunities III vehicle for breakout portfolio companies. Over fifteen years and seven funds, Boldstart has backed enterprise companies including Snyk, BigID, Iterable, and Hyper, which have redefined developer security, observability, and SaaS infrastructure. With over $1.1 billion in AUM and a strict inception-only mandate, Fund VII continues Boldstart's conviction that the best time to back a transformative enterprise company is before the product exists, when technical vision is the sole criterion.

Bonfire Ventures Fund III is the third core seed fund raised by Bonfire Ventures, a Los Angeles-based venture capital firm specializing exclusively in seed-stage investments in B2B software companies. Closing in May 2022 with $168 million in capital commitments—an oversubscribed raise that the firm capped deliberately to preserve its disciplined investment model—Fund III reinforced Bonfire's position as one of the most active and focused B2B seed funds in the United States. Fund III was raised alongside a $63 million second opportunity fund, bringing total capital raised across the two vehicles to $231 million. Bonfire Ventures occupies a clearly defined niche: the firm serves as the lead investor in approximately 80 percent of its deals and invests in only 25 to 30 companies per fund, enabling it to provide hands-on, curated support to each portfolio company. The team's focus is on guiding B2B software founders through the complex journey from seed to Series A, with particular emphasis on enterprise software and SaaS businesses with clearly articulated differentiation in crowded markets. The partnership includes co-founders Jim Andelman and Mark Mullen, joined by Managing Director Brett Queener, a former Salesforce and Siebel Systems executive whose operational background adds direct enterprise sales expertise and customer network access to portfolio companies. Bonfire's first two funds ranked in the top 10 percent of US venture capital funds for their vintage years, with over 85 percent of portfolio companies raising follow-on funding from leading venture investors. Fund III builds on this track record, targeting seed-stage B2B software companies primarily across North America with a hands-on partnership approach emphasising operational guidance, customer introductions, and structured support through the critical seed-to-Series A inflection point. Fund III was capped below demand to preserve the partnership's high-conviction, concentrated approach.

Bonfire Ventures Fund IV is the fourth and largest core seed fund raised by Bonfire Ventures, a Los Angeles-based venture capital firm dedicated exclusively to early-stage investment in B2B enterprise software startups. Closing in February 2025 with $245 million in commitments from a combination of institutional limited partners and sophisticated individual investors, Fund IV represents a significant step up from Fund III ($168 million, 2022) and is the firm's most ambitious vehicle to date. The raise reflects continued strong demand for specialist B2B seed managers and Bonfire's established track record across three prior funds that each ranked in the top decile for their vintage years. The fund pursues the same focused mandate that has defined Bonfire's approach since inception: leading seed rounds in B2B software companies, investing in a concentrated portfolio of 25 to 30 companies per fund, and providing intensive post-investment support. Bonfire's investment thesis centres on the belief that the seed-to-Series A transition represents the most capital-efficient and highest-value-creation moment in the B2B software lifecycle, and that founders benefit most from a specialized, operationally engaged partner. Brett Queener's enterprise software operating experience—as a former executive at Salesforce and Siebel Systems—continues to differentiate the partnership's ability to help portfolio companies navigate enterprise sales cycles, drive customer adoption, and accelerate product-market fit. Fund IV targets primarily North American B2B software startups across sectors including enterprise SaaS, AI-enabled productivity tools, vertical software, and infrastructure software. By Fund IV, Bonfire had established a strong portfolio lineage including multiple companies that achieved successful Series A and B raises with top-tier venture investors, reinforcing the fund's appeal to LPs seeking exposure to a disciplined, return-focused seed platform with a clear and repeatable investment model.

Boost Alpha Fund is the inaugural investment vehicle of Boost VC, a San Mateo, California-based pre-seed venture capital firm and startup accelerator co-founded by Adam Draper and Brayton Williams in 2012. The fund is dedicated to backing founders building at the frontier of deep technology, with a portfolio spanning cryptocurrency and blockchain infrastructure, space exploration, artificial intelligence, robotics, virtual reality, and advanced biotechnology. Boost Alpha Fund embodies the firm's defining conviction thesis—accelerating the Sci-Fi future—targeting transformative technologies at their earliest commercially viable stages and backing unconventional bets that traditional investors systematically pass on. Boost Alpha Fund deploys capital through standardized $500,000 pre-seed investments in companies raising sub-$1 million rounds, typically at valuations of $3 million to $7 million. Investment is closely integrated with Boost VC's three-month accelerator program, which provides cohort companies with intensive mentorship, access to a dense network of industry experts and follow-on investors, and operational resources to accelerate from concept to fundable company. The fund's high-velocity, high-volume approach reflects a portfolio construction philosophy designed to maximize exposure to breakout outcomes in nascent, high-variance technology verticals. Across the broader Boost VC platform, portfolio companies have collectively raised over $5 billion in follow-on capital, with landmark investments including Coinbase, Magic Leap, Anki, and Improbable. Boost VC manages more than $200 million in assets under management across its fund series, with over 300 companies backed to date. Boost Alpha Fund's role as the first fund in the family established the accelerator's reputation as a generational entry point for founders pursuing the most ambitious, transformative, and technically demanding bets in deep technology.

Boost VC Deep Tech Fund 4 is the fourth flagship fund raised by Boost VC, a San Mateo-based pre-seed venture capital firm founded by Adam Draper and focused exclusively on deep technology and frontier science startups. The fund reached its final close in September 2025 with $87.65 million in commitments, bringing Boost VC's total assets under management to more than $300 million across all vehicles. The raise was supported primarily by family offices and high-net-worth individuals, including members of the Draper family—one of Silicon Valley's most prominent venture dynasties—with Tim Draper and other family affiliates among backers. Boost VC's investment philosophy is built around what Adam Draper describes as 'sci-fi technologies': frontier technology categories that appear improbable to mainstream investors but have the potential to define the next era of human progress. Fund 4 will back approximately 150 pre-seed startups across sectors including nuclear energy, advanced genetics, space technology, quantum computing, artificial intelligence, robotics, and blockchain infrastructure. Boost VC provides founders with pre-seed capital alongside an intensive accelerator programme that includes workspace, mentorship, and access to the Boost VC network of over 700 portfolio alumni spanning multiple technology frontiers. The fund builds on Boost VC's track record across three prior vehicles, with the first fund (vintage 2013) generating a DPI of 2.15x and the second fund (vintage 2016) achieving 4.35x—returns driven in part by early exposure to Bitcoin infrastructure companies and space technology startups. These performance metrics have enabled Boost VC to attract increasing institutional interest for its fourth fund despite its non-traditional investment thesis. Boost VC Deep Tech Fund 4 is positioned to continue the firm's mission of funding technologies considered 'too early' by the broader venture community, operating at the furthest frontier of innovation.

Bowmark Capital Partners VII is the seventh flagship private equity fund raised by Bowmark Capital, a London-headquartered mid-market technology buyout firm founded in 1999. The fund completed its final close in January 2024 at £900 million — representing approximately 50 percent growth over its predecessor, Bowmark Capital Partners VI — having achieved its first close in October 2023 and hit its hard cap within three months of that initial closing. The fund attracted commitments from 31 institutional investors, with capital sourced across pension funds (32 percent), insurance companies (21 percent), funds-of-funds (20 percent), other financial institutions (17 percent), and endowments, foundations, and family offices (10 percent), reflecting a diversified and high-quality institutional investor base with a re-up rate exceeding 100 percent from existing LPs. Bowmark's investment strategy for Fund VII maintains the firm's established focus on high-quality, high-growth UK technology businesses across four core verticals: data and insight, managed IT services, software, and technology-enabled business services. The fund targets UK mid-market companies with proven business models, recurring revenue characteristics, and management teams capable of executing ambitious organic and inorganic growth strategies. Bowmark brings sector specialisation and deep operational experience to each portfolio company, with a disciplined approach to value creation through a combination of buy-and-build strategies, international expansion, and digital transformation initiatives. Bowmark has established itself as one of the UK's most respected mid-market buyout managers since its founding, with a track record spanning more than two decades of investing through multiple economic cycles. The geographic distribution of Fund VII's investor base — continental Europe (48 percent), North America (37 percent), UK (7 percent), and other markets (8 percent) — reflects the firm's strong international institutional reputation. Kirkland & Ellis served as legal counsel to Bowmark on the Fund VII close. Fund VII's scale and rapid close demonstrate the enduring institutional demand for quality mid-market UK technology buyout exposure.

The Fonds National d'Amorçage 2 (FNA 2) is a €500 million government-backed fund of funds managed by Bpifrance Investissement, the investment subsidiary of Bpifrance (Banque Publique d'Investissement), France's national public investment bank. Established by convention between the French State and Bpifrance on 28 December 2017 under the Programme d'Investissements d'Avenir (PIA — Investments for the Future Programme), FNA 2 is the successor to the original Fonds National d'Amorçage launched in 2011. The fund's mandate is to strengthen the French seed-stage venture capital ecosystem by investing in professional VC fund managers that in turn deploy capital into early-stage innovative startups. FNA 2 marks a decade-long commitment by the French government to institutional-grade support for the country's technology entrepreneurship at the pre-Series A stage. FNA 2 operates as a fund-of-funds, making investments of €10 million to €30 million in each underlying seed-stage VC fund. The fund prioritises three strategic priority technology verticals: healthcare (biotechnologies and medical devices), digital technologies (artificial intelligence, big data, cybersecurity, fintech), and ecotechnologies (cleantech and environmental innovation). Target underlying funds must be managed by professional, institutional-grade teams with an established investment thesis and the operational capability to support a portfolio of seed-stage startups. By anchoring high-quality fund managers with public-sector backing, FNA 2 serves a catalytic function: its commitment typically enables a fund manager to complete a first close and attract private institutional co-investors, materially reducing the time-to-market for new seed funds in France. Launched a decade after the original FNA demonstrated the effectiveness of government-backed venture catalysts, FNA 2 built on the success of its predecessor, which was credited with playing a pivotal role in the emergence of the French Tech ecosystem and the growth of Paris as a leading European startup hub. The €500 million fund is one of the largest single government mandates for seed-stage venture capital in Europe and reflects France's continued ambition to maintain global competitiveness in deep technology, life sciences, and the digital economy. FNA 2 has invested in a diversified portfolio of French seed VC funds, helping to sustain a pipeline of high-quality early-stage companies capable of scaling to international markets.

Bpifrance French Tech Seed is a €444 million government-backed venture financing programme managed by Bpifrance (Banque Publique d'Investissement), France's national public investment bank. Launched in 2019 as part of the French Tech initiative — the French government's flagship programme to support startup creation and growth — French Tech Seed provides standardised convertible debt instruments (prêts convertibles) to very early-stage startups that are too early to raise traditional equity VC rounds but have demonstrated initial technical or commercial validation. The programme targets French technology startups at the pre-seed and seed stages, with tickets typically ranging from €50,000 to €250,000 per company, enabling the fund to build a highly diversified portfolio of hundreds of early-stage investments. The programme is closed to new subscriptions following full deployment of its €444 million budget. The French Tech Seed investment instrument is a convertible loan rather than a direct equity investment, designed to bridge companies from their inception to a qualifying equity round. The conversion mechanics are structured to align with standard French VC market conventions, allowing the convertible note to automatically or optionally convert into equity at a qualifying priced round. This structure de-risks early participation for Bpifrance — which acts as a public co-investor alongside founders and initial backers — while minimising dilution to founding teams at the earliest and most fragile stages of company formation. The programme exclusively targets technology companies operating in France, with a particular emphasis on digital, software, and information technology sectors. Bpifrance French Tech Seed is part of a broader ecosystem of public-private instruments through which Bpifrance supports the French startup landscape from inception through to growth and internationalisation. Its scale — over €444 million committed across a large portfolio of companies through small individual tickets — demonstrates the public sector's commitment to democratising access to early-stage financing beyond the traditional VC circuit of well-connected founders in Paris. The programme has been cited as a key driver of the expansion of the French Tech ecosystem beyond major urban centres, with investments reaching startups in regional cities and industrial clusters across France. The fund's portfolio of convertible investments represents a broad cross-section of French digital innovation at its earliest formation stage.

Bpifrance Large Venture is a €2.5 billion growth-stage venture capital fund managed by Bpifrance, the French public investment bank, active since 2014. Large Venture represents Bpifrance's flagship growth equity instrument for backing France's most ambitious and innovative technology and life sciences companies at scale. The fund acts as a long-term, active shareholder that co-invests in growth rounds of €20 million and above, typically committing a minimum first ticket of €10 million and increasing its position through follow-on investments over multiple rounds. The fund's investment universe spans highly innovative, high-growth companies across two strategic verticals: Technology (including software, platforms, deep tech, artificial intelligence, cybersecurity, and fintech) and Life Sciences (including biotechnology, medical devices, diagnostics, and digital health). Large Venture invests in both listed and unlisted companies that have reached commercialization with proven business models and are seeking capital to accelerate international expansion, scale operations, or fund late-stage clinical development. The fund's minimum co-investment requirement — at least an equivalent amount from private investors — ensures that each investment carries strong private market validation. Since inception, Bpifrance Large Venture has invested in more than 80 companies and has backed 11 of France's 31 unicorns as of 2022, including some of the country's most recognized technology success stories. The fund's portfolio companies have collectively generated over €3.3 billion in cumulative revenue and created more than 19,000 direct jobs, making Large Venture one of the most impactful institutional growth investors in continental Europe. The fund positions Bpifrance as a catalyst for French technological sovereignty and international competitiveness, operating with a patient, long-term investment horizon aligned with its public mandate.

Bravo Capital Partners III is a €226 million Italian lower mid-market buyout fund managed by Bravo Invest, a Milan-based private equity firm founded in 2012 that specializes in structured buy-and-build strategies targeting founder-led and family-owned SMEs in Italy. The fund achieved its first and final close in November 2025, double the size of its predecessor fund, BCP II, reflecting strong momentum generated by the firm's track record of value creation and successful exits including the sale of Lodestar, an Italian IT services consultancy, announced in October 2025 which generated a significant return for investors. Bravo Capital Partners III focuses exclusively on the Italian lower mid-market, acquiring controlling positions in established, profitable businesses in fragmented sectors amenable to consolidation through buy-and-build programs. The fund targets companies in Consumer goods, Industrials, Business Services, IT Services, Software, and Healthcare — sectors where operational and strategic improvements, combined with strategic bolt-on acquisitions, can materially enhance enterprise value over a typical 5-7 year holding period. The fund is structured as a Luxembourg RAIF (Reserved Alternative Investment Fund), managed through Bravo Capital Management Sàrl, consistent with the firm's previous fund structures. The fund's LP base reflects institutional confidence in Bravo Invest's differentiated positioning as one of the few dedicated lower mid-market Italian PE specialists with a disciplined buy-and-build approach. BCP III builds on the combined track record of BCP I (2016, €100 million) and BCP II (2021), and benefits from an experienced investment team with deep industrial networks across Italy. The doubling of fund size compared to BCP II while maintaining a final close within six months of launch demonstrates strong conviction from both existing and new institutional limited partners in Bravo Invest's platform and strategy.

Bregal Sagemount Basecamp I is a $500 million inaugural small-cap growth equity fund managed by Bregal Sagemount, a leading growth-focused private capital firm with over $7.5 billion of cumulative capital raised since inception in 2012. Basecamp I achieved its final close in July 2024 at its target and hard cap, attracting commitments from a combination of existing Bregal Sagemount limited partners and new institutional investors, alongside a meaningful general partner commitment. The fund represents the firm's dedicated vehicle for the small-cap segment of its target market, complementing Bregal Sagemount's broader flagship funds. Basecamp I targets equity investments of between $20 million and $75 million in high-quality, market-leading middle-market growth companies with durable business models, high recurring revenues, and operations in end-markets characterized by uncorrelated secular growth drivers. The fund's flexible mandate allows it to pursue a range of transaction types — including control buyouts, minority growth investments, and recapitalizations — using solution-oriented structures tailored to the specific needs of each business and management team. Bregal Sagemount brings deep sector expertise across its core verticals: software and SaaS, information and data services, financial technology and financial services, digital infrastructure, healthcare information technology, and business and consumer services. With offices in New York, Palo Alto, and Dallas, Bregal Sagemount combines the resources and operational discipline of its institutional parent, Bregal Investments, with the agility and specialization of a focused growth equity platform. Basecamp I's close at $500 million validates strong market demand for specialized small-cap growth equity capital and reflects Bregal Sagemount's ability to identify and partner with high-growth companies at an earlier stage in their development. The fund has invested in over 70 companies since the firm's inception across its flagship and Basecamp strategies.

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.

BroadLight Capital is a growth equity firm founded in 2021 and headquartered in Los Angeles, California, with additional offices in New York and Greenwich, Connecticut. The firm was established by entertainment industry veterans Kevin Yorn and Rick Yorn — leading figures in talent management and entertainment law — alongside investment banker David Dorfman. BroadLight Capital occupies a distinctive position at the intersection of private capital and cultural influence, investing in late-stage growth and expansion-stage companies across the technology, consumer, and media and entertainment sectors. The firm's investment strategy centers on partnering with category-leading, high-growth companies where its network of globally recognized artists, athletes, creators, and entertainers can provide meaningful competitive advantage beyond capital. BroadLight leverages these relationships to help portfolio companies accelerate customer acquisition, enhance brand positioning, and unlock distribution channels typically inaccessible to traditional growth equity investors. The $225 million inaugural fund, which closed in May 2023, focuses on businesses that can benefit from both financial backing and proprietary cultural access — a model the founders describe as 'distribution as a service.' BroadLight Capital's portfolio reflects a strong orientation toward artificial intelligence, consumer technology, and health innovation. Notable investments include ElevenLabs, Perplexity, Black Forest Labs, Function Health, Ramp, and Higgsfield — companies that collectively represent a significant share of venture-backed AI and consumer technology activity. The debut fund demonstrates the market's receptivity to the firm's differentiated approach, blending institutional growth equity rigor with the network effects of one of entertainment's most connected teams.

CDP Venture Capital – Corporate Partners I is a corporate venture capital fund managed by CDP Venture Capital SGR, the venture capital subsidiary of Cassa Depositi e Prestiti (CDP), Italy's national promotional finance institution. The fund was designed as a first-of-its-kind Italian CVC vehicle with a target size of €400 million, structured across four thematic sub-funds — EnergyTech, IndustryTech, ServiceTech, and InfraTech — each targeting €100 million in commitments from relevant industrial corporate partners. The fund's first closing reached €57 million, anchored by commitments from industrial groups Adler, Marcegaglia, and Camozzi, with total initial assets under management of €180 million at launch. The Corporate Partners I fund operates on a co-investment model that pairs public capital from CDP with strategic commitments from Italian and European industrial corporates with a direct commercial interest in each thematic sub-fund's focus area. Investments target technology startups and scale-ups operating at the intersection of established industrial sectors and emerging enabling technologies, including industrial automation, digital energy management, smart infrastructure, and enterprise technology services. The fund provides portfolio companies not only with capital but with privileged access to the commercial networks and operational ecosystems of its corporate LP base — a significant competitive advantage for startups seeking to pilot and scale B2B solutions. CDP Venture Capital SGR sits at the centre of Italy's institutional venture capital infrastructure, managing multiple complementary vehicles designed to address different funding gaps across the startup lifecycle. Corporate Partners I represents an innovative structural approach to bridging the gap between the financial resources of large Italian industrials and the innovation capacity of early and growth-stage technology companies. A dedicated sub-fund, ServiceTech, became operational with the participation of BNL BNP Paribas and GPI S.p.A., illustrating the programme's ability to attract major financial and industrial institutions as strategic co-investors alongside the CDP anchor commitment.

CDTI Innvierte is Spain's national venture capital co-investment programme, implemented through Innvierte Economía Sostenible SICC S.M.E., S.A., a closed collective investment company fully owned by CDTI Innovación (Centro para el Desarrollo Tecnológico y la Innovación), Spain's innovation agency under the Ministry of Science, Innovation and Universities. Launched in 2012, the programme has deployed over €384 million across more than 20 investment vehicles and into more than 250 innovative Spanish technology companies, making it one of the largest public venture capital initiatives in Southern Europe. The programme operates as a regulated entity supervised by Spain's National Securities Market Commission (CNMV). CDTI Innvierte pursues a dual strategy of fund-of-funds co-investment and direct technology company investment. Since 2019, the programme has partnered with CNMV-regulated venture capital entities, co-investing alongside private VC managers to support technology-based Spanish companies at various stages of growth. The programme also invests directly in technology transfer vehicles and high-growth strategic enterprises through dedicated sub-programmes, including the Innvierte Deep-Tech and Tech Transfer fund, and the Strategic Enterprise Investment line launched in 2022. Target investments span software, biotechnology, advanced manufacturing, and deep technology sectors, with a mandate to improve the commercialisation of research and help Spanish technology companies scale to international markets. CDTI Innvierte has maintained a steady deployment pace, allocating €126.5 million across 13 new co-investments and one investment vehicle in a recent two-month period alone. Notable recent transactions include backing for Next Technology Ventures II focused on critical energy transition solutions, and a €30 million commitment to the Innvierte Deep-Tech fund targeting paediatric health innovation. By partnering with leading Spanish and European venture capital managers, CDTI Innvierte aims to crowd in private capital, bridge Spain's technology commercialisation gap, and build a sustainable national innovation ecosystem underpinned by rigorous public sector governance and CNMV supervision.

CMT Digital Fund IV is a $136 million early-stage venture capital fund dedicated to investments in blockchain infrastructure and applications enabling the next phase of crypto adoption and decentralized finance. CMT Digital is the venture investment division of CMT Group, a quantitative trading firm founded in 1997 whose data-driven, algorithmic risk management heritage distinguishes its investment process from traditional crypto venture funds. The fund closed in November 2025 after attracting capital from family offices, high-net-worth individuals, and institutional investors across the United States, Asia-Pacific, and Europe. Fund IV targets founders building blockchain-native infrastructure for global markets, framing its thesis as the re-architecting of finance on distributed ledger technology. Investment themes span on-chain financial infrastructure, stablecoin ecosystems, tokenized asset markets, decentralized protocol development, and institutional-grade crypto tooling, with approximately 25 percent of deployed capital directed toward stablecoin-related startups. Ten investments were committed prior to the final close announcement, including FortyTwo, 1Money, D2X, Winston Artory Group, Odysseus, Zylu, Coinflow, and Andrena, reflecting an aggressive deployment pace through the fundraise. CMT Digital's track record across four successive funds represents more than $600 million in total assets under management, growing from Fund I ($25.5 million) through Fund II ($130 million) and Fund III ($100 million) to Fund IV ($136 million). The portfolio includes notable early-stage winners in Circle (IPO, +167%), Figure (Nasdaq listing, +24%), Consensys, BitGo, FalconX, and dYdX. Fund IV was launched with a $150 million target and closed slightly below that mark, though CMT ultimately turned away certain investors due to allocation constraints at final close.

CORE Industrial Partners Fund III is a $685 million lower middle-market private equity fund focused exclusively on control equity investments in North American manufacturing and industrial technology companies. Managed by CORE Industrial Partners, a Chicago-based firm with additional offices in Austin and Cleveland, Fund III completed its final close on February 14, 2024, simultaneously with the closing of the firm's inaugural industrial services vehicle, together raising $887 million in combined new capital commitments and bringing the firm's total LP commitments since founding to over $1.58 billion. Fund III continues CORE's flagship buyout strategy, targeting companies with revenues up to $200 million and EBITDA up to $20 million across specialty verticals within North American manufacturing and industrial technology. The fund pursues control equity investments of up to $100 million per platform, employing an operationally driven value creation approach that partners with business owners and management teams to accelerate organic and acquisitive growth. The investment thesis is anchored in the structural reshoring of North American industrial capacity, the proliferation of Industry 4.0 technologies including automation, robotics, and advanced manufacturing, and the generational ownership transition occurring across the fragmented lower middle-market industrial base. CORE Industrial Partners Fund III builds on successor funds that have grown consistently: Fund I ($230 million, closed February 2019) and Fund II ($465 million, closed February 2021). The fund attracted a diversified institutional LP base including university endowments, insurance companies, public and corporate pension funds, foundations, global asset managers, investment advisers, and family offices across North America and Europe. The raise was placed by Harris Williams Private Capital Advisory and structured by Kirkland and Ellis LLP.

CRV XX, LP is a $750 million early-stage venture capital fund representing the twentieth flagship vehicle of CRV, formerly known as Charles River Ventures, one of the longest-tenured venture capital firms in the United States with roots dating to 1970. The fund achieved both its first and final close simultaneously on August 6, 2025, raising its full $750 million target in approximately four weeks with reported LP demand exceeding double the fund size. CRV XX reflects the firm's deliberate strategic refocus on early-stage conviction investing following its exit from late-stage venture in 2024, when it returned $275 million to limited partners from its Select Fund II vehicle rather than deploy capital into what it viewed as unattractive mature-company valuations. CRV XX is dedicated to leading seed and Series A investment rounds in foundational technology companies, continuing the firm's longstanding strategy of entering at the earliest institutional stage. Investment themes include consumer technology, developer tools, cybersecurity, and businesses that integrate artificial intelligence as a horizontal capability across industry verticals rather than treating AI as a standalone category. CRV describes its approach as backing companies that blend AI with distinct domains to build defensible, infrastructure-grade businesses. The fund is deliberately sized at $750 million, below the $1 billion raised by predecessor Fund XIX in 2022, to preserve the conviction-per-bet ratio that CRV believes is essential at the seed and Series A stage. CRV's 55-year track record encompasses more than 750 investments across its flagship funds, with notable portfolio companies and exits including DoorDash, Mercury, Vercel, Browserbase, and CodeRabbit. The firm operates as a concentrated partnership offering hands-on founder engagement at the earliest stages. Fund XIX raised $1 billion in 2022, and the decision to downsize CRV XX to $750 million while turning away significant excess demand underscores the firm's conviction that fund size discipline is central to sustaining top-quartile returns in early-stage venture capital.

CVC Capital Partners Asia VI is a pan-Asian private equity fund managed by CVC Capital Partners, one of Europe's leading private equity firms with over three decades of investment experience. Launched in Q1 2022, the fund achieved its final close in February 2024 at US$6.8 billion, exceeding its US$6 billion target by more than 13% and representing a 50% step-up over its predecessor, CVC Capital Partners Asia V, which closed at US$4.5 billion in 2020. The fund is among the largest private equity vehicles focused on Asia Pacific to close since 2022, attracting strong demand from new and returning blue-chip institutional investors across North America, Europe, and Asia. Asia VI employs a pan-regional control and co-control buyout strategy with pronounced emphasis on Southeast Asia (approximately 40-50% of the portfolio), followed by Japan (mid-20s percent allocation) and selective Greater China exposure (approximately 10%). The fund targets high-quality businesses in core consumer and services sectors, frequently partnering with founders and family business groups through minority co-control structures. CVC has maintained a continuous Asia presence since 1999, completing over 80 acquisitions across successive flagship funds, and operates through a network of local offices in Singapore, Tokyo, Hong Kong, and Seoul. Confirmed limited partners in Asia VI include the California State Teachers Retirement System (US$125 million) and Partners Group, alongside other blue-chip institutional investors from North America, Europe, and Asia. The fund's oversubscription, achieved despite a challenging global private equity fundraising environment, reflects institutional confidence in CVC's differentiated Asia platform and its track record of generating strong risk-adjusted returns from buyout investments across more than two decades of regional activity.

CVC Credit Partners European Direct Lending Fund IV (EUDL IV) is the fourth generation of CVC Credit's flagship European direct lending vehicle, providing senior secured and unitranche private credit solutions to European mid-market and large-cap companies. Established in June 2023 and registered in Luxembourg as a Societe en commandite speciale, the fund held its final close on October 2, 2025 at EUR 10.4 billion in total capital commitments including parallel investment funds and separately managed accounts, a record for CVC's direct lending strategy and approximately 65% larger than its predecessor EUDL III, which raised EUR 6.3 billion at final close in December 2022. The fundraise cements CVC Credit's position as one of Europe's premier private credit managers, operating at scale in the senior secured lending market. EUDL IV focuses on providing first lien, unitranche, and other senior secured financing primarily to European companies backed by leading private equity sponsors. The fund benefits from CVC's network of sixteen European offices, enabling granular local coverage and deal origination across Western, Central, and Northern Europe. By the time of final close, EUDL IV had already committed to over 30 investments, including financing for the KKR-backed buyout of Immedica Pharma, Cinven's acquisition of idealista, Bridgepoint's delisting of Alpha FMC from AIM, and sole-lender financing for Innovative Beauty Group. CVC Credit manages over EUR 48 billion in total assets across its Liquid Credit and Private Credit businesses. The firm holds the top ranking among European CLO managers and ranks third among European Private Credit managers in transactions of EUR 250 million or more. EUDL IV attracted capital from a global base of high-quality institutional investors, reflecting growing structural demand for European direct lending as banks continue to retrench from large-ticket corporate lending and sponsors increasingly favour private credit over broadly syndicated loan markets.

Cactus Venture Partners Fund I is the debut vehicle of Cactus Venture Partners (CVP), a Mumbai-based early-stage venture capital firm co-founded by Anurag Goel, Amit Sharma, and Rajeev Kalambi. The fund reached its final close at Rs 630 crore (approximately $76 million USD) in February 2024, having first raised capital under SEBI (AIF) registration in 2020. Capital commitments are structured with 60% from domestic Indian LPs—including SIDBI, the Self-Reliant India (SRI) Fund, and the UP Startup Fund—and 40% from international limited partners predominantly based in the United States, Singapore, EU, and the United Kingdom. CVP focuses on purpose-driven entrepreneurs building for the Indian market, with a primary sector thesis spanning climate technology, health technology, and B2B SaaS. The fund invests at Series A and early Series B stages, targeting companies that have demonstrated product-market fit with scalable gross margin structures, with typical investment tickets of $2–5 million and a target portfolio of 8–10 companies. CVP's founding team brings entrepreneurial, investor, and banking experience to portfolio companies, emphasizing governance, systems, and operational discipline alongside capital provision. Portfolio companies include Kapture CRM, Vitraya, AMPM, Auric, Lohum, and Rubix—spanning enterprise software, health-tech, consumer wellness, and clean energy. The fund closed below its original Rs 750 crore target but secured strong government-backed LP participation through SIDBI and the SRI Fund.

Cantos Ventures is a San Francisco-based venture capital firm founded in 2016 by Ian Rountree, specializing in what it calls "near frontier" technology — deeply technical, often capital-intensive companies that are transforming the physical world. The firm backs science-forward founders at the earliest stages (pre-seed and seed), concentrating on sectors including climate technology, biotechnology, aerospace and defense, and next-generation computing. Cantos targets companies where the technology itself is the primary moat, and where the founding team typically includes domain scientists or engineers solving hard infrastructure, energy, or biotech challenges. Cantos Ventures III is the firm's third flagship fund, closing at $50 million in September 2022. The fund continued the firm's thesis of backing "near frontier" startups — companies working on problems such as climate change mitigation, infectious disease, conflict reduction, and existential risk. Fund III maintained the firm's early-stage discipline, writing first checks at pre-seed and seed into technically ambitious teams before the broader venture market developed conviction. The vehicle reflects a deliberate focus on scientific-founder-led companies operating at the intersection of physical-world impact and cutting-edge computation or materials science. By 2022, Cantos had backed over 60 companies and counted multiple unicorns in its portfolio, including Astranis (satellite broadband) and Solugen (industrial synthetic biology). Fund III continued investing in that lineage. The firm's earlier funds demonstrated that deep-tech bets at pre-seed, when conviction is based on science rather than product-market fit, can produce outsized outcomes as hard-tech infrastructure spending accelerates globally. Cantos went on to close a $70 million Fund IV in 2024, focused on defense, aerospace, and deep tech — validating the franchise's continued LP appetite and Rountree's long-term thesis on science-led entrepreneurship.

CapMan Growth is the growth equity arm of CapMan, the Helsinki-headquartered Nordic alternative asset manager with more than three decades of investment history. The Growth team focuses on minority investments in unlisted Finnish and broader Nordic companies exhibiting strong organic revenue growth, typically in technology, software, digital services, and business-to-business services. Rather than control buyouts, CapMan Growth acts as an active minority shareholder providing capital, strategic advice, and access to CapMan's networks to help companies scale internationally and build towards liquidity events. The strategy targets companies at inflection points — past the startup phase, generating revenues, but needing growth capital and board-level support to reach the next tier of scale. CapMan Growth Equity Fund 2017 is the first dedicated growth equity fund in CapMan's history, with first and final closing held in December 2017 at EUR 86 million. The fund represented CapMan's formal entry into the growth equity segment as a standalone vehicle, separating the strategy from the firm's mid-market buyout approach. LPs included Finnish institutional investors, family offices, and international private equity allocators attracted to the Nordic growth equity market, which at the time was underserved relative to buyout capital availability. The EUR 86 million fund size provided sufficient firepower to make meaningful minority investments in a portfolio of approximately 8–12 companies. The fund's portfolio included companies such as Insplan (enterprise planning software), Picosun (atomic layer deposition equipment), and Arctic Security (cybersecurity). CapMan Growth subsequently raised a second fund (CapMan Growth Equity Fund II) that closed at EUR 97 million, and a third fund in 2024 that reached its hard cap of EUR 130 million — indicating strong LP re-up rates and institutional validation of the strategy. The CapMan Growth 2017 fund achieved its EUR 86 million target size at closing in December 2017, establishing the template for a growth equity platform that has grown substantially in the years since.

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.

Capitol Meridian Fund I, L.P. is the inaugural private equity fund raised by Capitol Meridian Partners, a Washington, D.C.-based middle-market investment firm founded by alumni of The Carlyle Group. The fund raised $900 million in committed capital in 2024, exceeding its fundraising target and reaching its hard cap, with an additional $300 million committed by LPs for co-investments alongside the fund. Capitol Meridian focuses on control and minority growth investments in middle-market companies operating at the nexus of government and industry — sectors where deep regulatory relationships, national security expertise, and government-market experience create durable competitive advantages that generalist investors struggle to replicate. Primary sectors of focus include national security and defense, commercial aviation, and government services. The fund's investment thesis is grounded in the view that US federal budget commitments to national defence, infrastructure, and public-sector modernisation create a structurally growing addressable market for mission-critical service providers and technology companies. Fund I typically writes equity cheques ranging from $50 million to $400 million per platform, allowing it to pursue both founder-led businesses seeking growth capital and sponsor-backed or carve-out opportunities. Early investments include LMI, a management consulting and logistics firm serving over 60 US federal agencies, and Clarity, a data analytics and software business serving the US defence sector. Capitol Meridian Partners subsequently raised a $1.9 billion sophomore fund (Fund II) in 2025, validating the investment thesis with a 2x oversubscription of the original target.

Capnamic Ventures Bremen Fund I is a €30 million early-stage venture capital fund managed by Capnamic, one of Germany's leading pre-seed to Series A investors. Launched in 2024, the fund was created as a dedicated regional investment vehicle to channel institutional and private capital into high-growth startups based in the Free Hanseatic City of Bremen. The fund was co-anchored by two public-sector institutions: Bremer Aufbau-Bank (BAB), the state development bank, and Sparkasse Bremen, the region's major savings bank, supplemented by a group of nine prominent local entrepreneurs who also committed capital. The fund targets up to 15 startups operating in Bremen's strategic industries, including aerospace and space technology, logistics and supply chain innovation, nutrition and food technology, and artificial intelligence. Investment sizes are calibrated for pre-seed and seed rounds, with follow-on capacity through Series A. Capnamic brings its established investment process and network from its main fund platform to the Bremen vehicle, giving local founders access to a team with deep experience in backing category-defining German-speaking technology companies. The fund operates with a ten-year term and is supported by the broader Capnamic ecosystem, which includes offices in Cologne, Berlin, and Munich, as well as a portfolio of over 100 companies since the firm's inception. Bremen Fund I is part of Capnamic's Specialty Funds initiative, which pairs regional institutional capital with the firm's venture expertise to strengthen startup ecosystems in underserved German cities and regions.

Capnamic Ventures Fund III is a $215 million venture capital fund managed by Capnamic Ventures, one of the leading early-stage investors in the German-speaking technology ecosystem. The fund reached final close on March 3, 2022, with an oversubscribed raise that attracted a diverse investor base including institutional investors, corporate partners such as Evonik, Fressnapf, and Sparkassen Finanzgruppe, media companies including Neue Zürcher Zeitung and Rheinische Post, and successful technology entrepreneurs including Jörg Gerbig, Dirk Graber, and Verena Pausder. Fund III focuses on Pre-Seed through Series A investments in technology-based startups originating from Germany, Austria, and Switzerland—the DACH region. Capnamic Ventures targets founders at the earliest stages of company formation, providing both initial capital and long-term support through the full venture cycle. The fund meaningfully increased its allocation to the Pre-Seed phase relative to predecessor vehicles, reflecting the firm's conviction that the most differentiated returns are generated by establishing early, conviction-driven positions before a startup's trajectory is widely recognized. Capnamic operates from offices in Cologne, Berlin, and Munich, maintaining deep networks across Germany's corporate, academic, and technology communities, and backing founders building in areas including enterprise software, education technology, and data infrastructure. Capnamic Ventures Fund III follows two predecessor funds that backed category-leading startups in the German technology market. Fund III has deployed capital into portfolio companies such as Cleverly, Cedalo, and Sharpist, active in educational software and enterprise software development. The oversubscribed raise confirmed Capnamic's standing as a preferred institutional partner for DACH technology founders at the earliest venture stages, positioning the firm as a consistent participant across the DACH ecosystem's most important formative investment rounds.

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.

Castik Capital EPIC III is the third flagship private equity fund of Castik Capital, a Munich-based mid-market buyout firm founded in 2014 by Michael Phillips. The fund completed its final close in September 2024 with EUR 2 billion in total capital commitments, exceeding its original target of EUR 1.75 billion and representing a 60% increase over predecessor fund EPIC II (EUR 1.25 billion, 2020). The investor base comprises public and private pension funds, sovereign wealth funds, insurance companies, endowment funds, foundations, and individual investors, with a re-up rate of over 90% from existing LPs — a strong validation of predecessor fund performance. EPIC III pursues Castik Capital's core investment strategy of acquiring significant ownership positions in high-quality European businesses operating within highly fragmented markets, typically with enterprise values ranging from EUR 80 million to EUR 350 million. The firm targets founder- and management-led businesses headquartered in Europe with strong organic growth profiles that can be accelerated through market expansion, strategic add-on acquisitions, and operational improvements including digital transformation. Castik's investment style emphasises close partnership with management teams across sectors including business services, consumer, healthcare, and technology-enabled companies across Western Europe. EPIC III is registered as a Luxembourg-domiciled investment vehicle, consistent with Castik's earlier fund structures. Monument Group advised in the U.S. and Europe, Pacific Fund Management in Japan, with Poellath and Partners and Fried Frank as legal counsel. EPIC III follows EPIC I and EPIC II, the latter closing at EUR 1.25 billion in October 2020 — more than double the inaugural fund — demonstrating Castik's ability to attract growing institutional allocations as the firm matures and its European mid-market buyout track record strengthens across its portfolio of founder-led 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.

Charlesbank Technology Opportunities Fund is the inaugural technology-focused private equity fund raised by Charlesbank Capital Partners, a Boston-based firm with more than $17 billion of capital raised since its founding in 1998. Targeting the lower middle market segment of the technology industry, the fund represents Charlesbank's dedicated focus on technology investment opportunities distinct from its flagship private equity strategy, providing institutional investors with concentrated exposure to control-oriented transactions in technology-driven businesses across the United States. The fund pursues control-oriented buyout and recapitalization transactions in technology companies with enterprise values ranging from approximately $50 million to $300 million, targeting businesses that exhibit a defensible business model, predictable financial profile, and attractive unit economics. Primary sectors of focus include enterprise software, cybersecurity, cloud computing, financial technology, healthcare information technology, and technology-enabled services. Charlesbank's investment thesis centers on working closely with management teams to accelerate organic growth, improve operational efficiency, and execute strategic add-on acquisitions that build durable technology platforms positioned for long-term value creation. Charlesbank Technology Opportunities Fund held its final close on January 30, 2020, raising $700 million in limited partner commitments—reaching its hard cap and surpassing its initial $600 million target. More than 40 institutional investors participated in the fundraise, with approximately 80 percent of the capital coming from returning Charlesbank limited partners including pension funds, family offices, financial institutions, endowments, and foundations. The strong fundraise, completed at a significant premium to target, demonstrated broad institutional confidence in Charlesbank's differentiated technology investment approach and established the foundation for the successor Technology Opportunities Fund II, which closed at $1.275 billion in June 2024.

Charlesbank Technology Opportunities Fund II (TOF II) is the second technology-focused private equity vehicle of Charlesbank Capital Partners, a Boston-based middle market firm with over US$16 billion in committed capital under management across its generalist buyout and specialist technology strategies. The fund closed on June 20, 2024 at US$1.275 billion — surpassing its US$1.1 billion fundraising target and its initial US$1.2 billion hard cap — reflecting exceptional institutional demand for Charlesbank's proven lower middle market technology investment approach. Limited partners include public and corporate pensions, endowments, foundations, financial institutions, fund of funds, asset managers, family offices, and high-net-worth individuals. TOF II focuses on control and minority growth equity investments in lower middle market technology-intensive businesses with enterprise valuations from US$50 million to US$300 million, targeting companies that are too small for large-cap buyout funds but sufficiently scaled to deliver institutionally significant returns. Target sectors include application software, cloud computing, cybersecurity, healthcare IT, financial technology, and infrastructure software — sub-verticals where recurring revenue models, high switching costs, and durable demand dynamics support predictable cash flows and attractive exit multiples. Charlesbank's technology team leverages deep sector expertise and proprietary sourcing capabilities to identify value-add opportunities in a segment of the market with less competition from mega-fund buyers. TOF II is the direct successor to Charlesbank Technology Opportunities Fund I, which closed in 2020 with approximately US$700 million in LP commitments — making TOF II approximately 82% larger, a reflection of strong performance from the inaugural vehicle. The fund builds on Charlesbank Capital Partners' broader franchise, founded in 1998 as the spinout of the Harvard Private Capital Group and managing capital continuously through multiple economic cycles. The firm's ability to raise a US$1.275 billion technology-focused vehicle — above both target and hard cap — reflects consistent LP confidence in Charlesbank's ability to combine deep sector expertise with disciplined execution in the lower middle market technology buyout and growth segment.

Chequers Capital XVII is the seventeenth flagship buyout fund raised by Chequers Capital, one of France's oldest and most established private equity firms with a track record spanning more than 50 years of mid-cap investing across Europe. The fund held its final close on May 17, 2017, raising €1.1 billion in less than three months — a fundraising pace that reflected strong demand from the approximately 40 institutional investors who committed capital, including pension funds, sovereign wealth funds, fund of funds, and insurance companies from across Europe and the United States. Chequers Capital XVII is the successor to Chequers Capital XVI and continues the firm's strategy of building concentrated, high-quality portfolios of European mid-market companies. Chequers Capital XVII invests in control or significant-minority positions in European mid-cap companies, primarily in France, Germany (DACH), and Italy, with a target enterprise value range of approximately €80 million to €350 million. The fund concentrates on businesses operating in B2B services, asset-light industrials, IT and digital services, and healthcare — sectors characterized by long-term structural demand growth, fragmented competitive landscapes, and meaningful operating leverage available through scale and operational improvement. Chequers typically partners with incumbent management teams or founders and applies a systematic value-creation playbook encompassing organic revenue acceleration, selective add-on acquisitions, and margin improvement to build more resilient market leaders. With eight years since final close, Chequers Capital XVII is in its harvesting phase, having had ample time to execute its investment program and begin returning capital to limited partners. The fund represents part of a continuous track record that extends from early funds in the 1970s through to Chequers Capital XVIII, which held a final close at €1.2 billion in 2025 — demonstrating institutional LP confidence in the firm's consistent execution across multiple economic cycles. Chequers Capital's longevity in the French and broader European mid-market gives the fund access to a deeply cultivated network of proprietary deal flow that has supported consistently disciplined investment returns.

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.

Clearhaven Fund I, L.P. is the debut private equity fund raised by Clearhaven Partners, a Boston-based lower middle-market buyout firm founded in 2019 by Michelle C. Noon and Kevin A. Wood. The fund closed in September 2021 with more than 12 million in capital commitments, significantly exceeding its target and closing oversubscribed. Notably, the entire fundraise was conducted during the COVID-19 pandemic, and the fund was fully committed within six months of its first closing — a testament to strong LP demand and the founding team's credibility. The fund is domiciled in Delaware, United States. Clearhaven Fund I targets growing lower middle-market software and technology companies with revenues of approximately 0 million to 0 million, pursuing control-oriented buyout investments across four thematic areas: Application Software, Infrastructure Software, Financial Technology, and Data & Analytics. The firm's operationally-driven partnership model centers on supporting scalable, profitable growth, with the investment team drawing on backgrounds at Thoma Bravo, Clearlake Capital, Advent International, Apax Partners, JMI Equity, and H.I.G. Capital. The fund's LP base includes endowments, foundations, insurance companies, pension funds, funds-of-funds, and senior executives from software companies who worked with the Clearhaven founders previously. Early platform investments from Fund I include Engageware (formerly TimeTrade SilverCloud), a Massachusetts-based SaaS provider for financial institutions, and Wowza Media Systems, a Colorado-based video and media streaming software company. The success of Clearhaven Fund I led to the 2024 closing of Clearhaven Fund II at 80 million, demonstrating consistent LP conviction in the team's software-focused buyout strategy.

Clearlake Icon Partners VI is a private equity fund managed by Clearlake Capital Group, the Los Angeles-based private equity firm founded in 2006 with a primary focus on software, technology-enabled services, and industrial companies. Clearlake Capital Group manages over $90 billion in assets across its flagship private equity and co-investment strategies, and is recognized as one of the leading technology-oriented private equity managers in the United States. The Icon Partners series represents a dedicated vehicle within Clearlake's broader investment platform, registered with PitchBook under its fund family identifier, targeting established companies in Clearlake's core competency sectors. Clearlake employs a proprietary value creation framework called O.P.S. (Operations, People, and Strategy) to drive performance improvement in portfolio companies, supported by a dedicated portfolio operations team that works alongside the investment team throughout the ownership period. The Icon Partners series applies this operational philosophy to companies in software, technology services, and industrials where Clearlake can leverage sector-specific expertise to accelerate growth, improve margins, and execute targeted add-on acquisition strategies. The fund focuses on control-oriented equity investments in businesses with defensible market positions, high recurring revenue, and identifiable levers for operational value creation. Clearlake Capital has established a strong performance track record across its fund series, having returned substantial capital to limited partners through exits including public market transactions, strategic sales, and secondary buyouts involving notable technology and software portfolio companies. The Icon Partners VI vehicle continues the institutional partnership with major LP constituencies including endowments, pension funds, and sovereign wealth funds that have supported Clearlake's growth from a $300 million AUM manager at founding to one of the largest technology-focused PE firms globally. Icon Partners VI builds on the track record of prior vintage funds that benefited from Clearlake's deep expertise in software and technology services buyout transactions.

Climactic is a seed-stage venture capital firm co-founded by Josh Felser and Raj Kapoor, with offices in San Francisco and New York City. Felser previously co-founded Spinner.com and Crackle, and established Freestyle Capital; Kapoor co-founded Snapfish (acquired by HP), served as a partner at Mayfield Fund where he was the first VC investor in Lyft, and later served as Lyft's Chief Strategy Officer. Paul Hawken, author of 'Drawdown' and 'Regeneration', serves as Strategic Partner, and Van Jones serves as Strategic Advisor. Climatic I is the firm's inaugural fund, closing at $65 million in December 2023. The fund deploys $1.5–3 million per seed-stage investment, targeting 20–25 portfolio companies over its lifetime, with approximately half the capital reserved for follow-on investments. The investment thesis centers on software-first climate tech companies decarbonizing enterprise operations and the mobility sector, targeting Physical AI, Energy Tech, and Waste-to-Value startups with near-term commercial pathways rather than long-horizon R&D bets. Climactic co-founded Climate Draft to help migrate technology talent into climate-focused companies, and actively syndicates deals with domain-specialist climate investors. Nine of the firm's eleven prior angel investments were rolled into the fund at inception, providing an immediate portfolio base at close. Notable early portfolio companies include WeaveGrid (EV and renewable energy integration), MuonSpace (Earth observation satellites), NCX (forest carbon), SINAI Technologies (emissions management), and Lightship (electric RVs). The LP roster includes individual investors Reid Hoffman, Chris Sacca, Ev Williams, Mike Schroepfer, Chris Larsen, Mark Pincus, Logan Green, John Zimmer, and Alison Pincus, alongside institutional investors StepStone, HG Ventures, Brown Advisory, MIO Partners, Knollwood, NfX, and Mayfield.

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.

Cofounders Capital Fund III is a $50 million seed-stage venture capital fund managed by Cofounders Capital, a Cary, North Carolina-based VC firm dedicated to investing in early-stage B2B software companies across the southeastern United States. The fund reached its final close in March 2023, making it the firm's largest raise to date and following Fund I ($12 million) and Fund II ($31 million) in a pattern of consistent fund-on-fund growth. The fund was raised under the leadership of Managing Partner Tim McLoughlin, Founding Partner David Gardner, and Partner Tobi Walter, and targets investments in 15 to 20 seed-stage companies with a continued emphasis on North Carolina's fast-growing technology ecosystem and the broader Southeast. Cofounders Capital Fund III invests in B2B software companies providing solutions with measurable return on investment for enterprise customers, with an increasing focus on artificial intelligence applications within the B2B sector. The firm's investment model goes beyond capital provision, offering founders deep entrepreneurial mentorship, operational guidance, and hands-on co-building support that draws on the partners' own experiences as founders and operators. Typical investments range from $300,000 to $1 million in seed-stage companies at the earliest formation stages, with active reserve capital for follow-on participation in subsequent rounds. The fund's Southeast-first geographic strategy capitalizes on Cofounders Capital's status as the most active early-stage VC in North Carolina and its established relationships with the region's corporate innovation ecosystem. Cofounders Capital has been recognized consistently as the Most Active Investor in North Carolina and manages approximately $95 million in assets under management across its three funds. Across the fund family, the firm has deployed capital into more than 40 portfolio companies, secured over $250 million in follow-on funding for its portfolio, and recorded 10 exits. Notable Fund III portfolio companies include Troupe AI, Titl, and Lineage Technologies, operating across AI-enabled B2B productivity tools, real estate technology, and financial software verticals. The fund has been profiled by PitchBook as a 2022 vintage vehicle with a final close in March 2023.

Crayhill Capital Management, a New York-based alternative asset manager specializing in asset-based finance, announced the final close of its third flagship fund, Crayhill Principal Strategies Fund III, in April 2025. The fund secured approximately $1.31 billion in capital commitments, surpassing its $1 billion target. This total includes $162 million in committed co-investment capacity. Fund III focuses on providing capital solutions to specialty finance platforms and other asset-heavy companies across sectors such as residential housing, energy, commercial real estate, media, and digital infrastructure. The fund targets highly structured investments backed by segregated, cash-flowing assets, including loans, leases, royalties, receivables, and power purchase agreements. This strategy aims to offer downside protection and a resilient expected return profile. As of the fund's closing, over 75% of its capital had been deployed across a diverse portfolio of investments. Notable transactions include a $15 million credit facility for Universal Kraft Canada Renewables and a $200 million facility for AMPYR Energy USA to support utility-scale solar and energy storage projects.

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.

DCVC Climate Select is a venture capital fund targeting climate startups at the mid-stages of development. The fund is located in Palo Alto, California. The fund is focused on climate technologies and applications in AI, tech bio, and robotics, where it sees opportunities for investment in underfunded areas. The fund is managed by the well-established Silicon Valley VC firm DCVC, which has invested $360 million from other funds into climate startups over the last decade. DCVC Climate Select initially aimed to raise $500 million, but this target has since been lowered to $400 million due to challenging market conditions.

DataTribe Fund III is the third seed-stage venture fund from DataTribe, a Fulton, Maryland-based cybersecurity co-building firm that commercializes intelligence community and defense agency technologies for the private sector — an approach the firm describes as the 'reverse In-Q-Tel.' DataTribe was founded to partner with scientists and engineers from U.S. intelligence agencies including the NSA, DHS, and related defense community organizations, providing not only venture capital but a comprehensive co-founder model: approximately $1 million in non-dilutive operational support per company including dedicated office space in its Maryland facility, legal and accounting services, recruiting support, and access to its proprietary network of domain experts across cybersecurity, data science, and national defense. The fund closed at $41 million in June 2025, targeting 8 to 12 seed-stage companies with initial check sizes ranging from $500,000 to $10 million, with approximately half the committed capital already deployed at the time of closing. DataTribe's proven portfolio from prior funds includes notable exits: Dragos (operational technology cybersecurity, valued at $1.7 billion in 2021), ReFirm Labs (IoT firmware security, acquired by Microsoft), Code Dx (application security testing, acquired by Synopsys), and Attila Security (mobile security, acquired by ID Technologies), demonstrating the firm's consistent ability to translate intelligence-community-grade technology into commercially viable and acquirable cybersecurity products.

Deerfield Healthcare Innovations Fund III is the third installment in Deerfield Management's series of venture capital funds dedicated to advancing healthcare. Launched in May 2025, the fund has secured over $600 million in commitments, aiming to invest in promising therapeutics, improvements to healthcare delivery, and paradigm-shifting technologies, including machine learning and artificial intelligence. The fund's strategy leverages Deerfield's collaborations with 29 leading research institutions and nine industry partners. Through its in-house ecosystem, including specialized teams like Deerfield Discovery and Development (3DC) and Deerfield Intelligence, the firm identifies and advances innovative products, services, and technologies. These efforts are often in partnership with Deerfield-founded entities such as Deerfield Catalyst and Genscience. Operating from its twelve-story healthcare innovation campus, Cure, in New York City, Deerfield provides state-of-the-art research laboratories and convening spaces to support health innovators. Consistent with its long-standing practice, a portion of the profits from Healthcare Innovations Fund III not allocated to the fund's limited partners will be donated to the Deerfield Foundation, a not-for-profit organization focused on improving the health of children worldwide.

Diversis Capital Partners I, L.P. is the inaugural institutional fund of Diversis Capital Management, a Los Angeles-based operationally focused private equity firm co-founded in 2013 by Managing Partners Ron Nayot and Kevin Ma. The firm specializes in control investments in lower middle-market software and technology-enabled services companies that require both growth capital and intensive operational transformation — the Diversis model combines 11 dedicated deal professionals with 19 operating partners embedded in the portfolio, creating a differentiated execution capability for companies with $10–60 million in revenue seeking to accelerate growth through product development, go-to-market expansion, and M&A. The fund reached its final close on June 4, 2019 at its hard cap of $255 million — surpassing its $200 million target within six months of launch — with LP commitments spanning endowments, foundations, fund-of-funds, public and private pension plans, family offices, and financial institutions; Evercore Private Funds Group served as placement agent and Latham & Watkins as legal counsel. Portfolio companies from Fund I include Tempo ehf (enterprise HR software), PureCars Technologies (automotive digital marketing), and Blue Software (pharmaceutical labeling, exited to Danaher Corporation), demonstrating Diversis's ability to drive organic revenue growth that has doubled or tripled portfolio company revenues across a diversified software vertical exposure. By 2026, Fund I has entered the divestment phase of its lifecycle with active portfolio company exits underway.

Diversis Capital Partners II, L.P. is the sophomore flagship fund of Diversis Capital Management, a Los Angeles-based operationally focused lower middle-market private equity firm co-founded by Ron Nayot and Kevin Ma. Building on the platform established with Fund I, Diversis II continues the firm's strategy of making control investments in software and technology-enabled services businesses with $10–100 million in revenue, partnering with management teams to deliver transformative organic revenue growth through product development, go-to-market optimization, and strategic M&A — an approach that has historically doubled or tripled portfolio company revenues. The fund reached its final close on September 13, 2021 at $675 million — substantially above its $500 million target and nearly three times the $255 million raised in Fund I — completing in just three months from formal launch, reflecting strong LP demand driven by Fund I's demonstrable performance. Geographic scope expands modestly beyond Fund I's North American core to include selective investments in Europe and Australia, while remaining primarily focused on the deep and fragmented lower middle-market software opportunity in North America. Kirkland & Ellis served as legal counsel and Evercore Private Funds Group as placement agent for the fundraise. Confirmed investors include the Employees' Retirement System of Baltimore County among a broad institutional LP base spanning public and private pension plans, endowments, and family offices.

Diversis Capital Partners III, L.P. is the latest flagship fund from Los Angeles-based Diversis Capital Management, LP, focused on lower-middle market investments in the software and tech-enabled services sectors. The fund successfully closed at its hard cap of $1.2 billion, exceeding its initial $850 million target and bringing the firm’s total assets under management to more than $3 billion. Fund III was significantly oversubscribed, attracting a broad global base of institutional LPs, including public and private pension funds, endowments, foundations, and family offices. Diversis continues to pursue an operationally intensive investment strategy, seeking control positions in companies with strong foundations that can benefit from growth capital, deep operational support, and long-term strategic alignment. The firm emphasizes partnership with founders and leadership teams to unlock scalable growth and build durable market leadership through innovation, AI-driven initiatives, and hands-on transformation. Fund III will target approximately nine to ten platform investments, maintaining typical equity check sizes between $10 million and $150 million. This approach reflects Diversis’s commitment to building a concentrated portfolio that allows for direct operational engagement and measurable value creation. The firm intends to leverage its growing bench of operating partners to deploy best practices across its investments and drive efficiency and profitability. Geographically, the fund will focus primarily on North America, with selective investments in Europe and Australia. The strategy remains sector-focused, particularly within enterprise software and tech-enabled verticals, where recurring revenues, high margins, and resilient valuations continue to offer attractive opportunities even amid broader private equity market challenges. Fund III positions Diversis to deploy capital at scale while maintaining its core discipline of value creation through operational excellence.

Draper B1 Frontier Tech is a venture capital fund focused on high-impact technologies that are reshaping the future, including artificial intelligence, spacetech, and cybersecurity. The fund has raised over 20 million euros, aiming to bridge the gap between Europe and the United States and boost the international expansion of tech companies. Tim Draper, a renowned seed investor, supports this fund, highlighting its strategic importance in the venture capital landscape.The fund has already made initial investments in nine disruptive startups, such as Sycai Medical and Collimate Space. These investments emphasize the fund's strategic orientation towards deep tech with high disruption potential. Draper B1 leverages its extensive experience and the Draper Venture Network to provide startups with necessary tools and networks for scaling globally.

Dynamo Ventures, a Chattanooga-based venture capital firm, has announced the close of its third fund, Dynamo Fund III, at $54 million. This new fund significantly expands upon the firm's initial $18 million Fund I, reflecting a strong commitment to investing in early-stage companies that are innovating within the industrial economy. The fund aims to support founders who are transforming the way goods are produced, transported, and monetized, focusing on sectors where digitization is long overdue. In conjunction with the closing of Fund III, Dynamo executed a secondary transaction providing early liquidity to limited partners in its first fund. Kline Hill Partners acquired a significant stake in Fund I, delivering returns exceeding 4x and placing the fund in the top decile of its vintage. This move not only validates the strength of Dynamo's early investments but also demonstrates the firm's commitment to delivering value to its investors. Dynamo's investment strategy continues to focus on early-stage companies at the pre-seed and seed levels, particularly those operating in manufacturing, logistics, transportation, and commerce infrastructure. The firm brings deep operational expertise and a global network to its portfolio, which includes companies like Stord, Sennder, Gatik, and Raft. With the new fund, Dynamo is well-positioned to continue backing ambitious founders who are redefining how industries operate at scale.

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 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 EV II fund is a 70m€ Venture Capital fund that invests in innovative companies in Series A & B stage. The fund has a focus on Fintech and Beyond Banking sectors, including financial technology, RegTech, cybersecurity, mobility, energy, agriculture, and more. The fund targets investments in Central and Eastern Europe, which is an emerging startup ecosystem with amazing talent and founders but lacks the attention and funding resources of more mature regions. The fund has a commitment from RBI, Raiffeisen-Holding Niederösterreich-Wien, and Raiffeisen-Landesbank Steiermark, and has previously invested in a portfolio of 15 companies, including investment banking, e-signature & identification, and RegTech companies, among others. The main goal of Elevator Ventures is to earn a financial return for its investors. In addition, they want to contribute to the strategy of the banks and engage with high-growth companies whose business models might be changing the industry dynamics in the mid- to long term. The fund also cooperates with international co-investors and has decided to invest in a Fund of Funds and other VC funds alongside Raiffeisen-Landesbank Steiermark, and Raiffeisenlandesbank Oberösterreich. The fund also believes in the transformative power of technological shifts that enable high-growth companies to drive customer value and reshape industries. They are driven by a sector focus that encompasses not only Fintech but also Beyond Banking, which includes platform-based business approaches in various service areas. Elevator Ventures also plans to continue to promote innovation in the region with the backing of its LP base.

Eden Capital Partners II is a private equity fund managed by Eden Capital and located in New York. The fund has a fundraising target of $400 million. The fund invests in the United States, Canada and Western Europe. The fund targets investments in the IT consulting, outsourcing, healthcare, software, business product and service sectors. Eden Capital deploys $20 - $75 million of equity per transaction with the ability to invest below those thresholds for add-on acquisitions. They seek majority, or substantial minority positions with control rights, through leveraged buyouts, management buyouts, and growth equity structures. Eden invests in companies in United States, Canada, Western Europe with enterprise value smaller than $150 million, EBITDA between $3 and $15 million. As of April 2024, the fund has raised $96.4 million, according to regulatory filings with the SEC.

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 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.

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

Endeit Capital III (legal entity: Endeit Fund III) is the third flagship growth equity fund of Endeit Capital, an Amsterdam and Hamburg-based venture capital firm specialising in European internet and technology scale-ups. The fund held its final close in May 2022 at €303 million, exceeding its original hard cap as a reopening to institutional investors added a further €50 million above the initial target of €250 million. KfW Capital, the German state-owned promotional investment bank, served as an anchor investor alongside German institutional investors committing €50 million in aggregate. The fund attracted over 75 backers including 12 portfolio company founders, underscoring Endeit's reputation within the European startup ecosystem. Endeit Capital III targets Series B-stage and growth-stage technology companies with proven business models and international expansion potential, operating in sectors including Climate Technology, Fintech, Future of Work, Sales Enablement, Security, and AI-driven enterprise software. The fund applies Endeit's established approach of partnering intensively with management teams to support internationalisation, particularly within the DACH region and the Nordics — geographies where Endeit has built one of Europe's deepest operational networks. The firm's expansion to a Stockholm office, opened alongside the Fund III close announcement, reflects this Nordic commitment. Portfolio investments from Endeit Capital III include Parcellab (supply chain communication software), Sharpist (digital leadership coaching), Stravito (enterprise knowledge management), and Amberscript (AI-powered transcription and captioning). Endeit Capital, founded in 2006 and descended from European media group Endemol, manages the fund from offices in Amsterdam, Hamburg, and Stockholm. Fund III is positioned for investors seeking concentrated exposure to high-growth European digital businesses at the inflection point between early traction and global scale.

Endeit Fund III is the third growth-equity fund raised by Endeit Capital, the Amsterdam and Hamburg-headquartered late-stage venture and growth capital firm active across seven European countries. Launched in April 2021, the fund targets high-growth Series B-equivalent technology scaleups across the Netherlands, Germany, the Nordic markets, and other Western European countries, providing equity capital in the €7–€15 million per ticket range to founders seeking their first institutional growth-stage commitment. The fund's investment thesis centres on three pillars: deep expertise in digital transformation businesses, a high-conviction portfolio with fewer and more intensively supported positions than typical early-stage funds, and a co-investor network of more than 75 entrepreneur limited partners who bring domain knowledge, customer access, and follow-on capital. Endeit Capital's predecessor vehicles had backed companies including Otrium, Sendcloud, and Springbok Agency, and the Fund III portfolio extends that B-stage, operator-network playbook across media-tech, e-commerce infrastructure, and marketplace businesses. Endeit Fund III recorded its first close at €250 million in April 2021, then re-opened the fundraise to accommodate institutional demand, ultimately reaching a final close of €303 million in May 2022—a 21% upsizing driven by an anchor commitment from Germany's KfW Capital under the ERP/Zukunftsfonds-Wachstumsfazilität programme. The fund's structure as Endeit Fund III Coöperatief U.A. reflects Endeit's Dutch cooperative legal model, providing flow-through tax treatment favourable to Dutch and German investors and consistent with the firm's Benelux-Germany founding market.

Eoniq Mediterranean Seed Fund I FCRE S.A. is an early-stage venture capital fund registered with Spain's Comisión Nacional del Mercado de Valores (CNMV) and managed by Eoniq.fund, a Madrid and Seville-based venture capital manager. The fund targets pre-seed and seed-stage technology startups founded or led by Spanish entrepreneurs, with particular focus on founders operating outside the major hubs of Madrid and Barcelona, supporting emerging innovation ecosystems across Spain and the broader Mediterranean region. The FCRE S.A. legal structure is a Spanish closed-end venture capital vehicle authorized under European Alternative Investment Fund Manager regulations, providing institutional governance standards aligned with AIFMD requirements. Eoniq Mediterranean Seed Fund I pursues a generalist technology venture strategy at the earliest stages of company formation, investing in startups that demonstrate initial product-market fit through a minimum viable product and early traction metrics. The fund takes an active value-add approach, providing portfolio companies with access to the Eoniq network of experienced operators, domain advisors, and follow-on institutional investors to support internationalization and growth beyond the Iberian market. With approximately 50 portfolio companies invested from Fund I, the portfolio reflects a diversified early-stage approach spanning consumer technology, enterprise software, digital health, and marketplace business models. The Eoniq investment team brings a verifiable pre-fund track record of over 60 individual angel and pre-institutional investments prior to raising Fund I, with reported returns of 6.36x and an IRR exceeding 35%. This track record reflects demonstrated ability to identify and back exceptional founding teams at the earliest stages across Spain's emerging startup ecosystem. The CNMV registration and regulated fund structure attract co-investors and institutional limited partners seeking controlled-risk exposure to the Spanish and Mediterranean venture ecosystem through a supervised investment vehicle.

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.

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.

Essence VC Fund IV is the fourth dedicated fund vehicle managed by Essence Venture Capital, a Seattle-based venture capital firm founded in 2019 by Timothy Chen. The fund reached a final close of $41 million in September 2025, representing a 52% increase in fund size over the prior vintage — Essence VC Fund III, which closed at $27 million in 2023. Notably, Fund IV was raised entirely on the strength of Chen's track record and LP relationships, without a formal fundraising roadshow, pitch deck, or placement agent engagement — an unusually lean process reflecting deep trust from the firm's existing investor network. Essence VC employs a high-conviction early-stage strategy focused on deeply technical startups founded by first-time founders. The firm's investment thesis centers on pre-seed and seed-stage companies in the United States building foundational infrastructure for artificial intelligence, computing platforms, and developer tooling. Rather than backing incremental improvements to existing software stacks, Essence VC seeks companies redefining underlying architectures — typically small teams with deep technical expertise and early signs of organic developer adoption. Typical commitments are concentrated early-stage checks, with the firm selectively co-investing in follow-on rounds for its highest-conviction portfolio companies. Essence VC's portfolio includes some of the most widely recognized companies in AI infrastructure and developer tooling, including Modal (cloud compute for AI workloads), Ollama (local large language model runtime), Warp (AI-native terminal), and Apollo (graph query infrastructure). These portfolio companies have collectively attracted hundreds of millions of dollars in follow-on institutional capital from top-tier Silicon Valley venture firms. Fund IV's $41 million closing positions Essence VC to maintain its 15–20 company portfolio model while scaling check sizes as the firm enters its most mature fundraising cycle to date.

Eurazeo Growth Fund IV is a European growth‑phase private equity vehicle co‑managed by Eurazeo and Idinvest Partners and headquartered in Paris. It focuses on backing scale‑up companies through tickets of €25–100 million per investment. The fund invests in digital transformation leaders across fintech, enterprise software, digital health, marketplaces, cybersecurity, and infra‑tech. Its first investment was in Cognigy—a business‑productivity software firm—on June 11, 2024, signaling a strong entry into deep tech and AI opportunities. By end‑2024, EGF IV achieved ~5% gross value uplift from its early portfolio, aligned with Eurazeo’s performance track record in growth funds, and continues to leverage the firm’s operational and international ecosystem to support expansion and exits across European markets.

Eurazeo PME III is the third fund managed by Eurazeo PME, the small-and-medium enterprise (SME) investment division of Eurazeo SE (EPA: RF), a leading French listed private markets group with over €35 billion in assets under management. The fund closed in 2017 with €658 million in total committed capital, comprising approximately €408 million from Eurazeo's own balance sheet and €250 million from third-party limited partners including institutional investors—asset managers, insurance companies, and family offices—that had previously backed the predecessor Eurazeo PME II fund (€520 million, 2015 close). The close marked an important step in Eurazeo's strategy of growing its third-party asset management platform alongside its proprietary capital. Eurazeo PME III targets controlling-stake buyout investments in sector-leading French small and medium-sized enterprises, with equity tickets of €15–75 million in companies carrying enterprise values of €15–75 million and EBITDA of €10–20 million. The fund focuses on founder-owned or family-owned businesses in France with demonstrable international expansion potential, partnering with management teams to accelerate organic and acquisition-led growth across European markets. Rather than concentrating on a single sector, Eurazeo PME applies a generalist mid-market approach spanning business services, technology-enabled industries, healthcare services, and consumer verticals with strong recurring revenue dynamics. Eurazeo PME III was fully invested ahead of the subsequent Eurazeo PME IV fundraise (€1,049 million, final close July 2022). Portfolio exits included Intech Médical (sold to Montagu PE, approximately 3x money multiple). In 2022, Eurazeo completed a structured secondary transaction in which approximately 50% of its balance sheet stakes in both PME III and PME IV were divested, reducing concentration while validating portfolio valuations. As of 2025, the fund is in a harvesting and tail-end phase, with residual portfolio companies under active exit preparation or secondary arrangements administered by Eurazeo PME.

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.

Eurazeo PME V is the fifth fund in Eurazeo's lower mid-market private equity series, managed by the Eurazeo Elevate investment team — a dedicated unit within Eurazeo's broader platform comprising approximately 30 investment professionals based in Paris, London, Madrid, and Munich. The fund reached a first close exceeding €1 billion in 2025, with international investors representing 60% of total commitments, and was seeded with two initial portfolio investments at close. Eurazeo, one of Europe's leading listed private equity firms with over €35 billion in assets under management, provides the Elevate team with institutional infrastructure, cross-platform co-investment capacity, and ESG resources. Eurazeo PME V targets high-quality, fast-growing lower mid-market technology and business services companies across Europe, with a particular focus on businesses generating €5 million to €30 million in EBITDA with strong recurring revenue profiles and identifiable international expansion opportunities. The fund pursues control-oriented buyout transactions, applying Eurazeo's operational expertise in digital transformation, buy-and-build strategies, and cross-border expansion to accelerate portfolio company growth. The Elevate team's sector concentrations in enterprise software, tech-enabled services, and professional services reflect their deep expertise in European lower mid-market deal flow. Building on the strong performance of PME I through PME IV, the Eurazeo PME series has established a track record of partnering with founder-led and family-owned businesses and supporting their transition to institutional ownership. Fund V opened with portfolio investments including OMMAX, a Munich-based data-driven marketing consultancy acquired in partnership with Singulier, and Nextron Systems, a European cybersecurity threat detection platform. With a target of 15 or more portfolio companies, PME V is positioned to capitalize on the continued fragmentation of the European lower mid-market technology and services sector.

Eurazeo Smart City Fund II is a dedicated venture capital fund managed by Eurazeo, the Paris-headquartered global investment group with over €39 billion in assets under management across private equity, growth, venture, real estate, infrastructure, and private debt strategies. The fund held its final and third close on 18 July 2023 at €400 million — one of Europe's largest dedicated smart city and climate technology funds of its vintage. It succeeds Eurazeo's first Smart City Fund, a 2016 vintage that generated five exits — Volta Charging, Bird, Forsee Power, Glovo, and Grab — demonstrating the strength of the thesis and anchoring LP confidence in the platform. The fund invests in high-growth technology companies building scalable solutions for sustainable cities. Target themes span renewable energy generation and distribution, advanced electric mobility, climate-smart manufacturing, sustainable logistics, and built environment technologies with verifiable carbon-reduction impact. Investment tickets range from €3 million to €40 million per company, with a target portfolio of 20–25 companies deployed over a four-year investment period. The fund's impact framework monitors carbon savings and removal through operational KPIs aligned with five-year environmental objectives, appealing to both financial and sustainability-focused limited partners. The fund's LP base of 23 institutional investors reflects exceptionally broad geographic and institutional diversity. Sovereign wealth funds and development finance institutions — the European Investment Fund (EIF), Bpifrance, PFR, FRC, and the Korean Venture Investment Corporation (KVIC) — anchor the capital base. Eighteen strategic corporations from Europe and Asia co-invest alongside them, including EDF, TotalEnergies, Stellantis, Hager Group, ZF, RATP, Mainova, SP Group, Banpu, and Jardine Pacific, providing both capital and unique market access for portfolio companies. A select group of family offices rounds out the LP roster.

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.

Expedition Growth Capital Fund III is the third fund raised by Expedition Growth Capital, a London-based software-specialist growth equity firm founded in 2020. The fund closed at $375 million in December 2025 in a first-and-final close completed in approximately four months, with the raise oversubscribed and more than half of commitments sourced from US investors including leading university endowments and foundations. The fund is domiciled in Jersey, Channel Islands, and managed by a team based in London. Expedition Growth Capital Fund III targets rapidly growing European and Israeli software companies that have built high-quality products and substantial customer bases without venture capital backing — a distinctive mandate focusing on profitable, founder-led businesses at the inflection point where institutional capital can accelerate international expansion, product development, or buy-and-build M&A. The fund invests primarily in B2B software segments including SaaS, vertical software, and enterprise technology, where Expedition has developed deep sector expertise through its prior funds. The strategy occupies a differentiated space between early-stage venture capital and large-cap buyout, targeting businesses that have outgrown bootstrap and angel stages but seek growth capital with institutional support rather than the dilution of traditional VC financing structures. Expedition Growth Capital established its franchise with two prior funds and built a portfolio of European software leaders applying its disciplined investment thesis. Fund III's oversubscribed raise in under four months signals strong LP confidence in the team's ability to source and create value in software-focused growth situations. The firm's US institutional investor base — comprising leading endowments and foundations — validates the quality of its investment approach and portfolio performance across prior vintages. Expedition's focus on capital-efficient, profitable software businesses positions the fund to generate returns uncorrelated with traditional VC risk profiles while accessing Europe's growing enterprise software market.

Expedition's second fund, Expedition Growth Capital II, closed at the hard cap of €250 million and saw commitments from global investors including university endowments, charitable foundations, fund of funds, software entrepreneurs, and family offices. The fund's target investments are in European software companies, and their strategy involves providing capital for growth and shareholder liquidity, as well as operational expertise to bootstrapped founders. Their first fund portfolio comprises 10 bootstrapped software companies that have more than doubled revenues in a capital efficient manner since Expedition’s initial investment, indicating their focus on companies with strong growth potential. Fund counsel for Expedition Growth Capital II were Akin Gump Strauss Hauer & Feld and Carey Olsen. Expedition Growth Capital focuses on partnering with ambitious, rapidly growing European software companies that have achieved significant traction without external funding. They target minority growth investments, providing shareholder liquidity and growth capital to highly resilient, founder-led software companies. Their companies are typically on a path to category leadership with a use rather than a need for capital.

The Fondo de Co-inversión (FOCO), or Co-investment Fund FOCO, is a €2 billion public co-investment vehicle created by the Spanish government and managed by COFIDES (Compañía Española de Financiación del Desarrollo). The fund was established under Royal Decree Law approved on December 27, 2023 and officially launched in April 2024, mobilizing capital from the European Union's Next Generation EU instrument to catalyze private foreign investment into Spain's strategic sectors. FOCO's investment mandate focuses on equity and quasi-equity co-investments alongside foreign strategic partners, targeting transactions between €10 million and €150 million per operation. The fund operates exclusively as a minority investor, with total public capital capped at 49% of any given operation, and always co-invests with a foreign partner. COFIDES can deploy capital directly into companies or through financial vehicles and funds. Target sectors include renewable energy and energy efficiency, decarbonization, electric mobility, digitalization, sustainable infrastructure, biotechnology, and sustainable agriculture. FOCO is structured as a permanent revolving fund — all investment returns are reinvested to extend the fund's investment capacity over time. Among its initial approved investments, the fund committed capital to SWEN Capital Partners for a biomethane fund (€50 million) and Proeduca for education (€90 million), with a total initial portfolio of €220 million across three transactions approved in its first operational months.

FP Credit Partners II, L.P. is the second opportunistic credit fund managed by Francisco Partners, a leading technology-focused investment firm headquartered in San Francisco, California, with over $50 billion in total assets under management. The fund raised $2.23 billion from institutional investors and is now fully closed, structured as a Cayman Islands limited partnership. FP Credit Partners II represents the second vintage of Francisco Partners' credit investment program, building on the strategy established by the firm's inaugural credit vehicle. FP Credit Partners II employs an opportunistic credit approach focused on the technology and technology-enabled services sector, applying Francisco Partners' deep technical expertise and operational knowledge to credit underwriting and portfolio management. The fund invests across a range of instrument types including senior secured loans, mezzanine debt, structured equity, and convertible notes, addressing financing needs that are underserved by generalist credit investors who lack the sector expertise to accurately price technology-specific risks. Francisco Partners' ability to assess software revenue quality, competitive moat depth, technology stack defensibility, and market positioning provides a material underwriting advantage in identifying credit situations where risk is mispriced relative to potential recovery. FP Credit Partners II closed at $2.23 billion, demonstrating substantial institutional appetite for technology-focused credit strategies and validating Francisco Partners' approach to applying private equity sector expertise to credit investing. The fund is now closed and in the investing and harvesting phase, having deployed capital across a portfolio of technology and technology-enabled businesses globally. The success of FP Credit Partners II directly facilitated the launch of FP Credit Partners III at $3.3 billion — a 48% step-up reflecting strong LP confidence in the franchise. Francisco Partners' broader platform provides credit portfolio companies with access to operational resources, advisory networks, and potential equity paths unavailable through standard credit channels.

FP Credit Partners III, L.P. is the third opportunistic credit fund managed by Francisco Partners, a San Francisco-based technology-focused private equity and credit investment firm managing over $50 billion in assets. The fund closed at $3.3 billion in January 2025, representing a 48% step-up from its predecessor FP Credit Partners II ($2.23 billion) and reflecting growing institutional appetite for technology-focused credit strategies. Structured as a Cayman Islands limited partnership, FP Credit Partners III deploys capital globally across technology and technology-enabled business sectors through flexible credit instruments. FP Credit Partners III leverages Francisco Partners' deep sector expertise across its entire platform to invest in a broad range of credit structures — from traditional senior secured loans and mezzanine debt to flexible capital solutions including convertible notes, structured equity, and hybrid instruments. The fund's opportunistic mandate targets technology, software, and technology-enabled businesses where Francisco Partners' operating networks, sector knowledge, and technical expertise provide a differentiated edge in credit underwriting and portfolio monitoring. This includes complex situations such as stressed credits, growth capital, rescue financing, and sponsor-backed capital solutions where generalist credit providers lack the domain depth to accurately assess software-specific risk factors such as recurring revenue quality, churn dynamics, and competitive moat sustainability. FP Credit Partners III's $3.3 billion close reflects strong LP demand for Francisco Partners' credit franchise, which was established with the firm's inaugural credit vehicle and scaled through FP Credit Partners II. The fund builds on a track record of deploying flexible capital alongside the firm's flagship buyout strategies, giving the credit team proprietary deal flow, operational insight into borrowers, and deep relationships throughout the technology ecosystem. Francisco Partners manages assets across both equity and credit in the technology sector, providing credit portfolio companies with potential equity upgrade paths and operational support resources that are unavailable through traditional lending channels.

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.

Falfurrias Growth Partners I (FGP I) is the inaugural growth equity fund of Falfurrias Management Partners (FMP), the Charlotte, North Carolina-based lower middle-market private equity firm founded in 2006 by Hugh McColl, Marc Oken, and Ed McMahan. FGP I closed at its hard cap of $400 million in December 2023, oversubscribed and anchored by leading global pension plans, asset managers, insurance companies, endowments, foundations, family offices, and high-net-worth investors. The general partner committed $45 million alongside limited partners. The fund employs FMP's proprietary "Industry First" methodology — identifying transformational market themes before targeting specific companies — applied to a lower EBITDA band below FMP's traditional Falfurrias Capital Partners flagship series. FGP I targets software and technology-enabled businesses in business services, fintech, information services, data analytics, marketing services, and vertical software with $1–$7 million in EBITDA and $5 million or more in annual recurring revenue. Initial check sizes range from $20–$50 million per investment, structured as control buyouts or selective minority stakes. The investment committee is led by Cam Dyer and Michael Clifton, both former Carlyle Group Partners with over 20 years of technology investing experience. FGP I operates as a distinct vehicle from FMP's flagship Falfurrias Capital Partners (FCP) buyout series, which has deployed approximately $4 billion across seven core funds. Where FCP targets established lower middle-market businesses across sectors, FGP I concentrates exclusively on growth-stage software and technology-enabled services companies at a smaller enterprise scale, offering institutional investors differentiated access to the convergence of software and business services in the US lower middle market.

First Round Capital X is the tenth flagship venture fund of First Round, focused on early-stage technology, AI, fintech, consumer, web3, and adjacent sectors. It aims to back visionary founding teams with differentiated insight into market opportunities. The fund’s strategy is hands-on: investing at seed and Series A stages, embedding operational support, recruiting, product & go-to-market growth, and leveraging First Round’s network and resources to accelerate scaling. The target fund size is USD 500 million, reflecting significant ambition and fundraising momentum. First Round X builds on the firm’s deep prior experience and brand to source high-potential deals and back breakout outcomes. While the primary focus is U.S.-based startups, the fund remains open to globally distributed or cross-border teams that align with its sector themes and market potential. The objective is differentiated returns via early-stage exposure backed by strong support and conviction.

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.

Fitz Gate Ventures Fund III is the third venture capital fund of Houston-based Fitz Gate Ventures, co-founded by Jim Cohen and Mark Poag, who bring combined backgrounds from investment banking, corporate law, private equity, and software entrepreneurship. The fund completed its close in December 2025, with Rice University's Office of Innovation serving as anchor limited partner — deepening the firm's institutional relationship with one of its home universities and validating its university technology transfer thesis. Building on the deep-tech investment strategy refined across Funds I and II, Fund III concentrates on seed-stage hard tech and deep tech companies commercialising intellectual property from elite US research universities, including Princeton, Yale, UCLA, UC Berkeley, Virginia Tech, Baylor College of Medicine, and Vanderbilt University. The fund targets initial check sizes of $500,000 to $1 million with reserves for follow-on participation. Priority sectors include semiconductors and photonics, metamaterials, quantum computing, and other university-derived technologies with high barriers to replication. Fitz Gate deploys capital as lead investor, co-investor, or independent backer depending on deal structure. Fitz Gate's prior funds each produced one unicorn exit: Fund I's seed investment in Quantum Circuits, Inc. led to a $550 million acquisition by D-Wave Systems (QBTS). Fund II's seed investment in Celestial AI — a photonic fabric startup — resulted in a sale to Marvell Technology (MRVL) for up to $5.5 billion, announced in December 2025. These back-to-back unicorn exits underpin Fund III's thesis that the convergence of university IP and patient seed capital can produce outsized returns from deep science.

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.

Five Elms VI is the sixth and largest fund raised by Five Elms Capital, a Kansas City, Missouri-based growth equity firm partnering exclusively with high-growth, founder-led software companies. The fund completed its final close in October 2024 at $1.1 billion — the largest fund in the firm's 18-year history — bringing Five Elms' total assets under management above $3 billion. The oversubscribed offering drew strong participation from existing and new limited partners, meaningfully expanding Five Elms' global investor base. Five Elms VI employs a global growth equity strategy targeting software businesses with proven business models, differentiated products, and strong customer loyalty positioned for meaningful scale. The firm focuses on companies at growth inflection points requiring expanded leadership teams, scalable operations, and enhanced product capabilities to reach category-defining status. Five Elms' 80-person platform includes 17 in-house operators with expertise in executive recruiting, go-to-market, finance, customer success, product development, and AI enablement, providing hands-on support beyond capital. As of the fund's close, Five Elms VI had already deployed into four platform investments: Magma Math (AI-enabled digital learning), RoomPriceGenie (hotel revenue management), Pathify (higher education student experience), and Motivity (behavioral health practice management). Founded in 2006, Five Elms Capital has backed more than 70 software companies globally. Evercore Private Funds Group served as placement agent and Foley & Lardner LLP as fund formation counsel.

Flashpoint Direct Secondary Fund II is the second vehicle of Flashpoint's dedicated Direct Secondary strategy and the firm's eighth fund overall, launched in early 2026 with a target size of US$75–100 million. Managed by Flashpoint Direct Secondary, the specialist secondary arm of London-based technology investment firm Flashpoint, the fund addresses growing demand for liquidity solutions within the maturing European and Israeli technology ecosystem. The fund provides secondary liquidity to early investors, employees, and founders in established, high-growth technology businesses—predominantly those originating from Europe and Israel—without requiring a full company sale or IPO, enabling sellers to monetize long-held positions while Flashpoint gains exposure to mature, revenue-generating businesses. The fund focuses exclusively on direct secondary transactions: purchasing equity stakes directly from shareholders of individual portfolio companies rather than acquiring LP interests in other funds. Target companies typically generate $20 million or more in annual recurring revenue, have achieved market leadership in their respective technology verticals, and are at a stage where traditional primary VC financing is no longer the dominant capital need. The fund is led by General Partner Michael Szalontay and Partner Lukas Harustiak, specialists in the European and Israeli secondary market. Its first close in January 2026 was supported by twenty limited partners, including international family offices and high-net-worth individuals, many of whom were returning investors from the predecessor Flashpoint Secondary Fund I. The predecessor Flashpoint Secondary Fund I, launched in 2021 and anchored by the Scheinberg family office, validated the direct secondary thesis by completing ten investments in the European and Israeli tech ecosystem, including Preply (which achieved unicorn status in late 2025), Printify (unicorn late 2024), Chess.com, Travelier, AirHelp, K2View, and Booksy. The strong performance trajectory of these portfolio companies established Flashpoint Direct Secondary Fund II's position as the natural successor, with a modestly increased target reflecting both the maturation of the direct secondary market and the fund's well-established track record attracting significant repeat investor commitment.

Flashpoint Secondary Fund I is the inaugural vehicle of Flashpoint's Direct Secondary strategy, launched in 2021 as a Jersey Private Fund by the London-headquartered technology investment firm Flashpoint. The fund was designed to provide secondary liquidity to early investors, employees, and founders in established technology companies founded by teams originating from Europe and the Middle East and North Africa (MENA) region, at a stage where traditional VC exit pathways—IPOs or strategic sales—remained years away. Anchored by the Scheinberg family office, the fund pioneered a specialist niche of direct secondary transactions within the European-Israeli tech ecosystem, establishing Flashpoint as one of the first institutional firms to build a dedicated direct secondary strategy for this geographic and sector focus. Unlike traditional LP-interest secondary funds, Flashpoint Secondary Fund I focused exclusively on purchasing equity directly from individual shareholders of portfolio companies rather than acquiring interests in other funds—enabling precise selection of specific high-quality businesses with proven revenue traction and market leadership. Target companies had $20 million or more in annual recurring revenue, were backed by institutional venture investors, and operated primarily in B2B software, edtech, marketplace, and technology-enabled services sectors. The fund's approach allowed early shareholders to monetize long-held equity positions without forcing a full company sale, while positioning Flashpoint as a supportive long-term partner aligned with continued growth. Flashpoint Secondary Fund I completed ten investments across its deployment period, building a concentrated portfolio of European and Israeli technology leaders including Preply (which achieved unicorn status in late 2025), Printify (which reached unicorn valuation in late 2024), Chess.com, Travelier, AirHelp, K2View, and Booksy. The strong performance trajectory of these portfolio companies—including multiple unicorn achievements within the fund's holding period—validated the direct secondary thesis and established the foundation for the successor Flashpoint Direct Secondary Fund II, launched in early 2026 with a US$75–100 million target and a first close from twenty limited partners including many returning investors.

Flashpoint Venture Growth Fund IV is the fourth flagship venture capital fund raised by Flashpoint (formerly Flashpoint Venture Capital), an international technology investment manager headquartered in London with additional offices in New York, Tel Aviv, and Riga. Founded in 2012, Flashpoint manages approximately $600 million in AUM across eight funds spanning three strategies: Venture Growth, Growth Debt, and Direct Secondary. Fund IV was launched in Q4 2024 and, as of a November 2024 SEC Form D filing, had raised $46.65 million from 30 investors against a stated total offering amount of $200 million. Fund IV concentrates on Series A and growth-stage B2B software companies founded by Israeli and Eastern European entrepreneurs, with a global commercial footprint primarily targeting the United States and Western European markets. Preferred sectors include AI, fintech, cybersecurity, enterprise software, EdTech, insurtech, and eCommerce. The fund's investment criteria require companies to have $1M-$5M in ARR and demonstrate 2x or greater year-over-year growth. Initial check sizes range from approximately $1M to $10M, with follow-on capacity up to $30M, targeting a 5%+ ownership stake and typical hold periods of 6-10 years. Flashpoint's venture growth track record spans three prior funds. Fund II reached approximately $57M. Fund III closed at $102M in August 2022 — the firm's first close with an institutional LP — and included investments in Guesty, Preply, Printify, OfficeRnD, K2View, Chess.com, and Clausematch. The firm has recorded 28 exits with over $250M distributed to LPs. Fund IV's known early portfolio includes DeepKeep (AI security), Rep AI (eCommerce AI), Qase (software testing), Numica, Kaiko Systems, and Vidext, with five investments made as of July 2025.

Fonds Impulsion is a CAD $200 million venture capital fund managed by Investissement Québec, a Quebec provincial government-owned investment institution headquartered in Montreal. Launched in October 2025, the fund consolidates capital from the former Impulsion PME program—suspended on 12 November 2024—into a dedicated pre-seed and seed investment vehicle. At launch the fund comprised approximately CAD $65 million already deployed in Impulsion PME portfolio companies and approximately CAD $135 million available for new investments. An additional CAD $50 million from the SQRI2 2022-2027 envelope announced in Quebec's 2025-2026 Budget Plan contributed to the total capitalization. Fonds Impulsion invests in innovative Quebec-based technology companies at the pre-seed and seed stages. Investissement Québec typically commits between CAD $250,000 and CAD $2 million per company in exchange for equity stakes of 5% to 20% of capital. Over a planned four-year deployment horizon, the fund targets support for approximately 60 young technology companies distributed across the province of Quebec. Eligible companies benefit not only from capital but from operational guidance, as incubators, accelerators, and industrial research sector groupings assist Investissement Québec in evaluating candidates and ensuring alignment with specialized support organizations and value-added co-investors. The fund continues the mission of the Impulsion PME program, which supported more than 60 early-stage technology companies across Quebec during its operational period. Fonds Impulsion represents Investissement Québec's flagship early-stage technology investment initiative, reinforcing the province's commitment to nurturing a deep ecosystem of innovative startups with high growth potential.

FORWARD.one Fund III is a €200 million industrial technology venture fund aiming to back Europe’s next generation of breakthrough hardware and deeptech companies. With a hard cap set at €250 million, the fund will deploy initial tickets in the range of €1–3 million, reserving additional capital for follow‑on financing. The fund intends to build a concentrated portfolio of 25–30 early‑stage companies, focusing on domains such as semiconductors, robotics, sensors, advanced automation, climate tech, and industrial innovation. Its geographic focus includes the Benelux, Germany/Austria/Switzerland (DACH), the Nordics, and other European innovation hubs. FORWARD.one brings a hands‑on, commercialization‑oriented investment style. Its value proposition is rooted in bridging the “deeptech gap” by combining technical domain expertise, rapid execution, and industry networks to help founders transform advanced research into scalable products for real markets. The fund also builds on FORWARD.one’s performance track record: Fund I (launched ~2018) delivered a net IRR of ~41 % and 2× DPI, with exits such as Sensorfact (acquired by ABB) and Mayht (acquired by Sonos). Fund II (launched ~2021, ~€145 million) is mid‑deployment, targeting similar sectors. With Fund III, the firm aims to scale its backing of Europe’s industrial tech champions and deliver strong returns for LPs.

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

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.

G Squared VII LP is the $2 billion seventh flagship fund by G Squared, a global venture capital firm. This marks a significant increase from its previous fund, G Squared VI, which closed at $1.1 billion in 2024. The firm continues its strategy of investing in growth-stage technology companies through both primary and secondary transactions, providing capital and liquidity solutions to dynamic tech enterprises and their stakeholders. With a history of backing companies like Airbnb, Coursera, Instacart, and Spotify, G Squared focuses on sectors such as SaaS, fintech, insurtech, mobility, and consumer internet. The firm operates globally, with offices in Chicago, San Francisco, Zurich, and Miami, and has invested in over 130 portfolio companies since its inception in 2011. G Squared's investment approach addresses the evolving needs of private companies that are staying private longer, requiring both growth capital and liquidity for early investors and employees. By participating in primary and secondary markets, including structured primaries and employee tenders, G Squared aims to support companies throughout their lifecycle, offering a differentiated strategy compared to traditional venture capital firms.

GP Bullhound Fund VI is the sixth flagship venture fund raised by GP Bullhound Asset Management Ltd., the investment arm of GP Bullhound — a global, independent technology investment bank founded in London in 1999 by Hugh Campbell, Per Roman, and Manish Madhvani. Rebranded Bullhound Capital for the fund management activities, the firm manages over EUR 1 billion in assets across its fund series and has 25 years of track record backing category-defining technology companies. The Fund VI general partner entity, GP Bullhound Fund VI GP Sarl, was registered in Luxembourg in April 2022, and the fund has been actively deploying capital since 2022-2023 in growth and late-stage technology companies across Europe and North America. GP Bullhound Fund VI targets the AI-led software revolution, concentrating capital on later-stage venture and growth investments in software businesses applying artificial intelligence to solve real-world operational challenges. The fund makes initial equity tickets of approximately EUR 10-30 million per company and targets a portfolio of roughly 10-12 holdings per fund cycle. Geographic emphasis is placed on the UK, Sweden, Spain, Germany, France and the United States. The fund is backed by institutional investors including the European Investment Fund (EIF), Luxembourg Future Fund 2 (LFF2/SNCI), and Germany's ERP/EIF Growth Facility. GP Bullhound's investment track record spans more than 25 years and includes early and growth-stage positions in category leaders such as Spotify, Klarna, Revolut, Slack, Unity, Discord, DuckDuckGo, Patreon, HackerOne, and EcoVadis. Notable fund-level exits include Spotify (IPO), Slack (acquired by Salesforce), LeoVegas (acquired by MGM), and Quixel (acquired by Epic Games). Fund V closed at its hard cap of EUR 300 million in October 2021 with 38.8% net IRR. Fund VI builds on this track record with reported investments including Sesame HR, Mentimeter, Sanity ($85M Series C May 2025), LeoLabs, Q-CTRL, EcoVadis, Quantum Systems (EUR 20M), and d-Matrix (2025).

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.

General Catalyst's Customer Value Fund (CVF) is a $604 million venture capital vehicle that extends the firm's investment strategy into non-dilutive growth capital, offering post-product-market-fit technology companies an alternative to traditional equity rounds. Established by General Catalyst—one of the leading venture capital firms in the United States with a long track record backing transformative technology companies including Airbnb, Snap, and Stripe—the CVF targets high-growth companies that have demonstrated repeatable customer acquisition metrics and seek to scale aggressively without additional equity dilution. The CVF operates under a distinctive financing model: it funds sales and marketing activities for technology companies that have achieved product-market fit, with repayment structured to track revenue generated from the funded customer acquisition activities, subject to a capped return to General Catalyst. This approach positions the CVF at the intersection of venture capital and revenue-based finance, targeting growth-stage and late-stage companies with strong unit economics and proven go-to-market playbooks. Portfolio companies range across sectors including fintech, remittance platforms, and enterprise software. California Public Employees' Retirement System (CalPERS) is among the fund's four institutional limited partners, reflecting pension-grade confidence in the strategy's risk-adjusted return profile. General Catalyst subsequently launched a successor vehicle, GC Customer Value Fund II, further validating institutional appetite for this capital structure. The fund remains active and continues to build its portfolio, offering founders flexible, non-dilutive capital precisely calibrated to accelerate customer acquisition at scale.

General Catalyst’s Customer Value Fund (CVF) is an innovative financing vehicle designed to provide non-dilutive capital to technology companies aiming to scale their customer acquisition efforts. Unlike traditional equity or debt financing, CVF structures its investments to align repayment with the revenue generated from the funded sales and marketing activities, offering a capped return to General Catalyst. This approach allows companies to preserve equity while accelerating growth. The fund targets companies that have achieved product-market fit and possess predictable customer acquisition metrics. By treating sales and marketing expenditures as assets, CVF enables businesses to invest in growth without the typical risks associated with fixed debt repayments or equity dilution. General Catalyst assumes the downside risk, receiving returns only if the company's customer acquisition efforts succeed. CVF has been instrumental in supporting companies like Grammarly and Finom. Grammarly secured a $1 billion investment to expand its AI-driven productivity platform, while Finom received €92.3 million to accelerate its European expansion. These investments exemplify CVF's commitment to fueling growth in companies with strong unit economics and scalable customer acquisition strategies.

The Geodesic Alliance Fund is a venture capital fund managed by Geodesic Capital, a San Francisco-based cross-border investment firm founded by former U.S. Ambassador to Japan John Roos. Launched in 2025, the fund held a first close of $250 million in June 2025, with Geodesic Capital having raised nearly $1 billion across multiple funds since 2015. The Geodesic Alliance Fund is designed to advance technology and security cooperation between the United States and Japan by investing in early-stage U.S. companies operating in dual-use and national security domains. The fund targets startups building across artificial intelligence, space systems, cybersecurity, autonomy, and other deep technology sectors where commercial innovation intersects with national security. Portfolio companies receive not only capital but also strategic guidance, regulatory navigation support, and introductions to customers, partners, and talent within Japan's industrial and government ecosystem. The fund is led by Tom Gillespie, former Managing Partner at In-Q-Tel, the U.S. intelligence community's venture arm, alongside Rayfe Gaspar-Asaoka, a deep tech investor and former partner at Canaan Partners. Limited partners include prominent Japanese corporations and Japanese governmental institutions such as the Japan Bank for International Cooperation (JBIC) and NEC Corporation, reinforcing the fund's strategic alignment with Japan's economic security objectives. The Geodesic Alliance Fund builds on Geodesic Capital's prior funds which have backed companies including Databricks, Netskope, Saronic, and Scale AI in expanding into the Japanese market.

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.

Georgian Alignment Fund II is a special-purpose growth equity continuation vehicle managed by Georgian, a Toronto-based alternative asset manager with US$5.9 billion in assets under management across its fund family. Launched in late 2021 with a US$1 billion fundraising target, the fund operates as a concentrated follow-on strategy that re-invests alongside Georgian's own existing portfolio companies rather than seeking new commitments in the open market. This structure reflects Georgian's conviction that the highest-value capital deployment occurs when both the investor and the portfolio company already share a deep working relationship, eliminating the typical friction and alignment uncertainty associated with first-time manager-company introductions and new fundraising processes. The fund's investment strategy targets between six and eight software companies — selected exclusively from the roster of Georgian's earlier flagship growth funds — that have demonstrated established market demand, strong growth trajectories, and a credible path to profitability. Sectors of focus include enterprise software, artificial intelligence, cybersecurity, industrial automation, and social engagement platforms, all consistent with Georgian's long-standing thesis around information-intensive technology businesses. Known portfolio investments include Devo (cybersecurity analytics), True Fit (AI-driven retail personalization for fashion), and Tractable (AI applied to insurance and automotive damage assessment). PitchBook records a total of 16 investments associated with the fund. Georgian Alignment Fund I, the fund's predecessor vehicle, closed at US$1.02 billion in March 2021, backing Top Hat, Tealium, WorkFusion, and IEX Group among others. Fund II launched shortly afterward and by October 2022 had secured approximately US$466 million — roughly 47% of its target — according to SEC Form D filings. In January 2023, BMO Global Asset Management launched a dedicated feeder vehicle, the BMO Georgian Alignment II Access Fund LP, providing Canadian accredited investors access to the strategy at a minimum commitment of US$50,000. No formal final close announcement was found in public sources as of the research date, consistent with Georgian's practice of quiet closes across its fund family.

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.

Gilgamesh Ventures, a New York-based venture capital firm specializing in early-stage fintech investments across the Americas, has successfully closed its second fund, Gilgamesh Fintech Ventures II, at $20 million. This new fund increases the firm's total assets under management to $35 million. Founded in 2021 by Miguel Armaza and Andrew Endicott, Gilgamesh Ventures focuses on backing fintech startups that accelerate the pace of commerce. With Fund II, the firm plans to invest in companies that leverage AI-native approaches to scale efficiently, reflecting a commitment to innovation in financial services. The fund's limited partners include institutional investors such as Foundation Capital, GBM Ventures, and Encore Bank, as well as fintech founders like Renaud Laplanche (Upgrade, Lending Club) and Dan Henry (Green Dot, NetSpend). Notably, all institutional investors from Fund I returned with equal or larger commitments for Fund II. Gilgamesh Ventures has invested in 44 startups across 10 global markets since its inception, with a significant presence in Latin America, including investments in companies like Nexu, Xepelin, and Cayena.

Glasswing Ventures III is a $200 million venture capital fund raised by Boston-based Glasswing Ventures to back pre-seed and seed-stage companies in artificial intelligence, enterprise security, and frontier technology. The fund reached its final close on November 10, 2025, significantly oversubscribed and representing the largest fund in Glasswing Ventures' history since the firm's founding in 2018 by Managing Partners Rudina Seseri and Rick Grinnell. The investment thesis centers on backing founders building AI-native companies that transform enterprise B2B markets and redefine cybersecurity infrastructure. Glasswing has identified six priority technology areas for Fund III: vertical AI, physical AI, AI-adaptive infrastructure, intelligent enterprise defense, collaborative intelligence platforms, and next-generation compute. The fund targets approximately 25 startup companies over its investment period, with Glasswing serving as the first institutional investor—as it has done in over 90 percent of its prior 70 investments. The 14-person investment team is supported by a 62-member advisory council of technical and industry operators. Glasswing Ventures' track record spans 70 investments since 2018, with portfolio companies collectively raising more than $650 million in follow-on capital. The firm has consistently led pre-seed and seed rounds in enterprise AI and cybersecurity, including companies that have reached Series B and beyond. Fund III builds on two prior funds with a deepened focus on AI-native architecture at the enterprise layer, positioning Glasswing as one of the defining early-stage investors in the enterprise AI and intelligent security market.

Glasswing Ventures Fund‑III is a venture capital vehicle targeting pre‑seed and seed‑stage investments in startups that are truly “AI‑native” and working at the frontier of enterprise software, cybersecurity and next‑gen computing. The fund closed at over $200‑million in commitments, significantly oversubscribed, reflecting strong investor confidence in the firm’s prior track record. The fund builds on Glasswing’s prior funds and history of investing in early stage (pre‑seed/seed) companies, often as lead or first institutional investor in enterprise B2B or security‑related technology. In doing so, the firm emphasises founders developing architectures, platforms and systems that embed AI or frontier tech rather than just “adding AI” as an after‑thought. In terms of value‑add, Glasswing deploys a 14‑person team of operators and builders, plus an advisory council of 62 members, to help portfolio companies with scaling, customer introductions and domain expertise. Fund‑III will invest in about 25 companies over its investment period. The thematic focus is very clearly laid out: the fund will invest in vertical AI (industry‑specific AI platforms), physical AI (autonomous systems in the real world), adaptive AI infrastructure, intelligent enterprise defense (cybersecurity) and next‑gen compute (distributed, quantum, massive scale infrastructure).

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.

Gradient Ventures Fund V is the fifth flagship fund raised by Gradient Ventures, a Google-backed venture firm founded in 2017 as one of the first investment vehicles dedicated exclusively to artificial intelligence. The $220 million fund closed in March 2026, bringing Gradient's total assets under management to nearly $1.2 billion across five discrete funds. Alea Capital led the institutional LP syndicate for Fund V, with Reflex Capital, Smartlink, and J&T Ventures participating alongside Google, which remains a continuing investor in the fund. Gradient's investment strategy centres on pre-seed and seed stage companies building across three verticals: AI applications, agentic platforms, and real-world systems that leverage AI as a core capability. The firm deliberately avoids funding foundational model companies and exercises caution around mega-seed rounds above $100 million, preferring to support emerging AI founders at their earliest inflection points. Gradient employs twelve investment professionals and has backed more than 500 AI founders across its fund history. Portfolio highlights include CentML (acquired by NVIDIA), Krea, Lambda, Range, Streamlit (acquired by Snowflake), and Writer. With Fund V, Gradient continues to leverage its unique position within the Google ecosystem to provide portfolio companies with access to Google's AI research, cloud infrastructure, and commercial networks.

Granite Integral Investments is a joint venture investment fund established in March 2025 through a strategic partnership between Granite Asia, a multi-asset investment platform with deep connectivity across Asia's technology and private equity ecosystems, and Integral Corporation (TSE: 5842), Japan's publicly listed private equity firm. Integral participates through Integral GlobalTech Partners Corporation, its dedicated technology growth investment arm. The fund launched with USD 100 million in initial committed capital, contributed equally by both partners, targeting high-growth technology companies with a Japan market nexus. The fund's investment strategy is built around facilitating two-way cross-border technology growth between Japan and global markets. On the inbound side, Granite Integral Investments provides capital and market-entry support to high-growth global technology companies seeking to enter, localize, and scale within Japan — one of the world's largest and most sophisticated enterprise markets. On the outbound side, the fund backs Japanese companies aiming to expand internationally into Southeast Asia and other high-growth markets, drawing on Integral Corporation's renowned operational value creation capabilities and Granite Asia's global ecosystem connectivity. Target sectors include enterprise software, automation, and advanced technology companies at the growth and expansion stage. The fund is co-headed by CK Choun, Head of Integral GlobalTech Partners Corporation, and Joe Yan, Operating Partner at Granite Asia, with strategic oversight from Jixun Foo, Senior Managing Partner of Granite Asia, and Reijiro Yamamoto, Founding Partner and Representative Director of Integral Corporation. The structure reflects both partners' conviction that Japan's integration with global technology markets represents one of the most significant underexplored opportunities in private markets, and seeks to be the bridge capital vehicle connecting world-class companies with Japan's institutional buyers and distribution networks.

Granola Index Ventures is a dedicated investment vehicle established by Index Ventures to lead the $125 million Series C funding round in Granola, a London-based AI meeting intelligence company. Announced in March 2026, the round valued Granola at $1.5 billion, marking the company's ascent to unicorn status less than three years after its founding. This investment vehicle reflects Index Ventures' conviction in the long-term potential of AI-native productivity tools that enhance rather than replace human participation in professional meetings, a thesis articulated by Index partner Georgia Stevenson as an investment in "what makes us human." Granola, the portfolio company underlying this vehicle, has built an AI-powered meeting assistant with a distinctive technical architecture: the application sits locally on the user's computer and captures audio from meetings without requiring a visible recording bot in the call. The technology generates structured notes, highlights, action items, and meeting intelligence that allow professionals to participate fully in conversations rather than dividing attention between discussion and documentation. Granola co-founder Chris Pedregal and co-founder Sam Stephenson launched the company in March 2023, and by early 2026 the user base was growing at over 10% weekly — a rate reflecting strong product-market fit in the enterprise AI productivity market. Index Ventures partner Danny Rimer led the Series C and joined Granola's board as an observer. The round was accompanied by continued participation from existing investors Lightspeed Venture Partners, Spark Capital, and NFDG — the venture firm of Nat Friedman and Daniel Gross, which had led Granola's $43 million Series B in May 2025. Index Ventures manages over $4 billion across its growth and early-stage fund families, with a portfolio spanning companies such as Figma, Robinhood, Wise, Adyen, and Dropbox. The firm has offices in San Francisco and London, with a longstanding focus on transformative technology companies across the United States and Europe.

Granola NFDG is an investment vehicle established by NFDG, the venture capital firm co-founded by Nat Friedman and Daniel Gross, to lead the $43 million Series B funding round in Granola, a London-based AI meeting intelligence startup. The round, announced in May 2025, valued Granola at $250 million and brought the company's total funding to $67 million. NFDG's lead investment in Granola reflects the firm's central thesis of backing founders building at the frontier of applied artificial intelligence, particularly products that dramatically improve human productivity in professional environments. NFDG was formed by Nat Friedman, the former CEO of GitHub (acquired by Microsoft for $7.5 billion), and Daniel Gross, a former Y Combinator partner and co-creator of the AI Index. The two co-founders launched their inaugural fund in 2023, raising $1.1 billion — making it one of the largest debut venture capital funds in history. The fund achieved a reported 4x return on paper within two years before Nat Friedman subsequently joined Meta. NFDG has made approximately 16 investments, including high-profile companies such as ElevenLabs, Function Health, and other AI-first ventures. The firm typically invests at Series A through Series B stages, with a focus on high-conviction positions in companies building with advanced AI models. The Series B round in Granola was supported by existing investors Lightspeed Venture Partners and Spark Capital, alongside angel investors including Guillermo Rauch (Vercel), Amjad Masad (Replit), Tobi Lütke (Shopify), and Karri Saarinen (Linear). The round also launched Granola's team collaboration features, expanding the product from an individual meeting tool into a shared workspace for professional teams. Granola was founded in March 2023 by Chris Pedregal and Sam Stephenson and subsequently raised a $125 million Series C led by Index Ventures in March 2026, achieving a $1.5 billion valuation.

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.

Greenoaks Capital Partners is launching its sixth flagship venture capital fund, Greenoaks Capital Opportunities Fund VI, with a target size of $2.25 billion. This fund aims to continue the firm's strategy of making concentrated, long-term investments in technology-enabled companies globally. The fund will focus on identifying and supporting "generation-defining" businesses early in their lifecycle, partnering with them for decades. Greenoaks employs a research-intensive approach, focusing on a select number of companies to maximize value creation. The firm's investment philosophy combines elements of venture capital and value investing, allowing for flexibility across asset classes, industries, and geographies. Greenoaks' portfolio features notable investments in companies like Coupang, Rippling, Wiz, Databricks, Stripe, Canva, and Figma. The firm is known for its founder-focused approach and long-term commitment to its portfolio companies. With Fund VI, Greenoaks continues to pursue opportunities in the mid-stage venture to early growth space, seeking to support companies that have the potential to become global leaders in their respective sectors.

Greenoaks fund of one is a separately managed account (SMA) structured as a dedicated co-investment vehicle for a single institutional limited partner, managed by Greenoaks Capital Partners. Greenoaks is a San Francisco-based growth-stage venture capital firm founded in 2012 by Neil Mehta and Benny Peretz, managing approximately $12–15 billion across its main fund series. The firm closed its sixth flagship fund, Greenoaks Capital Opportunities Fund VI, at $2.5 billion in July 2025, exceeding its $2.25 billion target. The fund-of-one structure operates in parallel with Fund VI and its predecessor vehicles, enabling the sole LP to co-invest contemporaneously in select transactions alongside the flagship strategy. As of October 2025, the New Mexico State Investment Council (NMSIC) committed up to $75 million to this fund-of-one vehicle, in addition to a separate $75 million commitment to Fund VI. The SMA structure provides NMSIC with additional capital capacity for follow-on investments in high-conviction portfolio companies, allowing larger equity checks beyond the flagship fund's allocation while maintaining the same investment mandate and governance standards. Greenoaks pursues a highly concentrated, high-conviction approach to venture investing, prioritizing companies generating the vast majority of value creation within technology cycles, with strong emphasis on sound unit economics, free cash flow sustainability, and exceptional customer experience as leading indicators of durable competitive advantage. Greenoaks' broader portfolio has included category-defining companies such as Figma, Coupang, Scale AI, Anthropic, Wiz, Navan, Flipkart, Deliveroo, and OYO Rooms, reflecting a global mandate with approximately 50% invested in North America and 50% in international markets — particularly Southeast Asia, India, Europe, and Latin America. The fund-of-one structure is part of Greenoaks' broader capital strategy for providing select institutional investors with access to its concentrated deal-by-deal thesis at tailored scale.

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

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

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

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

HSB Fund II is a $125 million venture fund managed by Munich Re Ventures (MRV), the venture capital arm of Munich Re Group. This fund is backed by its founding limited partner, HSB, a specialty insurer within the Munich Re Group. As MRV's fifth fund and the second sponsored by HSB, HSB Fund II brings MRV's total assets under management to $1.2 billion. The fund focuses on investing in startups that operate within the Built World sector, emphasizing technologies that de-risk and optimize performance in property, industry, and related supply chains. Key investment areas include equipment technology, cybersecurity, and innovations aimed at enhancing infrastructure resilience. HSB Fund II aims to support companies that contribute to predictive maintenance, operational efficiency, and the durability of critical infrastructure and industrial assets. HSB Fund II builds upon the success of its predecessor, HSB Fund I, which supported companies like At-Bay, Augury, and Helium Mobile—firms that have achieved significant milestones, including unicorn status and strategic acquisitions. The fund is managed by Jennifer Place, Principal at MRV, who brings a decade of experience in investing across the Built World, Energy, and Industrial sectors. Adam Care, VP & Head of Portfolio Development for the HSB Funds, will focus on cultivating partnerships between MRV's portfolio companies and HSB.

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

Haatch SEIS Fund is a UK Seed Enterprise Investment Scheme (SEIS)-qualified pre-seed venture fund managed by Haatch Ventures LLP, a Financial Conduct Authority-authorised investment manager founded in 2013. The fund launched in February 2021 and has since deployed £31.2 million across 154 portfolio companies, maintaining an active portfolio balance of over £36 million with realised returns of £1.9 million to date. Investors in the fund benefit from up to 50% UK income tax relief on qualifying investments, alongside tax-free capital gains after a three-year holding period and inheritance tax relief after two years, subject to individual tax circumstances. The fund focuses exclusively on pre-seed B2B SaaS companies at inception—writing first cheques into founders with lived operational experience, clearly defined buyer personas, and scalable recurring-revenue software solutions. Haatch's investment model is deeply operator-led: the firm's partners and advisors provide hands-on support to help portfolio companies progress from early product to £1 million in annual recurring revenue, deploying a repeatable playbook built from more than 150 investments. Each fund vintage builds a concentrated portfolio of 9–15 companies, maintaining clean cap tables with no charges to portfolio companies and offering co-investment access alongside strategic institutional partners. Haatch has been recognised as 'Best SEIS Manager' by the Enterprise Investment Scheme Association (EISA) and 'Seed VC Manager of the Year' by the UKBAA, reflecting consistent delivery within the UK early-stage B2B SaaS ecosystem. The managing partners have personally invested over £2.3 million across all fund tranches, aligning interests closely with external investors. With a target portfolio of high-conviction B2B SaaS investments and a track record spanning over 150 portfolio companies, Haatch has established itself as one of the UK's most active pre-seed investors and a leading specialist in SEIS-qualified venture capital.

Haveli Investments Software Fund I is a $4.5 billion private equity vehicle launched by Haveli Investments, an Austin-based firm founded in 2021 by Brian Sheth, formerly of Vista Equity Partners. The fund, which exceeded its initial $4.25 billion cap due to strong investor demand, is the largest debut flagship private equity fund to date, surpassing Patient Square Capital’s $3.9 billion fund. Notably, Apollo Global Management invested $500 million and provided strategic support. The fund focuses on acquiring minority and control positions in midsize enterprise software companies. Its investment strategy targets providers of software to specific industries, cross-sector tools, infrastructure software, and cybersecurity services. Haveli aims to deploy its capital into companies with modern products, attractive end markets, and multiple growth levers to accelerate value creation. Haveli's portfolio includes notable investments such as the $1.5 billion acquisition of AI-driven database firm Couchbase and the purchase of travel accommodation software provider Accommodations Plus International. The firm previously raised $833.9 million for gaming sector investments, bringing its total assets under management to $4.5 billion.

Headline Asia has successfully closed its fifth venture capital fund, Headline Asia Fund V, with a total of $145 million in commitments. This marks a significant milestone, being one of the first notable VC fund closings in Asia-Pacific in recent months, as investor sentiment remains cautious amid global market uncertainty. The fund is a reaffirmation of Headline’s long-term conviction in the innovation potential of early-stage companies in the region. The fund will primarily invest in early-stage technology startups from seed to Series A, targeting companies operating in sectors like e-commerce, logistics, fintech, intellectual property, and AI. Headline Asia will focus on startups driving digital transformation and those with potential for cross-border scalability. The fund typically invests between $1 million to $5 million per deal, aiming to partner closely with founders to help scale their businesses. Fund V is backed by several public and institutional LPs, including Japan Investment Corporation (JIC), National Development Fund of Taiwan (NDF), Korea Venture Investment Corporation (KVIC), and SME Support Japan. So far, it has made 17 investments, including startups like Newmo (Japan, ride-hailing), Jenfi (Singapore, revenue-based financing), and Pi-xcels (Tokyo/Singapore, NFC receipts). The fund's strategic approach reflects a belief in the enduring opportunity within Asia’s startup ecosystem.

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.

Hercules Growth Lending Fund IV LP (Fund IV) achieved its first institutional close on July 28, 2025, under the management of Hercules Adviser LLC, the wholly-owned registered investment adviser of Hercules Capital. This marks the fourth private credit fund launched within five years and raises the cumulative committed capital across its four funds to approximately $1.6 billion. The fund leverages Hercules Capital’s scale, deep industry relationships, and rigorous underwriting framework to deploy first-lien venture and growth-stage loans, prioritizing downside protection. As of March 31, 2025, the firm has committed over $22 billion to more than 680 portfolio companies, with total assets under management exceeding $5 billion. Fund IV is focused on financing innovative, venture-backed technology and life sciences companies at critical growth inflection points. With institutional backing, it aims to scale Hercules’s platform further and support leading high-growth enterprises backed by top-tier venture firms.

Hg Saturn 4 is the latest iteration of Hg’s large-cap buyout strategy, focusing on software and services businesses with enterprise values exceeding $1.5 billion. Launched in December 2024, the fund aims to make 8–10 platform investments, each requiring equity checks of over $1.25 billion. Hg Saturn 4 continues Hg's commitment to investing in resilient, mission-critical software companies that exhibit strong recurring revenues and significant growth potential. The fund targets companies operating in sectors such as tax and accounting, ERP and payroll, legal and regulatory compliance, healthcare IT, and insurance software. These sectors align with Hg's expertise and historical investment success, allowing the firm to leverage its deep industry knowledge and operational support to drive value creation. Hg Saturn 4's investment strategy emphasizes both organic growth and strategic acquisitions to scale its portfolio companies effectively. Geographically, Hg Saturn 4 focuses on European-headquartered and transatlantic businesses, many of which have a global footprint. The fund seeks to deliver a gross multiple on invested capital (MOIC) of 3.0x and a gross internal rate of return (IRR) between 20% and 25%. Hg's disciplined investment approach and sector specialization position Saturn 4 to capitalize on opportunities in the evolving software and services landscape.

Homebrew Ventures V is the fifth fund in the Homebrew venture capital fund series, managed by Burlingame, California-based Homebrew, an early-stage seed venture capital firm co-founded by Hunter Walk and Satya Patel. The fund targets a raise of $50 million, consistent with Homebrew's long-standing strategy of operating lean, concentrated investment vehicles focused on seed and Series A stage companies. The firm filed notice of the fundraise with the U.S. Securities and Exchange Commission in early 2024. Homebrew focuses on pre-product and early product-stage technology companies across categories including consumer technology, enterprise software, and platforms serving the future of work. The firm writes initial checks typically ranging from $100,000 to $500,000 and supports its portfolio companies through concentrated, founder-aligned engagement. Homebrew's small fund size is intentional — the strategy prioritizes meaningful ownership positions and sustained portfolio support over volume. The fund is actively investing, with portfolio companies including Thread AI (Series A, June 2025). Founded in 2013 and headquartered in Burlingame, California, Homebrew has backed over 60 companies across its five-fund series, with portfolio companies raising significant follow-on capital from tier-one growth investors. The firm maintains a track record of identifying breakout companies at the pre-seed and seed stage across the technology sector. Homebrew Ventures V continues this approach with a lean target size enabling the team to maintain high ownership positions and dedicated engagement with each founding team. The fund operates from the San Francisco Bay Area with a focus on US-based technology ventures.

Hoxton Ventures III is the third flagship early-stage venture capital fund managed by London-based Hoxton Ventures, having reached a final close of $215 million in March 2022 — significantly exceeding its original target of $150 million and marking a 43% oversubscription. The fund was established to capitalize on the continued maturation of the European technology ecosystem and the increasing readiness of European founders to build companies with global scale. The fund employs a seed-stage investment strategy focused on European technology startups with explicit ambitions to expand into the United States market. Hoxton Ventures III typically writes initial checks ranging from $500,000 to $5 million across enterprise software, marketplace, consumer technology, and deeptech companies. The partnership team, expanded with the addition of Charles Seely as equal partner for this vehicle, takes a concentrated approach — seeking to back category-defining companies at their earliest stage rather than broad portfolio diversification. Hoxton Ventures' track record across its earlier funds — Hoxton I and Hoxton II — laid the foundation for Fund III with notable portfolio outcomes including Deliveroo (London Stock Exchange IPO), Darktrace (London Stock Exchange IPO), and Babylon Health. As of its latest reporting, Hoxton Ventures III has deployed capital across 19 portfolio companies from a total firm portfolio of over 63 investments, with four portfolio companies having achieved valuations exceeding $1 billion. The most recent disclosed investment from the fund was made in June 2024 in Fabrica AI.

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

ICONIQ Strategic Partners VII is the seventh flagship growth equity fund managed by ICONIQ Growth, the venture and growth capital arm of ICONIQ Capital. Closing at $5.75 billion in July 2024—exceeding its initial target and surpassing the $5.21 billion recorded in earlier SEC filings—the fund brings ICONIQ Growth’s total committed capital to $21 billion since the firm’s inaugural vintage in 2014. Headquartered at 50 Beale Street, San Francisco, and structured as a Cayman Islands limited partnership (with a parallel Delaware vehicle), the fund represents ICONIQ’s largest single vehicle to date. ICONIQ Strategic Partners VII targets growth-stage technology companies that have demonstrated clear product-market fit, focusing on enterprise software, artificial intelligence, cloud infrastructure, SaaS, and fintech. The fund’s investment mandate covers the full growth equity lifecycle—from early inflection through pre-IPO—with a target portfolio of 20 to 25 companies. ICONIQ Growth deploys capital alongside its proprietary network of technology leaders and operating partners, providing strategic support to founders scaling globally. The fund’s primary geographic focus is the United States, with selective investments in global technology markets. Fund VII builds on ICONIQ Growth’s track record of backing category-defining companies including Snowflake, Airbnb, Zoom, GitLab, DocuSign, Chime, Miro, Procore, and ServiceTitan, with over 27 IPOs and more than $1.5 trillion in aggregate portfolio market capitalization across 140+ partnerships. Anchor institutional investors include the New York State Common Retirement Fund ($225 million commitment), the State Teachers Retirement System of Ohio, San Diego City Employees’ Retirement System, and Cathay Life Insurance.

Launched in 2023, ISAI Build Venture is an €80 million venture capital fund created through a strategic partnership between ISAI, one of France's leading entrepreneurial venture capital firms, and Bouygues, the diversified French industrial group with operations spanning construction, real estate development, transport infrastructure, and energy services. The fund represents Bouygues' commitment to accelerating the digitization and decarbonization of the built environment by co-investing alongside innovative technology startups working on transformative solutions. ISAI Build Venture invests as a minority stakeholder in 15 to 20 early- to growth-stage startups across funding rounds from Seed through Series C, deploying tickets between €500,000 and €5 million per investment. The fund targets technology companies — both software and hardware — whose products address the transformation and sustainability challenges facing Bouygues' four core business segments: construction, real estate development, transport infrastructure, and energy and services. Priority themes include construction robotics, materials innovation, low-carbon building technologies, digital twins, energy efficiency platforms, and PropTech solutions that can scale across Bouygues' global operations and supply chain. The fund structure enables portfolio companies to benefit directly from Bouygues' operational footprint and commercial networks, providing access to pilot sites, procurement relationships, and revenue-generating deployments at significant scale — a differentiated value proposition compared to purely financial VC funds. ISAI's entrepreneurial investor community and advisory ecosystem complement Bouygues' industrial backing, creating a hybrid corporate-VC model designed to combine strategic relevance with venture-speed decision-making and founder-friendly governance.

Launched in April 2025, ISAI Cap Venture II is an €80 million corporate venture capital fund representing the renewed partnership between ISAI, France's leading entrepreneur-backed venture capital firm, and Capgemini Ventures, the corporate venture arm of Capgemini Group — one of the world's largest technology consulting and digital transformation companies. The fund builds on the success of ISAI Cap Venture I, which deployed capital into 15 portfolio companies across data governance, insurance distribution, and quantum technologies since 2019. ISAI Cap Venture II targets high-potential B2B startups and scale-ups globally, focusing on Series A through growth-stage rounds with tickets of €1 million to €5 million per company. Priority sectors are aligned with Capgemini's market presence and advisory capabilities: artificial intelligence and generative AI, enterprise data platforms and governance, DevOps and software engineering tooling, insurance technology, and quantum computing. The Capgemini partnership enables portfolio companies to pursue joint commercial approaches, gaining access to Capgemini's global enterprise client base as a strategic sales channel alongside the capital investment — a differentiated proposition for B2B software founders. ISAI Cap Venture II is structured as a pure corporate VC partnership combining ISAI's venture capital expertise and entrepreneurial network with the commercial reach, technical resources, and strategic intelligence of a global technology group operating across more than 50 countries. This model is increasingly sought by B2B software founders looking for investors who can accelerate enterprise revenue generation through established client relationships rather than purely financial backing — providing a distinctive competitive positioning in the European and global Series A landscape.

ISAI Expansion III is a €300 million growth equity fund managed by ISAI, a Paris-based venture and growth capital firm with a network of approximately 500 entrepreneur-LPs from France's tech and digital ecosystem. The fund reached its hard cap on February 6, 2025, one year after its first closing at €190 million, doubling the size of its predecessor vehicle. It holds an Article 8 classification under SFDR, reflecting formal commitments to responsible investment criteria throughout its portfolio construction. ISAI Expansion III targets profitable technology SMEs in France, Southern Europe, Switzerland, and the Benelux region, providing between €10 million and €50 million in equity per transaction, with co-investment rights available to LPs for tickets up to €80 million. The fund pursues two complementary deal types: Growth Buyouts — backing companies with sales of at least €10 million and EBITDA above €2 million — and Tech Growth transactions in high-growth profitable businesses expanding at 25–30% or more annually. Target sectors include SaaS, managed services, marketplaces, and tech-enabled companies in traditional sectors. The fund expects to back 12 to 15 companies over its investment period. ISAI Expansion III made its first investment in Staffmatch, a digital-native temporary employment group in France, in September 2024. Institutional investors represent 60% of the fund's LP base, comprising funds of funds, banks, insurance companies, and family offices, alongside ISAI's distinctive entrepreneur-LP network who co-invest with founder-level judgment and operational credibility. ISAI manages parallel strategies in early-stage venture (ISAI Venture IV) and Expansion, building a full-stack technology investment platform in France.

ISAI Venture IV is the fourth early-stage venture capital fund from ISAI, France's pioneering tech entrepreneurs' fund co-managed by successful founders of the French Tech ecosystem. Founded by serial entrepreneurs who built some of France's most prominent digital companies, ISAI manages approximately EUR 550 million in assets across four investment strategies: early-stage venture capital, late-stage venture capital, private debt, and growth/buyout. ISAI Venture IV targets a total size of EUR 100 million and held its first closing at EUR 75 million — representing three-quarters of the target — in December 2025, with anchor support from Bpifrance and a community of entrepreneur-limited partners drawn from ISAI's extensive alumni network. The fund invests at the pre-seed and seed stages in capital-efficient French and Europe-based technology companies demonstrating early commercial traction or strong product-market fit. Primary tickets range from EUR 1 million to EUR 3 million, with a dedicated pre-seed allocation of 10% of the fund for investments of EUR 100,000 to EUR 500,000 in the earliest-stage opportunities. ISAI's thematic focus for this vintage spans artificial intelligence applications, decarbonisation technologies, marketplace platforms, and SaaS business models with strong unit economics. The fund targets companies positioned to become market leaders in their respective categories, with a geographic mandate of 80% in France and the remainder in US-based ventures founded by French entrepreneurs. ISAI's earlier venture funds produced some of France's most celebrated digital success stories, including early investments in BlaBlaCar, Malt, 360Learning, Prose, Alma, and Flowdesk. This track record has established ISAI as a top-tier French early-stage investor and attracted a high-quality LP base including leading family offices and founder-entrepreneurs from prior portfolio companies. Classified as an Article 8 fund under the EU Sustainable Finance Disclosure Regulation, ISAI Venture IV incorporates environmental and social characteristics into its investment screening process. The fund is currently in active fundraising ahead of its target final close.

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

Indico VC Fund III is the third flagship venture capital fund raised by Índico Capital Partners, a Lisbon-based investment firm founded in 2017 that backs technology and sustainability entrepreneurs across Southern Europe. Launched in November 2025 with a target of €125 million, the fund secured a cornerstone commitment of €30 million from the European Investment Fund (EIF), the equity investment arm of the European Investment Bank Group, reflecting robust institutional confidence in Índico's strategy and track record. The fund also benefits from co-financing by Banco Português de Fomento under the Portugal Blue programme, extending the investment mandate to include ocean-related technology and blue economy ventures alongside the broader technology thesis. Fund III targets early-stage technology companies from Seed through Series B, with individual ticket sizes ranging from €500,000 to €10 million. The strategy centres on three core innovation verticals — Enterprise SaaS, Artificial Intelligence, and Deep Technology — alongside Spacetech and Oceantech as emerging sector extensions. Geographic coverage prioritises companies headquartered in Portugal, Spain, and Italy, as well as founders from these countries building internationally in the United States, United Kingdom, and other global markets. The fund's thesis emphasises strong product differentiation and global ambition, continuing Índico's mission of supporting "the best tech and sustainable companies going from local to global." With the EIF as anchor LP, Fund III is positioned to attract co-investors from the broader European institutional ecosystem, including funds-of-funds, development finance institutions, and leading family offices that have backed previous Índico vehicles. Índico Capital Partners manages over €240 million across five fund vehicles and has deployed €134 million into 53 portfolio companies since its 2019 first deployment, with those companies collectively raising €2.5 billion. The firm's track record spans notable portfolio companies including Preply (global language learning platform), Anchorage Digital (institutional crypto infrastructure), Remote (global HR platform), Sword Health (AI-powered physical therapy), and Superhuman (productivity email client). The EIF's commitment to Fund III comes via the InvestEU programme and marks a continuation of the Bank Group's support for Southern European venture ecosystems, signalling growing recognition of Portugal, Spain, and Italy as maturing startup markets capable of producing globally competitive technology companies.

Indico VC III is a €125 million venture capital fund raised by Índico Capital Partners, a Lisbon-based independent VC manager founded in 2017. The fund launched in November 2025 and secured a €30 million anchor commitment from the European Investment Fund (EIF), reflecting strong institutional confidence in Índico's track record across Southern Europe. The fund targets early-stage technology companies at the Seed to Series B stages, writing initial cheques between €500,000 and €10 million, with a focus on founders with roots in Portugal, Spain, and Italy — including those who have relocated to the United States, United Kingdom, or other major innovation hubs. The fund's investment thesis is concentrated on four high-conviction verticals: Enterprise SaaS, Artificial Intelligence, Deep Tech, and emerging frontier sectors such as Spacetech and Oceantech. This sector selection reflects Índico's observation that Southern European founders are increasingly building globally competitive products in deep-tech and AI, benefiting from world-class engineering universities and growing R&D ecosystems in Lisbon, Barcelona, and Milan. The fund also considers opportunities in Cybersecurity and advanced software, areas where Portuguese and Spanish talent pipelines have shown consistent quality. Índico Capital Partners has managed five prior funds totalling over €240 million in assets under management and has backed 53 portfolio companies, which together have raised over €2.5 billion in follow-on financing. Managing General Partner Stephan de Moraes leads the investment team. The EIF's €30 million anchor commitment under the InvestEU Programme underscores the fund's role in channelling institutional capital toward Southern European deeptech innovation.

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.

The InfraVia Growth Fund II is a dedicated growth‑equity vehicle launched by InfraVia Capital Partners to back ambitious European B2B technology companies. It is structured as a société en libre partenariat domiciled in France and created in late 2024. With a targeted size of up to €1 billion, the fund builds on the firm’s prior growth‑equity strategy and aims to become a leading partner to scaling tech enterprises across the continent. The fund focuses on companies with proven business models, scalable platforms, and strong growth momentum. Its investment thesis emphasises B2B digital solutions—particularly in sectors such as artificial intelligence, fintech, cybersecurity, digital health, vertical software and other segments driving the digital transformation of industrial and corporate systems. InfraVia Growth Fund II intends to be an active partner in its portfolio companies, offering more than just capital. Portfolio companies benefit from InfraVia’s operational support platform, which provides deep expertise in areas such as M&A, international expansion, governance, ESG practices and functional scaling. The team leverages InfraVia’s broader infrastructure and technology ecosystem to help companies accelerate their growth and build market leadership. Geographically, the fund will invest across Europe, supporting companies that are ready to scale internationally and capture leadership in their markets. The strategy acknowledges that digitalisation, decarbonisation and structural change across industries create heightened opportunities for growth‑equity investments. By partnering with entrepreneurs and management teams focused on mission‑critical software and tech‑enabled business models, the fund aims to generate both growth and value creation over a medium to long‑term horizon.

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

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

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

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

Integrity Growth Partners Fund II is a $220 million growth equity vehicle raised by Integrity Growth Partners, a Los Angeles-based private equity firm founded in 2018 by Doyl Burkett and Ryan Anderson. The fund is the firm's first committed-capital pool, succeeding a deal-by-deal era in which the IGP team deployed more than $250 million across six single transactions, establishing a track record in founder-owned software and technology-enabled businesses throughout the lower middle market.The fund targets capital-efficient, bootstrapped B2B software and technology-enabled services companies at the growth stage, focusing on businesses with established products, predictable revenue models, and significant remaining growth runway. IGP blends a founder-focused partnership philosophy with a proprietary data and AI platform to drive thesis-driven deal sourcing and post-investment value creation. The firm's differentiated approach centers on collaborative tailoring, sector specialization, flexible investment structures, and active value-add partnership—providing founders with both capital and strategic support without compromising operational independence.Integrity Growth Partners Fund II closed in December 2025 at $220 million, exceeding its $200 million target and attracting commitments from StepStone Group, Oxford Financial Group Ltd., and Olympus Ventures, among others. The oversubscription reflects strong institutional validation of IGP's transparent, relationship-driven approach. Portfolio investments under the fund's strategy span digital advertising automation (Fluency), property management technology (Pest Share), healthcare coaching (Eon Health), and payment solutions platforms, demonstrating the breadth of the firm's B2B software expertise across technology and tech-enabled services verticals.

The Interactive Venture Partners Fund LP is focused on providing capital to innovators, entrepreneurs, and founders of startups in Central Eastern Europe. With an initial capital commitment of €50 million, the fund supports early-stage companies with a focus on cutting-edge technology products and services. The fund is backed by the family office of Thomas Peterffy, Founder and Chairman of Interactive Brokers Group, Inc. Interactive Venture Partners targets investments in companies across various industries, with a preference for technology-based differentiation. The fund's investments are primarily in teams based in Central Eastern Europe, aiming to support startups seeking to grow and gain access to larger markets and a broader network. The fund management company, based in the US, and a Budapest-based team offer a deep understanding of global markets and decades of experience across a broad range of industries. Interactive Venture Partners aims to provide US family office style investing with founder-friendly terms, mentoring, a long-term view, quick decision making, deep financial capacity for follow-on funding, and an international network to the entrepreneurs it supports.

Inverness Graham Green Light Fund is the inaugural dedicated impact-focused buyout fund from Inverness Graham Investments, a lower middle market private equity firm headquartered in Wayne, Pennsylvania. The Fund reached a final close in October 2024 at $238 million, surpassing its $200 million target, with commitments from both existing Inverness Graham investors and several new U.S. and European institutional investors, representing strong institutional demand for the firm's environmental sustainability thesis applied to the lower middle market.The Green Light Fund pursues control buyouts of high-growth, lower middle market businesses delivering measurable environmental sustainability outcomes. Rather than targeting future-generation clean technologies, the Fund focuses on companies that provide "Environmental Sustainability Now" — products, software, and services that improve efficiency and support environmentally sustainable solutions available in the marketplace today. Target segments include Energy Monitoring & Management, Sustainable Packaging, Data Center Technology & Services, Supply Chain Software & Services, and Managed IoT Services. Investment sizes are calibrated to the lower middle market, consistent with Inverness Graham's existing flagship buyout strategy.The Green Light Fund completed three investments in its initial deployment phase: Concord Servicing, a specialty loan servicing software provider; Custom Agronomics, a developer of nutrient efficiency products for agriculture; and My Yield, a seed treatment solutions provider. With $160 million raised from new investors to the Inverness Graham platform, the Fund validates strong institutional interest in lower middle market sustainability buyouts. The Fund represents Inverness Graham's deliberate expansion into the growing market for businesses enabling decarbonization and improved environmental outcomes today.

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.

Investcorp North American Private Equity Fund I is the inaugural dedicated North American private equity fund from Investcorp, a leading alternative investment firm with a 40-year heritage managing private equity and real asset strategies for institutional and private wealth clients across the Gulf region, North America, and Europe. The fund achieved its final close at over $1.2 billion in February 2023, surpassing its original target and establishing a significant capital base for Investcorp's mid-market North American buyout platform. The fund pursues control buyout investments in family- and founder-owned middle-market services businesses across six subsectors: tech-enabled services, knowledge and professional services, data and information services, supply chain and logistics, industrial services, and specialty consumer services. This focused mandate targets resilient, recurring-revenue businesses with strong cash flow profiles that are well-positioned to absorb operational improvement, add-on acquisition programs, and management team upgrades over a five-to-seven-year holding period. At the time of the final close announcement, Fund I held a portfolio of seven investments spanning Investcorp's core business services verticals. The fund's limited partner base includes pension plans, family offices, private wealth vehicles, and insurance companies from North America, Europe, and the Gulf Cooperation Council—reflecting Investcorp's distinctive cross-regional distribution reach. The North American PE platform is led by a dedicated team that has collectively completed approximately 70 transactions and deployed over $22 billion in capital since inception.

Iron Wolf Capital has announced the first close of its second fund, securing $32.7 million with a target of $109 million. The fund focuses on early-stage investments in deeptech and AI startups across the Baltic region and its diaspora. Initial investments range from $545,000 to $2.18 million, with the firm often leading or co-leading funding rounds. The firm is recognized as one of the most active investors in the Baltics, having supported over 20 companies in the past five years. Its portfolio spans various sectors, including robotics, photonics, AI-driven education technology, pharmaceuticals, and climate technology. Iron Wolf Capital emphasizes backing exceptional founders with global ambitions and disruptive technologies. Beyond capital, Iron Wolf Capital contributes to the ecosystem through initiatives like the Baltic Deep Tech Report and the Deep Tech Breakfast Series, fostering collaboration and growth within the region's innovation landscape.

JIC PEF2 Limited Partnership is a JPY 600 billion (approximately USD 3.9 billion) private equity fund established on November 1, 2025, managed by JIC Capital, Ltd. (JICC) — the wholly-owned private equity arm of Japan Investment Corporation (JIC), a government-backed investment corporation supervised by Japan's Ministry of Economy, Trade and Industry (METI). The fund represents the second buyout vehicle in JICC's flagship PE series, succeeding JIC PEF1 Limited Partnership. JICC was established in September 2020 and has ranked among the world's largest private equity firms by assets under management, with JIC managing JPY 1.85 trillion in total assets as of March 2024. Japan Investment Corporation acts as the sole limited partner, with JICC serving as general partner and fund manager. PEF2 was established in parallel with JIC PEFJ2 Limited Partnership (JPY 200 billion co-investment vehicle), bringing the combined deployment capacity to JPY 800 billion (approximately USD 5.4 billion). JIC PEF2 focuses on large-scale buyout and growth transactions in Japan, targeting investments in companies with enterprise values of JPY 100 billion or greater. The fund's mandate covers sectors deemed strategically important for Japan's industrial competitiveness and long-term growth: manufacturing, semiconductors and electronics, mobility, materials and chemicals, social infrastructure, green transformation (GX) and digital transformation (DX). The investment approach involves backing large-scale business restructurings, carve-outs, industry consolidations and privatisations — transactions where private capital alone cannot supply the scale or mandate required. Individual positions are typically kept below JPY 50 billion, with JICC often co-investing alongside private-sector PE funds via the companion PEFJ2 vehicle. JIC PEF2 sits within Japan Investment Corporation's broader mandate to facilitate the country's structural economic transformation and realise Japan's Society 5.0 vision, which integrates AI, IoT, robotics and big data across core industries. JICC's predecessor fund, PEF1, produced notable transactions including the acquisition of Shinko Electric Industries (approximately USD 4.7 billion, December 2023) and the takeover of JSR Corporation (approximately USD 6 billion, April 2024) — among the largest PE-driven industrial restructurings in Japan's post-war history. These transactions demonstrate JICC's capacity for complex, large-scale cross-sectoral deals that set the precedent for PEF2's investment programme.

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.

JMI Equity Fund XII is the twelfth flagship growth equity fund from JMI Equity, launched in 2025 with a target size of $2.4 billion, matching the amount raised by its predecessor, Fund XI. The fund continues JMI's strategy of investing in high-growth software and technology-enabled services companies across North America. JMI typically makes minority and majority investments ranging from $25 million to $250 million in companies with proven business models, high recurring revenue, and strong growth potential. Fund XII is led by Managing Partner Peter Arrowsmith, following a leadership transition in which co-founder Harry Gruner became Executive Chairman. The firm has a team of over 40 investment professionals across offices in Baltimore, San Diego, and Washington, D.C. JMI's investment approach emphasizes partnering with management teams to drive operational improvements and long-term value creation. The fund has attracted commitments from several institutional investors, including the Kansas Public Employees Retirement System ($110 million), Massachusetts Pension Reserves Investment Management Board ($150 million), and New Mexico State Investment Council ($75 million). These commitments reflect confidence in JMI's consistent performance and focus on the technology sector.

JMI XII is the twelfth flagship growth equity fund of JMI Equity, one of the most tenured growth-stage software investors in the United States. The fund completed its first and final close at $3.1 billion in August 2025, approximately four months after its March 2025 launch and significantly oversubscribed at its hard cap, bringing JMI Equity's total capital commitments to more than $11 billion since the firm's founding in 1992. Limited partners include institutional investors from the public pension sector, such as the Massachusetts Pension Reserves Investment Management Board (MassPRIM) and the Kansas Public Employees Retirement System, reflecting sustained institutional confidence in JMI's growth equity software franchise across more than three decades of consistent investment activity.JMI XII pursues a concentrated growth equity strategy investing exclusively in software companies with proven business models that are either already profitable or possess a clear and credible path to profitability. The fund targets investments ranging from approximately $40 million to $400 million or more per company, allowing it to participate across a wide spectrum of growth-stage software businesses from earlier-stage platform buildouts to later-stage pre-IPO situations. JMI XII focuses on software applications spanning education, healthcare IT, financial services, legal services, government, security, and B2B enterprise platforms across North America, bringing decades of sector expertise to the technology verticals where the firm has invested since 1992. The singular focus on software growth equity provides limited partners with differentiated, concentrated exposure to proven software businesses rather than broad technology exposure.JMI Equity has invested in more than 190 software companies since 1992 and achieved over 120 exits, generating cumulative distributions to limited partners exceeding $11 billion. The firm's current portfolio companies collectively represent approximately $10 billion in combined revenue and $84 billion in aggregate enterprise value, reflecting the ability to identify and scale high-quality software businesses across market cycles. Operating from the Washington, D.C. metro area and San Diego, JMI XII continues a 33-year partnership culture focused solely on growth-stage software investing, with a demonstrated record of backing software companies through multiple market environments. JMI XII closed in 2025 at its $3.1 billion hard cap and begins its investment period with the full support of a seasoned team and a 33-year institutional investor base.

Japan Investment KUC2 Investment Limited Partnership is the legal entity of KUC Fund II, an early-stage deep technology venture capital fund managed by Kobe University Capital, Inc. (KUC), a university-affiliated investment firm dedicated to supporting deep tech startups emerging from Kobe University and collaborating academic institutions across Japan. The fund attracted a Limited Partner commitment from UTokyo Innovation Platform Co., Ltd. (UTokyo IPC) — the venture capital arm of the University of Tokyo — announced in March 2026, underscoring its cross-institutional reach within Japan's broader academic startup ecosystem. KUC Fund II deploys capital into deep technology, life sciences, and industrial innovation ventures at the earliest stages of development — from research seed and pre-seed rounds through initial Series A funding — leveraging Kobe University's research infrastructure, faculty networks, and talent pipelines. Sector focus spans materials science, biotechnology, engineering, robotics, and other science-driven domains where proprietary academic intellectual property can be translated into commercially competitive businesses. Kobe University Capital's integrated platform supports the full startup lifecycle: sourcing research seeds from academic labs, guiding venture creation and incorporation, providing initial capital at pre-formation stages, and facilitating follow-on funding from the broader venture ecosystem. The fund's geographic focus is Japan, with an ambition to strengthen collaboration between the Kobe-centered western Japan academic hub and the Tokyo-centered eastern innovation ecosystem. KUC Fund II is part of a global trend of university-affiliated venture funds systematically commercializing academic IP — comparable to MIT's The Engine, Cambridge Enterprise, and Stanford's StartX — adapted to Japan's regulatory environment and R&D ecosystem. The partnership between KUC and UTokyo IPC bridges Japan's two leading research university systems, enabling cross-pollination of research capabilities and investor networks. The fund reflects Japan's broader policy ambition to accelerate translation of world-class academic research into globally competitive deep technology companies at the frontier of AI, advanced materials, and precision biotechnology.

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.

K5 Private Investors is the fifth flagship private equity fund managed by K1 Investment Management, a California-based investment firm specializing in lower and middle-market enterprise software companies. The fund closed above $4.01 billion in 2021 — K1's largest fundraise to date and more than twice the size of its predecessor fourth fund ($1.5B) — reflecting strong institutional demand for K1's software-focused buyout and growth equity strategy. K5 was oversubscribed against its $3.25 billion target and ultimately edged past its $3.9 billion hard cap. K5 Private Investors pursues buyout and growth equity investments in AI-enabled, mission-critical enterprise software businesses. K1 focuses on companies with established recurring revenue streams, embedded customer relationships, and strong unit economics — particularly in regulatory technology, financial software, healthcare IT, and government-facing enterprise platforms. The firm's distinctive approach combines operational scale-up support with proprietary software platform toolkits, helping portfolio companies grow from lower-mid-market positions into category leaders. K1 Investment Management was founded in 2011 and has established itself as one of the most active software-focused private equity firms in the United States, with over $10 billion in assets across its fund series and co-investment vehicles. Notable K5 limited partners include the Connecticut Retirement Plans and Trust Funds, which committed $125 million, and the San Francisco City and County Employees' Retirement System, which contributed $50 million. K1's portfolio of enterprise software companies spans legal tech, HR technology, risk and compliance, and government contractor platforms.

K6 Private Investors is the sixth flagship fund managed by K1 Investment Management, a California-based private equity firm focused on high-growth enterprise software companies. The fund has a $6.25 billion target and held its first close in 2023 with $200 million. K1 has committed 10% of the total fund, showcasing strong sponsor alignment. The fund intends to make 28 to 35 investments across both buyout and minority deals. Equity investments will range from $15 million to $250 million. K6 specifically targets software businesses generating under $100 million in recurring revenue, with enterprise values between $100 million and $450 million. K1 takes a hands-on approach, actively supporting portfolio companies with operational improvement and growth strategies. This includes executive hiring, product expansion, and facilitating bolt-on acquisitions through its in-house value creation team.

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

KKR Next Generation Technology Growth Fund III is the third vehicle in KKR's technology-focused growth equity series, completing its fundraise with approximately $3 billion in capital commitments in October 2023. The fund reflects KKR's conviction in growth-stage technology investing as a distinct strategy from its flagship buyout platform, targeting companies that have achieved product-market fit and significant revenue scale but require institutional growth capital to accelerate global expansion. The fund's mandate centers on control and significant-minority investments in enterprise software, technology-enabled services, internet platforms, and data-driven businesses. KKR brings to bear its global commercial relationships, operational expertise, and balance-sheet resources to help portfolio companies pursue geographic expansion, M&A programs, and talent acquisition. Target investment sizes range from $100 million to $400 million, with the fund typically partnering with founder-owned or sponsor-backed businesses at Series C stage and beyond. Building on the performance of Fund I and Fund II, the third vintage benefits from KKR's expanded technology network across North America, Europe, and Asia Pacific. KKR committed approximately $400 million of its own capital to Fund III alongside limited partner investors, representing a substantial GP alignment. The technology growth platform complements KKR's global infrastructure and buyout strategies, providing targeted exposure to secular technology adoption trends in cloud, AI, and digital transformation.

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.

The European Defence and Security Tech Fund is a €125 million venture capital vehicle launched by Keen Venture Partners to back early-stage technology companies innovating in defence, security, and space. Anchored by a €40 million investment from the European Investment Fund (EIF) under the European Commission’s Defence Equity Facility, the fund is one of the first dedicated initiatives aimed at enhancing Europe’s strategic autonomy in defence innovation. The fund targets 20 to 25 companies operating at the seed to Series B stages, focusing on advanced technologies such as cyber defence, artificial intelligence, autonomous systems, robotics, and space security. Keen Venture Partners aims to identify and support startups that can contribute to Europe's dual-use capabilities and resilience in an increasingly complex geopolitical environment. Operating out of Amsterdam and London, Keen Venture Partners brings a thesis-driven, founder-centric approach. The team’s previous track record in deeptech investments and partnerships with institutional actors positions the fund to become a central actor in the European defence tech ecosystem. The vehicle is open to startups across the EU, the UK, Norway, and Turkey.

Kepple Liquidity Fund 2 is the second vintage of the Kepple Liquidity Fund series, a Japan-focused venture capital secondaries vehicle managed by Kepple, a Tokyo-based financial technology and venture support company. The fund targets mid- to late-stage private companies approaching IPO readiness within a two-to-three year horizon, acquiring existing shareholders' equity through direct secondary transactions without the company raising new primary capital. Japan Investment Corporation (JIC) committed ¥3 billion ($19.3 million) to the fund, continuing the institutional endorsement it extended to Kepple Liquidity Fund 1 — where JIC committed ¥4.9 billion — underscoring government-backed conviction in secondary liquidity as a solution to Japan's startup ecosystem bottlenecks. Kepple Liquidity Fund 2 employs a direct secondary strategy, purchasing equity stakes from early investors, founders, or employees in high-growth Japanese startups. This approach provides liquidity to early backers while allowing portfolio companies to remain private longer and focus on sustainable growth rather than pursuing premature public listings driven by investor redemption pressure. The fund's thesis addresses a documented structural issue in Japan's startup ecosystem: over-reliance on small-cap IPOs as the primary exit route — a dynamic that constrains company development and produces exits at sub-optimal valuations before companies have reached their full potential scale. By creating alternative secondary liquidity pathways, Kepple Liquidity Fund 2 enables Japan's most promising startups to remain private long enough to execute transformative, mature IPOs comparable to global peers. The Kepple Liquidity Fund series was among the first dedicated VC secondaries vehicles in Japan, pioneering the secondary liquidity model in an ecosystem where the asset class was nascent. JIC's repeat commitment to Fund 2 following its backing of Fund 1 signals institutional confidence in both the strategy's viability and its systemic impact on the Japanese startup ecosystem. Kepple operates within a broader group that also manages Kepple Africa Ventures and provides digital products and investor support services across its global platform, reflecting an ambition to build secondary liquidity solutions for venture ecosystems at different stages of maturity.

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.

Khosla Ventures VIII is a multi-stage venture capital fund managed by Khosla Ventures, one of Silicon Valley's most distinctive and high-conviction investment firms. Closed at $1.6 billion in 2023, Fund VIII represents the flagship vehicle in a broader $3.1 billion fundraise encompassing three parallel vehicles — Fund VIII ($1.6B), a Seed Fund ($500M), and a Growth Fund ($900M) — reflecting investor confidence in Khosla's research-intensive approach at a time when many competing firms were scaling back fund sizes. The fund deploys capital across companies developing transformative technologies in artificial intelligence, climate technology, nuclear fusion, humanoid robotics, biotechnology, and enterprise software. Khosla Ventures VIII invests at multiple lifecycle stages, from early-stage research ventures through growth companies with emerging product-market fit, providing patient capital alongside deep operational support. The fund invests primarily in the United States, concentrating in Silicon Valley and other leading technology hubs, with portfolio companies frequently built around fundamental scientific breakthroughs rather than incremental improvements. Khosla Ventures was co-founded by Vinod Khosla in 2004 following his tenure at Kleiner Perkins, where he had previously backed Sun Microsystems. The firm established its reputation through high-conviction, contra-conventional bets — often dismissed at inception — including early investments in Square (now Block), Affirm, DoorDash, Instacart, and OpenAI. Fund VIII continues this tradition, with particular emphasis on companies at the frontier of AI and climate solutions, where Khosla believes patient venture capital can unlock technologies with outsized economic and societal impact.

The fund is designed as a European closed‑end venture capital vehicle managed by Kibo Ventures. It aims to back early‑stage software businesses with global ambition, leading or co‑leading pre‑series A and series A rounds. Its investment policy places a geographic emphasis on companies whose center of operations, management or strategic base is in Spain, with the intention that at least two‑thirds of invested capital goes into Spanish companies. The duration of the fund is estimated at ten years from the first close, extendable by up to two additional one‑year periods, and it targets a portfolio of B2B software companies with differentiated technologies and scalable international models. Typical checks are in the order of ~€2 million into early‑stage rounds, seeking minority positions (~10‑20%) in companies ready to scale, demonstrating product‑market fit and growth potential.

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.

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.

Latitud Ventures Fund II is a pre-seed and seed-stage venture capital fund managed by Latitud, the San Francisco-based accelerator and venture platform dedicated to Latin America's most ambitious technology founders. The fund raised its first closing in 2023 with strategic backing from notable operators and investors across the Latin American technology ecosystem, including co-investors from Nubank and Kavak. Fund II targets a portfolio of approximately 60 early-stage companies, with approximately $250,000 deployed at pre-seed stage and 25% of committed capital reserved for follow-on investments in the highest-conviction opportunities through seed and Series A rounds. The fund's geographic focus spans Brazil, Mexico, Argentina and the broader Latin American region, targeting founders building technology businesses with global ambition in sectors including fintech, SaaS, marketplace, consumer technology and digital health. Latitud's investment strategy benefits from deep integration with the firm's accelerator program, a community of over 1,000 Latin American founders and operators, and a network of international co-investors that enables portfolio companies to attract cross-border capital for subsequent financing rounds. The predecessor Latitud Ventures Fund I backed companies that went on to raise from marquee global investors including Andreessen Horowitz and SoftBank. Latitud Ventures occupies a distinctive position in the Latin American venture ecosystem as both investor and operational platform, providing portfolio founders with access to talent, corporate partnerships and go-to-market support beyond capital. Fund II targets the pre-seed gap in a region where institutional early-stage capital remains significantly underpenetrated relative to the size and growth rate of the addressable technology market.

Level Equity Growth Partners VI is a 2025-vintage growth equity fund closed on March 31, 2025, as part of Level Equity's combined $1.4 billion fundraising cycle alongside Level Equity Opportunities Fund 2025 — representing a significant increase from the firm's prior vintage of $1.125 billion raised in 2021 and a strong oversubscription from institutional investors. Level Equity is a New York and San Francisco-based growth equity firm founded in 2009 with over $6.4 billion in total assets under management and more than 125 portfolio company investments completed across its fund series. The fund targets rapidly growing, lower middle-market software and technology-enabled businesses with between $5 million and $50 million in annual recurring revenue, typically taking minority positions at pivotal growth inflection points. Growth Partners VI focuses on asset-light software businesses demonstrating approximately 25% top-line revenue growth, 80% gross margins, and durable recurring revenue models. Level Equity typically invests between $10 million and $50 million per portfolio company, partnering with management teams to accelerate organic growth and pursue M&A-driven consolidation strategies. A key differentiator is Level Equity's proprietary NextLevel Operations platform — a three-tiered model combining internal operators, senior special operators, and curated external experts — enabling active go-to-market optimization, product strategy enhancement, and bolt-on acquisition support from the earliest stages of each investment partnership. Level Equity has demonstrated consistent performance across its growth equity fund series, with portfolio companies drawn from enterprise software, SaaS, healthcare technology, and business services sectors. The oversubscribed closing of Growth Partners VI reflects institutional confidence from corporate pension plans, university endowments, and family offices who participated in the raise. As of the fund's close, Level Equity's prior vintages had delivered strong realized and unrealized returns from lower middle-market software investments, validating the firm's thesis that capital-efficient, founder-led software companies represent a consistently attractive asset class for growth equity returns.

Level Equity Structured Capital III, L.P. closed on March 11, 2026 with $293.5 million in total capital commitments, exceeding its initial fundraising target of $225 million and representing a successful oversubscription from institutional investors including corporate pension plans, endowments, and family offices. As the third vehicle in Level Equity's Structured Capital series, LSC III continues the firm's established strategy of partnering with durable, high-growth, capital-efficient software businesses through flexible structured credit and equity instruments designed to minimize shareholder dilution. The close brought Level Equity's total 2025-2026 fundraising cycle to over $2 billion across Growth Partners VI, Opportunities Fund 2025, and LSC III combined. Level Equity Structured Capital III provides growth capital to software companies seeking resources to accelerate organic growth initiatives, pursue strategic acquisitions, or deliver liquidity to existing shareholders while maintaining favorable equity ownership positions for management teams. LSC III's structured credit-and-equity approach offers a differentiated alternative to traditional PE or venture capital — preserving founder and employee equity while supplying the growth capital needed to reach scale. The fund focuses exclusively on the technology and software sector and benefits from Level Equity's in-house NextLevel Operations platform, which combines internal operators and senior sector experts to create long-term value throughout the holding period. As of LSC III's final close, Level Equity managed over $6.4 billion in total assets under management across its fund series, with more than 125 portfolio company investments completed since the firm's founding in 2009. The Structured Capital program has established Level Equity as a distinctive provider of growth financing to capital-efficient software businesses, complementing the firm's primary growth equity strategy. LSC III's oversubscription — with committed capital exceeding the target by 30% — reflects sustained institutional conviction in Level Equity's ability to generate differentiated returns through structured capital solutions in the lower middle-market software ecosystem.

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.

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.

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.

Lock 8 Partners, a New York-based private equity firm, has successfully closed its third fund, Lock 8 Fund III LP, with $182 million in investor commitments. The fund was oversubscribed, reflecting strong support from both existing and new investors. This capital will enable Lock 8 to continue its strategy of making majority investments in lower middle-market B2B SaaS and tech-enabled services companies. The firm focuses on identifying companies with solid products and stable foundations that have yet to maximize their commercial impact. By applying a hands-on operational model, Lock 8 aims to unlock growth potential through strategic guidance and support. Their approach emphasizes aligning people, processes, and market opportunities to drive long-term value creation. Lock 8's track record includes successful investments in companies like Projector PSA, Real Life Sciences, and Relay. With Fund III, the firm is well-positioned to continue scaling promising B2B SaaS and tech-enabled services businesses in the U.S. lower middle market.

Lone View Capital Fund I is a $850 million growth-oriented private equity fund investing across the technology ecosystem. The fund is based in Los Angeles, California. The fund is backed by university endowments, sovereign wealth funds, charitable foundations, pension funds, asset managers, insurance companies and family offices. The New York State Common Retirement Fund recently completed a $25.5 million commitment to the fund through its emerging manager program partner, HarbourVest Partners. The fund has already completed platform investments in TREND Health Partners, a credit balance management and payment accuracy solutions for healthcare payers and providers, and Smartlinx, a workforce management software for post-acute and long-term care facilities. Kirkland & Ellis LLP served as legal counsel for Fund I.

Lone View Capital Fund I LP is the inaugural fund of Lone View Capital, a Los Angeles-based growth-oriented private equity firm. Lone View Capital was co-founded by former Golden Gate Capital executives and focuses exclusively on growth-oriented investments in technology businesses across the United States. The fund raised approximately $850 million in capital commitments, a significant achievement for an inaugural fund reflecting strong institutional demand for the founding team's differentiated technology growth equity strategy. The firm is headquartered at 11611 San Vicente Boulevard, Suite 910, Los Angeles, California, and was established in 2022 with a founding team drawn from one of San Francisco's most established mid-market private equity firms. Lone View Capital Fund I invests in growth-oriented technology businesses across the United States, with a mandate to back, transform, and grow market-leading technology companies by leveraging domain expertise and operational support. The fund targets companies across the full technology ecosystem, including vertical software, technology-enabled services, and recurring-revenue platform businesses with significant value creation potential through organic growth, acquisition programs, and operational improvements. Lone View Capital takes a partnership-oriented approach to working with management teams, applying the operational and strategic experience built during the founding team's tenure at Golden Gate Capital to drive transformation across portfolio companies. Lone View Capital Fund I has built an active portfolio of technology investments in the United States, demonstrating the fund's focus on mission-critical technology with defensible market positions. Recent portfolio activity includes investments in Jumpmind, a retail technology platform, and Smartlinx, a healthcare workforce solutions company with multiple acquisitions completed through 2025. The successful raise of $850 million for Fund I — a substantial inaugural fund size for a newly launched firm — reflects the institutional confidence in the founding team's track record from their prior tenure at Golden Gate Capital, a well-established San Francisco-based private equity firm with an extensive history in technology and growth equity investing.

Harper Court Ventures Fund I is a $25 million early-stage venture capital fund launched in May 2025 and managed by MFV Partners, a Silicon Valley-based deep tech investor. The fund operates under an exclusive cooperation agreement with the University of Chicago and its Polsky Center for Entrepreneurship and Innovation, focusing on backing pre-seed and seed-stage startups that emerge from UChicago's research laboratories, faculty-led ventures, and alumni network. Founded by Karthee Madasamy — a Chicago Booth MBA alumnus and long-standing deep tech investor — Harper Court Ventures Fund I represents the first institutionalized vehicle dedicated to commercializing University of Chicago research at scale. Harper Court Ventures Fund I targets transformative deep tech companies across four high-impact sectors: quantum computing, life sciences, energy, and artificial intelligence. The fund applies MFV Partners' proven Silicon Valley framework for early-stage deep tech investment — a track record that includes backing category-defining companies such as PsiQuantum, Agility Robotics, and Waze — directly to UChicago's rich pipeline of commercializable research. Ticket sizes are concentrated at the pre-seed and seed stages, enabling the fund to act as a first institutional investor in breakthrough technologies before they reach broader venture markets. The fund intends to deploy capital into approximately 40 companies over a five-year investment period, positioning Chicago as a globally recognized hub for deep tech innovation. Since its launch, Harper Court Ventures Fund I has built an active portfolio from the UChicago ecosystem. Initial investments include Flow Medical (a catheter-based pulmonary embolism therapy), SimCare AI (an AI-powered clinical skills training platform), and Beacon (airborne pathogen elimination technology). In April 2026, the fund co-invested in CavilinQ's $8.8 million seed round alongside QVT, Safar Partners, and Serendipity Capital — backing a Cambridge-based quantum hardware startup developing modular quantum interconnects from UChicago research. MFV Partners' broader portfolio and Silicon Valley network provide Harper Court Ventures Fund I companies with access to follow-on capital and strategic partnerships beyond the Midwest.

MVI Fund III, managed by Stockholm-based MVI Advisors, achieved a final close at its SEK 2 billion hard cap in April 2025. The fund was oversubscribed after just five months of fundraising, reflecting strong investor confidence in MVI's strategy. This third fund represents an 84% increase in size compared to its predecessor, underscoring MVI's growth and the appeal of its investment approach. The fund attracted a diversified investor base, including returning LPs and new institutional investors from the EU and the U.S., such as Ingka Investment and Saga Private Equity. MVI Fund III continues the firm's focus on acquiring controlling stakes in founder-led, asset-light companies within the Nordic region, emphasizing sectors with strong buy-and-build potential. MVI Fund III has already made its first platform investment, establishing a Nordic environmental and sustainability platform through a partnership with Ametalis and the acquisitions of Envima, Westberg Vibrations- och Omgivningskontroll, and Natur og Samfunn. This investment aligns with MVI's thematic focus on sustainability and circular economy initiatives.

The firm’s second flagship vehicle, MVP Ventures II, is a $125 million early‑stage deep‑tech venture fund from MVP Ventures that expands the firm’s strategy to back founders at the intersection of AI, hardware and software. With this enlarged war chest, the fund emphasises a founder‑first philosophy: putting operations, recruiting, go‑to‑market strategy, regulatory navigation and follow‑on capital access at the centre of its support model. MVP Ventures II leverages a demonstrated track record (including top‑5% performance for Fund I and a 1.45× TVPI for this fund) to secure LP commitments and deploy capital into seed through early‑series rounds where the firm can become a persistent partner. The vehicle targets companies that are building differentiated and defensible technology in large markets, enabling meaningful value creation by pairing modest early checks with high‑impact operational backing rather than chasing only larger ticket sizes.

Magnesium Capital I focuses on profitable European companies with proven technologies or tech-enabled services that are positively impacting the decarbonisation of the production, distribution, and consumption of energy. The team has been backing the buyouts of such businesses for a number of years on a direct deal basis. Since inception, Magnesium has completed seven platform investments, signed six follow-on acquisitions, and exited two investments for 4.2x gross MOIC. The fund targets high-growth, profitable businesses in Europe and the UK that support the energy transition. It likes to partner with entrepreneurial management teams and support them on their next stage of growth. Magnesium looks for companies with competitive advantages in their core technology or tech-led service that have a positive impact on the way energy is produced, distributed, or consumed. The fund takes controlling stakes in each of its investments but considers significant minority positions in certain circumstances. The fund closed its inaugural Fund, Magnesium Capital I, at its hard cap of €135m, exceeding the €100m Fund target. The final close occurred less than a year after the Fund’s first close with Magnesium attracting blue-clip institutional investors from the US, Europe, and the UK. The combined impact of these portfolio companies already directly contributes to the avoidance of over 30 million tonnes of CO2 equivalent per annum, demonstrating their focus on impactful investments with positive environmental outcomes. The fund prefers investments ranging from €15 million to €50 million in companies with enterprise values of €25 million to €100 million.

Main Capital Partners has launched a €520 million continuation fund aimed at supporting the long-term development of select enterprise software companies. This fund focuses on acquiring and holding meaningful positions in three existing portfolio businesses: SDB (HealthTech), MACH AG (GovTech), and Björn Lundén (financial administration software). Each company demonstrates strong fundamentals and operates in sectors with structural digitalization trends across Europe. The continuation vehicle provides fresh capital and additional time to execute structured growth strategies, primarily through buy-and-build approaches. Main Capital Partners will continue working closely with the management teams to drive both organic initiatives and targeted acquisitions that expand product offerings and geographic reach. Designed with long-term value creation in mind, the fund allows for extended ownership periods, ensuring continuity in governance and strategy execution. It also offers liquidity options for current investors while bringing in new long-term oriented partners aligned with Main’s vision for scaling mission-critical software platforms.

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.

Main Capital Partners Continuation Fund I is a EUR 520 million multi-asset continuation fund managed by Main Capital Partners, a leading enterprise software investor based in the Netherlands. The fund closed on May 28, 2025, co-led by Lexington Partners and StepStone Group, two of the world's leading secondaries specialists, with Trinity River Holdings serving as sub-lead. The fund was established to acquire three high-performing software businesses previously held in Main Capital's earlier fund vehicles: SDB Group, a Dutch provider of healthcare software for hospitals and care institutions; MACH AG, a German govtech company delivering financial and administrative software to public-sector clients; and Bjorn Lunden, a Swedish financial administration software business serving SMEs. The Dutch Cooperatief U.A. structure allowed existing limited partners the optionality to exit and receive liquidity or continue their exposure to the three portfolio companies through the continuation vehicle. Main Capital Partners manages approximately EUR 6.5 to 6.8 billion in assets under management across the Benelux, DACH, France, Nordics, and United States, with a strategy focused exclusively on enterprise software buyouts. Fund I marks the firm's entry into the continuation fund market, enabling deeper value creation in proven software assets over an extended investment horizon.

Mainsail Partners VII is the newest growth equity fund from Mainsail Partners, a firm known for backing founder-led, bootstrapped B2B software businesses. With $1.4 billion in capital, Fund VII represents a significant increase from the $915 million raised for Fund VI in 2022. This milestone highlights investor confidence in Mainsail’s ability to identify and scale high-performing software companies. Continuing its proven strategy, Mainsail Partners not only provides funding but also operational expertise. The firm’s dedicated Operations Team, composed of seasoned professionals with software backgrounds, collaborates closely with portfolio companies. Their support includes guidance on growth acceleration, go-to-market execution, and product enhancement, enabling these companies to evolve from founder-driven operations into structured, scalable businesses. Fund VII focuses on companies with recurring revenue models, strong unit economics, and a path to market leadership. Mainsail targets businesses that have already established product-market fit and are poised for the next phase of growth. The fund seeks to partner with management teams to build leading software platforms in their respective categories.

South Cove 2025-3 CLO is a USD 377 million middle market collateralized loan obligation managed by Manulife | Comvest Credit Partners, a private credit platform formed through Manulife Investment Management's 75% acquisition of Comvest Credit Partners in November 2025. The fund represents the platform's fifth CLO since its 2024 debut and third new issuance in 2025, contributing to over USD 2.3 billion in cumulative middle market CLO assets under management. The CLO is collateralized by a diversified portfolio of senior secured loans originated and managed directly by Manulife | Comvest Credit Partners, targeting sponsored and non-sponsored middle market companies across North America. The platform provides flexible financing solutions — including senior secured, unitranche, and second lien facilities of up to USD 300 million-plus — to support growth, acquisitions, buyouts, refinancings, and recapitalizations. The fund features a three-year-plus reinvestment period and a one-year non-call period, rated by S&P Global Ratings, with Scotiabank as lead arranger. Manulife | Comvest Credit Partners manages USD 19.5 billion in AUM with a combined 30+ years of investment experience and approximately 625 investments completed since inception, having been recognized as Specialty Finance Lender of the Year by Private Debt Investor.

Marathon Fund III is the latest €75 million seed-stage fund from Athens-based Marathon Venture Capital. The firm continues its mission to be a “Day One partner” to Greek tech founders, focusing on those building globally competitive companies from the outset. This new vehicle brings Marathon’s total assets under management to €175 million, reflecting the firm’s growing influence in the European venture ecosystem. Marathon’s investment thesis centers on founders addressing complex challenges in significant markets. These challenges often require specialized knowledge, such as advanced research expertise, or navigating regulated and overlooked industries like power grid management. The firm emphasizes capital efficiency and resilience, qualities inherent in the Greek tech community, enabling startups to serve global markets effectively from their inception. The firm has a track record of successful investments, including the acquisition of Augmenta by CNH Industrial for $110 million and a secondary sale of shares in Hack the Box to The Carlyle Group. These exits underscore Marathon's ability to identify and support startups with significant growth potential and global appeal.

Marathon Venture Capital Fund III is the third flagship fund managed by Marathon Venture Capital, the foremost seed-stage venture capital firm headquartered in Athens, Greece. The fund reached its final close in May 2025 at €75 million in an oversubscribed single closing, underscoring strong institutional confidence in Marathon VC's thesis of backing Greek technology entrepreneurs building globally competitive companies from Southern Europe. The fund was supported by anchor commitments of €20 million each from the European Investment Fund (EIF) and the Hellenic Development Bank of Investments (HDBI), alongside corporate and private investors from Greece and international markets. The oversubscription reflects Marathon VC's growing reputation as the leading gateway to the Greek technology ecosystem, with the fund raising Marathon VC's cumulative assets under management above €170 million across three successive funds. Fund III deploys early-stage capital into approximately 15 technology companies founded by Greek entrepreneurs operating across Europe and globally, continuing Marathon VC's core thesis that differentiated technical talent and a lean operating culture in Southern Europe can generate outsized returns in B2B technology markets. Target investment sectors include IT infrastructure, cybersecurity, artificial intelligence, agricultural technology, defense technology, and deep tech. Marathon VC invests at the seed stage, acting as lead investor and taking active board roles, and leverages its extensive network within the Greek diaspora — particularly in the United States and Western Europe — to support portfolio companies with international expansion, customer development, and follow-on fundraising. The fund continues the progression of Marathon VC's strategy from its first fund (2017, technology generalist) through Fund II (2020, subsequently expanded to €70 million) toward deeper focus on technical and hard-to-replicate intellectual property. Marathon Venture Capital was founded in 2012 and has established a track record of backing several of Greece's most successful technology companies across its prior two funds. Portfolio companies from Marathon's previous funds have gone on to raise significant follow-on capital at international valuations and achieve meaningful product-market fit in global B2B markets. The fund was established at a time when Greece's technology ecosystem had reached an inflection point, with multiple Athens-based startups achieving venture funding from top-tier international investors and a growing pipeline of technically sophisticated founders emerging from Greek universities and the diaspora. Fund III builds on this foundation with a broader mandate to support deep-tech and frontier sectors — including defense technology and agricultural automation — reflecting Marathon VC's evolution toward harder-to-replicate competitive advantages in a global market shaped by AI, quantum computing, and autonomous systems.

March Capital Fund III is the third institutional venture capital fund managed by March Capital, a leading enterprise technology-focused venture firm headquartered in Santa Monica, California. The fund reached its final close in January 2021 at $450 million, surpassing its fundraising target with support from both existing limited partners who rolled over from prior funds and a significant cohort of new institutional investors — an outcome described by the firm as remarkable given the challenging macro environment of the COVID-19 pandemic. With Fund III, March Capital crossed $1 billion in aggregate assets under management across its three funds, cementing its position as a prominent enterprise technology investor in the Los Angeles venture ecosystem. The fund is co-managed by founding partners Jamie Montgomery and Sumant Mandal, alongside a team of 15 investment professionals with deep enterprise software expertise. Fund III concentrates on high-growth enterprise technology companies across five primary verticals: enterprise artificial intelligence, industrial technology, cybersecurity, financial technology, and next-generation cloud infrastructure. The fund targets companies primarily at the growth and late stages of development, backing businesses that have demonstrated repeatable enterprise sales motion, strong net revenue retention, and large total addressable markets in B2B software. March Capital applies a disciplined, conviction-based approach, building concentrated portfolios of high-conviction positions in enterprise platforms with the potential to achieve category leadership. The fund reflects a global investment posture: while rooted in Los Angeles and North American enterprise markets, it includes an India-focused investment pillar through partner Rajan Mehra and a gaming and interactive media vertical through partner Gregory Milken, both additions that broadened Fund III's coverage relative to prior funds. March Capital's investment track record encompasses breakout enterprise software companies across its fund family, with investments in companies that have achieved unicorn valuations, strategic acquisitions, and public listings. The firm was founded in 2014 and has consistently backed companies at earlier stages of the growth curve that go on to define enterprise software categories. Fund III was raised during a period of compressed timelines and accelerating digitisation in enterprise IT — dynamics that accelerated demand for the cybersecurity, AI, and cloud infrastructure platforms that March Capital targets. The fund's limited partners include institutional investors that represent major public and private pension funds, endowments, and family offices that prioritise access to top-tier enterprise software returns in the US venture market.

March Capital Fund IV is a $650 million-plus venture capital fund managed by March Capital, a Santa Monica-based firm co-founded by Jamie Montgomery and focused on enterprise and B2B technology. The fund achieved its final close in February 2023 and is March Capital's fourth flagship vehicle, bringing the firm's cumulative assets under management to more than $1.65 billion across four funds and over 25 portfolio companies since the firm's founding in 2014. Fund IV oversubscribed against its initial target, reflecting strong institutional confidence in the firm's track record and its thesis on the next wave of AI-enabled enterprise software. Fund IV targets growth-stage enterprise technology companies operating at the intersection of cloud infrastructure, cybersecurity, and artificial intelligence-driven automation. March Capital concentrates on businesses with proven product-market fit that address large markets and provide mission-critical capabilities indispensable to their customers' core operations. The fund makes 12 to 15 concentrated investments per vehicle, with check sizes typically ranging from $25 million to $75 million per company. A distinctive strategic element is March Capital's India practice, backing enterprise software companies serving global markets from offshore development centers—a differentiated focus the firm has cultivated since its inception and which provides access to high-quality growth-stage opportunities often overlooked by West Coast-focused VC firms. March Capital Fund IV builds on an established exit track record that includes CrowdStrike (Nasdaq: CRWD)—which became one of the defining cybersecurity platforms of the cloud era—and KnowBe4 (Nasdaq: KNBE), a leading security awareness training company. These exits validate the firm's ability to identify and scale enterprise technology leaders before they achieve mainstream recognition. With Fund IV, March Capital continues deploying its disciplined, concentrated approach to identifying AI-enabled enterprise software businesses poised for hypergrowth, a category the firm believes will define enterprise technology spending for the foreseeable future as customers replace legacy systems with AI-native alternatives.

Marlin Heritage Europe III, SCSp is the third dedicated European fund from Marlin Equity Partners, a global investment firm specializing in software, technology, and services sectors. The fund closed at its €1 billion hard cap, significantly surpassing its initial target, reflecting strong investor confidence. Building on Marlin's 20-year track record, Heritage Europe III focuses on acquiring and scaling high-potential companies through operational enhancements, product innovation, and strategic M&A. The fund has already invested in Treasury Intelligence Solutions (TIS), Radar Healthcare, Napier AI, and Didomi. With a presence in London and a history of over 260 acquisitions, Marlin leverages its extensive network and expertise to drive growth in its portfolio companies. The firm emphasizes a collaborative approach, aiming to deliver strong returns for its investors.

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.

Matter Venture Partners has raised a $300 million first fund with a focus on ""hard tech"" investments. The fund aims to invest in companies that contribute to foundational technologies and trends that are built on hard tech. With backing from Kleiner Perkins and Taiwanese chipmaker TSMC, Matter Venture Partners invests at the large seed rounds, Series A and Series B. This venture capital fund focuses on six sectors: semiconductors, robotization, generative AI, manufacturing on-shoring and friend-shoring, energy building blocks, and life science automation. Within these sectors, the fund aims to invest in companies that provide the ""picks and shovels"" for these trends, as well as contribute to new innovations and technologies. Matter Venture Partners is looking to invest in between 15 and 20 companies with the new fund, with a goal to support portfolio companies across several rounds. The firm believes that the oversubscription of the fund is due to the increased realization of the importance of foundational hard tech technologies in today's society. The fund also prides itself on having operating partners, including Mel Tang, who provides expertise in operations, supply chain management, and manufacturing unit economics to support hard tech startups.

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.

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

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.

MetaProp Ventures IV is a Delaware-registered PropTech-focused seed-stage venture capital fund established in 2023 by MetaProp, one of the world's leading venture capital firms dedicated exclusively to real estate technology. MetaProp was founded in 2015 by Aaron Block, Zachary Aarons, and Zak Schwarzman in New York City, building a portfolio across the entire real estate value chain from commercial leasing software and construction technology to carbon accounting platforms and smart building automation. Fund IV targets early-stage companies at the Seed and pre-Series A stages, with a maximum fund size of $150 million and approximately $59 million raised as of February 2025 via SEC Form D. The fund focuses primarily on the United States and is expanding into Japan and the Asia Pacific region, driven in part by the participation of leading Japanese real estate and industrial corporations among its limited partners. Confirmed institutional investors include Mitsui Fudosan, CBRE, Cushman and Wakefield, JLL, PGIM, Azbil Corporation, Daibiru Corporation, Development Bank of Japan, Sumitomo Mitsui Trust Bank, Bridge Investment Group, Ivanhoe Cambridge, and Swire Properties. Portfolio companies across the MetaProp platform include Toggle Holdings, Yamori (Japan affordable housing platform), Asuene (carbon accounting SaaS), and H2Corporation (AI-driven construction technology). The fund continues to deploy capital with its most recent investment recorded in December 2025.

MindWorks Capital (概念资本, Gàiniàn Zīběn) is a pan-Asia venture capital firm headquartered in Hong Kong, with additional offices in Beijing, Shanghai, and Jakarta. Founded in 2013, MindWorks has built a differentiated cross-border investment platform that bridges Greater China and Southeast Asia — markets with distinct opportunity profiles that reward locally embedded expertise and cross-regional access rather than a single generalist approach. As of its Fund IV close in October 2024, MindWorks manages approximately $1.4 billion in total assets across its fund vehicles, cementing its position as one of the largest dedicated pan-Asia VC firms not affiliated with a major corporate or sovereign institution. MindWorks operates a bifurcated strategy calibrated to the specific stage characteristics of its two core geographies. In Greater China, the firm targets Series A investments in innovative and disruptive companies — backing the highest-conviction early bets before competitive dynamics intensify. In Southeast Asia, MindWorks focuses on Series B-stage companies with proven business models, prioritising logistics technology, financial technology, and enterprise software — sectors where Southeast Asian consumer and SME adoption curves are most rapidly converging toward Chinese and global benchmarks. This stage-geographic alignment allows the firm to deploy capital where its analytical edge is highest and avoid crowded areas. MindWorks Capital Fund IV closed in October 2024 at $220 million, exceeding its $200 million target and reflecting continued LP confidence in the team's track record despite a challenging global VC fundraising environment. The firm's total AUM of $1.4 billion spans five fund vehicles. The LP base includes sovereign wealth funds, university endowments, global asset managers, family offices, and Asia new economy entrepreneurs. Notable portfolio companies include Lalamove (HK:2030), the pan-Asia on-demand logistics platform; XTransfer, the B2B cross-border payments leader serving Chinese exporters; and Qupital, the supply-chain finance platform. MindWorks' portfolio reflects its consistent focus on infrastructure-layer and fintech businesses enabling Asia's intra-regional trade and digital economy.

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 Mitsui Kinzoku–SBI Material Innovation Fund is a corporate venture capital (CVC) fund jointly established in September 2017 by Mitsui Kinzoku (Mitsui Mining & Smelting Co., Ltd.), a leading Japanese manufacturer of non-ferrous metals, functional materials, and advanced materials, and SBI Investment Co., Ltd., the venture capital arm of Japan's SBI Group financial services conglomerate. The inaugural fund launched with JPY 5.0 billion and deployed capital into 11 portfolio companies during its active investment period. A second fund (Fund II) of JPY 5.0 billion was subsequently established to continue the strategic CVC program. SBI Investment serves as fund manager, contributing venture capital expertise and global network access, while Mitsui Kinzoku provides materials science research capabilities and global supply chain relationships. The fund targets early and growth-stage companies developing breakthrough technologies in materials science and advanced manufacturing that generate direct strategic synergy with Mitsui Kinzoku's global business operations. Core investment focus areas include material manufacturing know-how and advanced processing technologies, environment and energy innovations (including advanced battery materials, renewable energy components, and energy storage), life sciences with materials applications, innovative electronics and semiconductor materials, and information technology including artificial intelligence and augmented reality. The fund is headquartered in Chiba, Japan, and invests in both domestic Japanese startups and international companies with globally relevant materials innovations, conducting approximately two to six transactions annually with deal sizes reflecting early and Series A-stage financing needs. Notable portfolio investments include Forge Nano Inc., a US-based nanocoating technology company that benefited from the fund's co-investment alongside LG Technology Ventures in its Series A financing round — demonstrating the fund's ability to identify globally relevant materials innovations and participate in international syndicates alongside strategic partners. The fund's thesis reflects the broader trend of Japanese industrial manufacturers using corporate venture capital to access emerging materials and sustainability technologies critical to their long-term supply chain competitiveness, leveraging Mitsui Kinzoku's global manufacturing scale, industry partnerships, and established open innovation platform (M Lab.).

Counterpoint Global is an investment team and strategy within Morgan Stanley Investment Management (MSIM) that pursues long-term capital appreciation by investing in both public and private equities globally. The strategy was established in 2018 under the leadership of Dennis Lynch, Head of the Counterpoint Global team at MSIM, supported by portfolio managers including Kristian Heugh. With approximately $100 billion in AUM across all Counterpoint Global strategies as of recent reports, the team is one of the largest growth equity investment platforms in the world. Counterpoint Global's public equity strategies include the Counterpoint Global Portfolio (mutual fund) and institutional mandates across U.S., global, and international equity. The team also makes direct investments in private companies alongside its public market activity. Counterpoint Global's investment approach is a bottom-up, fundamental, conviction-based growth equity strategy. The team seeks companies with durable competitive advantages, strong brand recognition, high reinvestment opportunities, above-average business visibility, strong balance sheets, and the ability to deploy capital at high rates of return. The strategy is highly concentrated and benchmark-agnostic, investing across the full market capitalization spectrum. ESG factors are actively integrated into the investment process, with the team seeking to understand how sustainability initiatives create and protect value over time. Private company co-investments are made selectively in companies that exhibit the same quality characteristics sought in public markets. Notable private investments made by the Counterpoint Global team include stakes in PsiQuantum, Infleqtion, and Commonwealth Fusion Systems, reflecting a thematic focus on deep technology, quantum computing, and clean energy. The team provides investment services to clients globally, including through the Morgan Stanley Institutional Fund series and international SICAV equivalents. Counterpoint Global encompasses multiple vehicles including mutual funds, separately managed accounts, and private co-investment vehicles; the AUM figure of approximately $100 billion reflects the aggregate across all public and private strategies managed by the team.

Motivate Ventures Fund II is the second venture capital fund raised by Motivate Venture Capital, a North American seed and pre-seed investment firm. Announced in November 2023 and totaling $81 million in commitments, Fund II is anchored by two global financial services institutions alongside a returning base of limited partners who have supported the firm since its founding. The fund represents a meaningful step up in scale from Motivate's debut vehicle, reflecting the firm's track record and growing network within early-stage technology ecosystems across the United States and Canada. Fund II targets pre-seed and seed stage technology companies across North America, deploying check sizes from $250,000 to $3 million per investment. The fund maintains a broad mandate within early-stage B2B technology, with particular depth in enterprise software, financial technology, artificial intelligence and machine learning, manufacturing optimization, and supply chain infrastructure. Portfolio construction emphasizes backing diverse and underrepresented founders building high-growth companies, and the firm actively provides portfolio companies with community support, operational guidance, and access to its institutional LP network. As of mid-2024, Motivate Ventures Fund II had deployed capital into at least 23 companies, including Lazarus AI (document intelligence), Reloshare (social services software), Valiot (manufacturing optimization), Moove.ai (transportation), Fin3 (financial technology), Jawnt (transit platforms), Finofo (forex solutions), MarkIII (banking infrastructure), and Inca Digital (financial compliance). The managing partners—including David Wieland and Lauren Pearce—lead the firm from its North American headquarters, leveraging deep relationships across the technology and financial services sectors to source and support competitive early-stage investments.

Move Capital Fund I is a pan-European growth equity fund managed by KC Invest (Kepler Cheuvreux Invest), the asset management arm of Kepler Cheuvreux Group, one of Europe's leading independent investment banking and equity research firms. Launched in January 2022 with its first closing, the fund was approved by the French financial regulator (AMF) and received the 'TIBI' label issued by the French government to designate high-quality technology funds eligible for institutional capital. Move Capital Fund I targeted €300 million in commitments from French and international institutional investors. The fund invests at the growth stage in B2B European technology companies operating along the data value chain, with a particular focus on sectors including cybersecurity, artificial intelligence, Internet of Things (IoT), data analytics, machine learning, and the digital transformation of large enterprises. The investment thesis centers on nurturing European technology champions by providing expansion capital to companies that have demonstrated strong product-market fit and are positioned to scale across European markets. The managing team brings over 50 years of combined technology sector experience and leverages Kepler Cheuvreux's pan-European research platform and sector intelligence capabilities to identify and support portfolio companies. Move Capital Fund I attracted a high-quality institutional LP base that includes the European Investment Fund (EIF), French public investment bank Bpifrance, and strategic corporate investors Nokia and SKT (the Korean telecommunications group), alongside European family offices. The fund has completed six investments since inception and is now closed. KC Invest's responsible investment approach incorporates reinforced ESG policies across the portfolio, consistent with the TIBI certification framework and the fund's positioning as a flagship European growth technology vehicle.

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.

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.

NB Renaissance Partners III is the third and largest buyout fund managed by NB Renaissance Partners, the Italian private equity platform jointly established in 2015 by Neuberger Berman and Intesa Sanpaolo following the strategic decision to spin out the bank's private equity operations into an independent, institutional-grade GP. The fund raised approximately €950 million and is structured as a compartment of NB Renaissance Partners S.à r.l. SICAV-RAIF, a Luxembourg reserved alternative investment fund, reflecting standard European institutional fund architecture for private market vehicles targeting sophisticated investors. NB Renaissance Partners III pursues a buyout and buy-and-build investment strategy targeting Italian and pan-European mid-market companies with revenues between €100 million and €500 million and EBITDA of at least €17–20 million. The fund deploys average equity tickets of €80–100 million per transaction, acquiring majority control positions with the intention of growing portfolio companies through a combination of organic expansion, operational improvement, and selective add-on acquisitions. A defining element of the strategy is identifying fragmented market niches — across manufacturing, industrial services, IT, and consumer goods — where NB Renaissance can serve as a consolidation platform, building sector champions from mid-market leaders. Up to 20% of the fund's capital may be deployed outside of Italy, providing flexibility to pursue adjacent European opportunities. The fund is managed by a team of approximately fifteen investment professionals based in Milan, led by managing partners Fabio Canè and Stefano Bontempelli. NB Renaissance Partners III's investor base includes European and US-based institutional investors comprising pension funds, insurance companies, asset managers, and family offices. Notable portfolio investments include Engineering Ingegneria Informatica (Italy's leading IT services provider, acquired in partnership with Bain Capital Private Equity), Rino Mastrotto Group (a €300 million turnover premium leather goods manufacturer), and Hydro Holding (hydraulic components manufacturing). The NB Renaissance platform manages total commitments of approximately €1.8 billion across three vehicles — NBRP Fund I, NBRP Fund III, and the NBRP Annex Fund — establishing it as one of the most significant private equity investors dedicated to the Italian mid-market.

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.

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 Growth Capital VI is a private equity growth expansion fund managed by NewSpring Capital. The fund is located in Radnor, Pennsylvania and invests in the United States. Focus sectors of the fund are: Business services, Enabling technologies (disruptors in business and tech), Information technology (Enterprise and infrastructure software, fin tech, security, and business intelligence). The fund seeks business with trailing twelve months (TTM) revenue superior to $5 million in the United States. The fund delivers working capital to scale fast-growing, industry transforming technology companies According to a SEC filing, NewSpring Capital is seeking to raise $400 million for the fund.

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.

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

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

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

About Nexa Equity Fund IINexa Equity Fund II is a $390 million private equity fund managed by Nexa Equity, a San Francisco-based firm that partners with high-growth vertical SaaS companies to help scale them into market leaders. Closing in May 2025 at its hard cap—oversubscribed and fully subscribed in under six months—Fund II brings Nexa's total assets under management to over $1 billion. Founded in 2021 by Managing Partner Vlad Besprozvany, Nexa Equity has assembled a team of 18 experienced investors and operators who combine deep software expertise with a disciplined value-creation playbook centered on operational improvement, go-to-market acceleration, and strategic M&A. The rapid oversubscription of Fund II reflects strong institutional LP conviction in both the team and the secular tailwinds driving adoption of vertical SaaS across industries.Nexa Equity Fund II focuses on control investments in vertical SaaS businesses—companies building industry-specific software for end markets including financial services, healthcare, logistics, real estate, and business services. Unlike horizontal software platforms that serve all industries generically, vertical SaaS companies typically achieve higher net revenue retention, stronger competitive moats, and faster paths to market leadership within their defined categories. Nexa targets companies at an inflection point—typically with proven product-market fit and initial revenue traction—where the firm's operational involvement can meaningfully accelerate the path to category leadership through go-to-market investment, talent upgrading, international expansion, and strategic bolt-on acquisitions. The fund holds concentrated positions, preferring fewer, higher-conviction bets to a broad spray-and-pray portfolio approach.Nexa Equity's first fund established the firm's approach to vertical software investing and generated early returns that validated the thesis. With Fund II, Nexa scales the platform with greater capital to pursue larger platform investments and more ambitious buy-and-build strategies across vertical categories. The firm draws on its operators-as-investors model—where team members have scaled SaaS businesses themselves—to provide founders and management teams with practical, relevant guidance during the ownership period. Nexa Equity Fund II is positioned to capitalize on a period of heightened consolidation opportunity in vertical SaaS, as category leaders emerge from the competitive rationalization of the 2021-2023 overfunding cycle and begin to acquire weaker peers at attractive multiples.

About Nexa Equity Fund IINexa Equity Fund II (this record's legal variant: "Nexa Equity Fund II LP") is a lower middle market vertical SaaS buyout fund managed by Nexa Equity LLC, a San Francisco-based private equity firm founded in 2021 by Managing Partner Vlad Besprozvany, formerly a Vice President at Insight Partners and an investor at Thoma Bravo. The fund closed in May 2025 at $390 million, significantly oversubscribed from its $275 million target and reaching its $392 million hard cap, bringing Nexa Equity's total assets under management to over $1.2 billion. The fund attracted a diverse institutional investor base including pension funds, university endowments, insurance companies, fund-of-funds, family offices, and foundations, reflecting strong LP conviction in the firm's vertical SaaS thesis and operational execution capabilities.Nexa Equity Fund II targets control investments in founder-led, capital-efficient vertical SaaS companies with annual recurring revenues of $3 million to $30 million. The firm deploys equity checks of $15 million to $100 million or more, building a concentrated portfolio of 7 to 9 high-conviction investments per vehicle. The investment thesis centers on mission-critical, purpose-built software serving niche and underserved industries where legacy manual processes remain prevalent, including field services, construction and commissioning, transportation management, healthcare IT, and skilled trades. Nexa differentiates through hands-on operational support—accelerating go-to-market strategy, upgrading talent, enabling international expansion, and executing strategic M&A—delivered by a team that includes operating partners who have scaled SaaS businesses themselves. The fund structure includes co-investment vehicles (Fund II-A and Fund II-B), with SEC Form D filings submitted for all three entities. Kirkland & Ellis LLP served as legal counsel and M2O Private Fund Advisors acted as placement agent.Nexa Equity Fund II represents the firm's second fund, following Nexa Equity Fund I which closed at approximately $180 million in June 2023 and validated the lower middle market vertical SaaS thesis. Known portfolio companies include Autura (towing and parking enforcement software), Cedar AI, Easy Metrics (labor management software), Facility Grid (construction commissioning software), Hometown, Ladle, and Leap (contractor software), all of which reflect the firm's focus on purpose-built vertical solutions for hands-on and essential industries. This database record (id=346, slug=nexa-equity-fund-ii-lp) is a duplicate of the canonical record id=345 (slug=nexa-equity-fund-ii), which is already fully enriched. The LP legal suffix is the only distinction. This record is recommended for merger into or deletion in favor of id=345.