Fintech

4Founders Capital III is an early-stage venture capital fund focused on “Spanish-linked” startups with global ambition. The fund recently closed with €70 million in commitments, exceeding its initial target of €65 million. Investors include both returning LPs and new institutional players, reinforcing confidence in the fund’s model. Its investment strategy remains consistent with previous funds, deploying initial checks between €300,000 and €2 million per company, and reserving up to €6 million for follow-on investments in standout portfolio companies. The fund expects to invest in around 40 startups over the coming years. While sector-agnostic, 4Founders Capital III places a strong emphasis on tech-driven B2B SaaS businesses, especially those leveraging artificial intelligence. Key verticals of interest include fintech, business services, traveltech, cybersecurity, and developer tools. The fund is managed by a team of former entrepreneurs and seasoned investors with a proven track record in early-stage tech investing. With approximately €134 million in total assets under management across all vehicles, 4Founders Capital leverages an established dealflow pipeline and long-standing LP relationships to drive fund performance.

Amwal Capital Partners has introduced the ACP Shariah Financing Fund, a $150 million private credit vehicle designed to offer Shariah-compliant financing solutions to small and medium-sized enterprises (SMEs) within the Gulf Cooperation Council (GCC) region. This initiative aims to bridge the significant $250 billion SME credit gap by providing ethical, asset-backed capital to businesses that are often underserved by traditional banking institutions. The fund's strategy emphasizes direct lending to emerging companies, particularly those with tech-enabled platforms requiring flexible financing structures. Over its five-year term, the fund plans to execute 12 to 15 transactions, focusing on sectors such as logistics, vehicle leasing, and FinTech. Initial investments include ventures in the tourism and agricultural food trade industries, reflecting the fund's commitment to supporting sectors vital to regional economic growth. By adhering strictly to Islamic finance principles, the ACP Shariah Financing Fund ensures that all investments are structured to avoid interest-based income and excessive uncertainty, aligning with ethical investment practices. This approach not only meets the growing demand for Shariah-compliant financial products but also offers investors exposure to high-yield opportunities uncorrelated with public markets.

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.

The Accion Digital Transformation Fund (ADTx) is a $152.5 million fund launched by Accion Impact Management to support financial institutions in better meeting the needs of small businesses excluded from the financial system. The fund will focus on companies serving micro, small, and medium enterprises across South and Southeast Asia, Latin America, and Africa. Investments from the fund will include equity and quasi-equity investments, along with hands-on strategic support to drive digital transformation. The goal is to expand responsible service options for small businesses globally by leveraging Accion's expertise in digital finance. Initial investments include companies in India, with up to 12 total investments expected. Limited partners in the fund include British International Investment (BII), FMO, IDB Invest, IFC, Mastercard, OeEB, and Swedfund. The fund's mission is to connect millions more small businesses to the digital economy, providing affordable financial services to help reduce poverty and create opportunities for those underserved by the financial system. The Accion Digital Transformation Fund aims to drive the digital transformation agenda of finance companies by providing capital, strategic support, and shareholder engagement. The fund's commitment is reflected in the involvement of high-caliber limited partners who are dedicated to bringing affordable, high-quality financial services to small businesses globally.

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.

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.

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.

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.

Curql Fund II is the second flagship venture capital vehicle launched by Curql Collective, a credit union-backed investment platform focused exclusively on fintech innovation. With $309 million raised (as of May 2025) from 83 credit union investors, the fund is designed to support the development and adoption of next-generation technologies that enhance the competitiveness and member experience of credit unions across the United States. Following the successful deployment of Curql Fund I, which raised $254 million and invested in 38 fintech startups, Fund II continues the mission of aligning cutting-edge financial technologies with the needs of community-focused financial institutions. The fund offers its limited partners not only investment returns but also strategic benefits, such as preferred pricing and early access to fintech solutions that are shaping the future of banking. Curql Fund II provides a unique co-innovation model in which credit unions play an active role in guiding the development of fintech tools tailored to their operational realities and member priorities. The initiative has already facilitated approximately $12 million in collective savings through negotiated discounts and exclusive access to its portfolio companies.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

Infinity Ventures, co‑founded in 2021 by former PayPal executives Jeremy Jonker, Jay Ganatra, and Mario Ruiz, operates with a clear thesis: fintech infrastructure and commerce enablement are foundational to the next wave of global digital commerce. With its second fund, the firm doubles down on a model it calls “operators‑first, investors‑second,” meaning its team actively leans into execution, domain relationships, and hands‑on founder support, not just capital. Fund II, totaling $184 million, will allow Infinity to deepen its commitment to B2B fintech and commerce enablement across pre‑seed to Series A rounds. The firm claims to bring industry credibility and senior connections into the dealroom, leveraging decades of operating experience and incumbents’ relationships to help founders scale rapidly. To date, Infinity has backed 23 companies across fintech and commerce stacks. Infinity’s portfolio already spans payments infrastructure, embedded lending, commerce identity, eCommerce analytics, and platform enablement. Each investment reflects their belief that most of financial services and commerce remain under‑digitized. With this new capital, the firm expects to support more transformational founders globally and provide differentiated support beyond the typical value‑add promise. Beyond deploying capital, Infinity positions itself as an extension of its founders’ teams — stepping in where needed on negotiations, customer introductions, execution, and scaling operations. The founders’ past track record at PayPal, plus prior investments and M&A experience, offer credibility and a network; the new fund aims to scale that playbook across more geographies and verticals.

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.

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.

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.

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.

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.

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.

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.

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.

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

Preservation Capital Partners has successfully closed PCP Fund II, a private equity buyout fund. The firm secured €459 million in capital commitments, marking a 30% increase from its predecessor fund, PCP Fund I. Preservation Capital Partners (PCP) invests in financial technology and services companies across Europe. It has a flexible investment mandate and can invest as both a minority and majority investor, with a typical equity investment of £50-150m with the ability to invest significantly larger amounts through co-investment. Business subsectors include non-balance sheet businesses including insurance distribution, insurance services, asset and wealth management, outsourcing service providers to financial institutions, payments and consumer finance. Preservation Capital Partners has achieved significant milestones, including the closing of PCP's inaugural continuation vehicle and raising substantial co-investments from existing limited partners (LPs). With the closing of PCP Fund II, Preservation Capital Partners now manages approximately €1 billion in assets under management (AuM) across its three active funds, solidifying its position as a leading player in the Financial Services sector. The fund is dedicated to consistently delivering top quartile returns, regardless of market conditions, and is confident in its ability to navigate future opportunities, create value, and drive sustainable growth. Kirkland & Ellis advised Preservation Capital Partners on raising the fund.

PSG Europe II is the firm’s second private equity Europe-focused fund. It has more than €2.6 billion in commitments, exceeding PSG’s initial target. PSGE II is one of the largest growth equity funds raised to invest exclusively in European software companies. The successful fundraise reflects the strong support received from both new and existing investors globally including state pension funds, sovereign wealth funds, family offices and high net worth individuals. PSGE II significantly exceeds the size of its predecessor, PSG Europe I, which held its final close in January 2021 with more than €1.3 billion in commitments. PSG sees the European software sector as highly fragmented with many high-quality point solution providers, often focused on either a single strategy or a single country. This market dynamic presents significant investment and growth opportunities for firms like PSG, which possess local expertise and relationships across Europe to support deal sourcing, extensive operational support capabilities and a longstanding global track record of growing B2B software businesses both organically and inorganically. PSG’s investment strategy focuses on scaling single-country, single-product software companies through organic and inorganic growth into multi-country, multi-product pan-European champions across multiple markets, supporting its portfolio companies’ global growth ambitions. Given its origins, resources and track record in the U.S., PSG can be a strong supportive partner to enable market expansion in North America.

PSG VI is growth fund managed by PSG Equity. PSG is a leading growth equity firm focused on emerging growth, founder bootstrapped, B2B software companies. PSG will target software and tech-enabled businesses across the B2B-software, cybersecurity, big data, and artificial intelligence sectors. Investments will primarily be in North America. The fund makes growth equity investments typically range in size from $10-$150M. As of 2023, according to information from PSG, the firms made 3.5x Gross MoM/ 2.8x Net MoM & 56% Gross IRR / 44% Net IRR on all realized/partially realized investments across platform since its inception.

Performance Direct Investments V (PDI V) is the fifth direct co-investment vehicle managed by Performance Equity Management (PEM), a private equity firm based in Greenwich, Connecticut. The fund closed at $383 million, exceeding its $300 million target. PDI V continues PEM’s strategy of partnering with leading private market managers to build a diversified portfolio of direct co-investments. The fund targets small and middle-market buyouts and growth equity investments. PEM applies a disciplined investment process to identify opportunities across sectors such as information technology, financial services, consumer and business services, and industrials. The fund primarily invests in companies located in North America and Europe. With $8.9 billion in assets under management, PEM has a strong track record of managing co-investment programs. Its senior investment team has committed more than $30 billion across 175+ private equity sponsors globally. In 2023, PEM became part of Sagard’s platform following a strategic investment, strengthening its global reach and future growth capabilities.

Pollen Street Capital V is the fifth flagship private equity vehicle launched by Pollen Street Capital, a London-based alternative asset manager focused on investing in financial and business services. The fund was launched in 2023 and held its first close at €1 billion. It eventually surpassed this target, with a total of €2 billion in capital. That includes €1.5 billion in fund commitments and another €500 million in co-investment capacity —. PSC V aims to acquire control positions in lower middle-market companies that are fast-growing and technology-enabled. The fund prioritizes firms within the lending, payments, wealth management, insurance, and broader tech-enabled business services sectors. Its investment approach is centered on driving growth and creating market leaders through hands-on value creation strategies. The fund plans to make equity investments ranging from £40 million to £100 million in 12 to 14 companies during its investment period. It targets businesses with enterprise values of up to £200 million and is designed to generate a gross return of 3.0x invested capital at the fund level.

Redpoint Ventures X is the tenth early-stage venture fund from San Francisco-based Redpoint Ventures, a firm with over 25 years of track record in backing transformative technology companies. The $650 million fund matches the size of its predecessor, a strong signal of continued support from limited partners in a challenging fundraising climate. Redpoint maintains its conviction in identifying and supporting high-potential startups from their earliest phases of growth. This early-stage strategy is led by managing partners Alex Bard, Satish Dharmaraj, Annie Kadavy, and Erica Brescia, who joined the firm in 2021 after serving as GitHub's COO. The fund will continue to invest in areas where Redpoint has shown strong thesis alignment, including AI infrastructure, developer tools, cloud software, and next-gen enterprise solutions. Recent notable investments include Poolside, Cockroach Labs, and Levelpath. Redpoint Ventures X complements the firm’s broader multi-stage platform, which also includes a $740 million growth fund raised in 2024. With a strong track record of exits — including Next Insurance, Tastemade, and HashiCorp — Redpoint aims to partner with founders building enduring, category-defining businesses in complex and fast-changing markets.

Located in Amstelveen (Netherlands), Revo Capital Fund III is a venture capital fund managed by Revo Capital. Sectors of interest of the fund are: fintech, gaming, information technology, health tech, clean tech, insure tech, DevOps, marketplaces, martech, big data, cybersecurity, and artificial intelligence and machine learning sectors. The fund invests in global companies or in companies that have global businesses. Companies must be based in Eastern Europe, Turkey or the Baltics. The fund will aim for a first close of between $50 and $60 million in March, and targets $100 million, with a cap at $150 million. Revo plans to invest in over 25 seed to Series B startups, typically starting with up to $5 million per company and allocating up to $10 million with follow-ons. The firm also carved out a "Seed Pocket" for smaller initial checks of $250,000–500,000 in promising pre-seed and seed-stage startups.

Silver Lake Partners VII is a growth private equity fund managed by Silver Lake. The final close on Silver Lake Partners VII at $20.5 billion in capital commitments marks a continuation of the firm's global leadership in large-scale technology investing. Over the past five years, Silver Lake has raised $47 billion, with a focus on creating value through partnerships with exceptional founders and management teams to build and grow great companies driven by technology at scale. Silver Lake invests across the spectrum of the global technology sector and in technology-enabled businesses in verticals including sports and live events, media and entertainment, e-commerce, financial services, and health care. Their portfolio of companies represents more than $1 trillion of cumulative enterprise value, with a mission to make highly selective and impactful investments that have the potential to generate exceptional performance. Recent investment activities include the successful completion of a public tender offer to acquire Software AG for approximately $2.6 billion, take privatizations, and equity re-investments in companies such as Qualtrics, Vantage Data Centers, and Endeavor. These strategic transactions demonstrate Silver Lake's commitment to making significant investments across various sectors and geographic regions. Investors in Silver Lake Partners VII include public and corporate pension funds, sovereign wealth funds, insurance companies, endowments, foundations, funds of funds, family offices, technology industry leaders, and individual investors across the Americas, Asia-Pacific, and EMEA.

Spark Capital VIII is an early stage VC fund managed by Spark Capital, out of Boston, Massachusetts. The $770 million fund will invest in early stage companies across a variety of sectors. Spark Capital's portfolio is composed of companies in the following sectors: Crypto & Fintech, AI, Frontier tech, Marketplaces, Enterprise & Consumer. Gunderson Dettmer represented Spark Capital in the formation of Spark Capital VIII.

The TIDE Africa Fund II of TLcom Capital has a target investment of $154 million in seed and Series A companies, making it Africa's largest investor across these stages. It attracted participation from over 20 limited partners, including notable investors such as the European Investment Bank (EIB), Visa Foundation, Bertelsmann, and AfricaGrow, a joint venture between Allianz and DEG Impact. TLcom Capital focuses on traditional sectors like fintech, mobility, agriculture, healthcare, education, and commerce, prioritizing early-stage opportunities, particularly at the seed and Series A stages, while also considering opportunistic deals at growth and later stages. It generally backs 20 to 25 companies, aiming for 10x to 20x returns on potential investments and expects to achieve 3x to 4x returns on an aggregate basis. The fund is also improving its risk by backing repeat founders, like Sim Shagaya, Etop Ikpe, and Grant Brooke, as well as investing earlier in deals and women-led startups through FirstCheck Africa. As of April 2024, TLcom has backed six companies from its new fund, with initial investments ranging from $1 million to $3 million, and aims to target the Big Four markets, adding Egypt and South Africa as destinations of its capital. By doing so, TLcom expects to achieve tangible returns and drive the overall growth of the African tech ecosystem. The fund will invest between USD 500 000 as the minimum initial investment in seed stage opportunities, to USD 15 million over the life cycle of the investment, with an expected average of around USD 7-9 million per successful company.From the USD 5 million, 2 million will be dedicated to female entrepreneurs through a co-investment agreement with First Check Africa. It is a 10-year life Fund of which 5 years investment and 5 years divestment period which can be extended by 1 year each.

Tiger Global PIP Fund XVI, located in New York, is an early-stage venture capital fund managed by Tiger Global Management. The fund targets to invest in the artificial intelligence, machine learning, software, consumer and fintech sectors globally. Previous funds of Tiger Global Management have invested in hundreds of companies across more than 30 countries. According to sources,Tiger Global has raised $2.2 billion for Tiger Global PIP Fund XVI. Tiger Global started raising for its 16th fund in October 2022 and had received commitments of about $2 billion by the middle of last year. But it only received further commitments of just $200mn in last months.

Trident X is the flagship tenth buyout vehicle from Stone Point Capital, based in Greenwich, CT. Managing $11.5 billion in commitments—surpassing its original $9 billion target—it marks the largest raise in Stone Point’s flagship Trident series. The fund maintains Stone Point’s disciplined thematic focus on the financial services sector, encompassing banks, insurance, wealth management, specialty finance, fintech and related areas. It seeks control‑oriented investments in mid‑market to upper mid‑market firms across the U.S., leveraging the firm’s deep industry expertise and proprietary sourcing channels. Trident X benefits from strong institutional support—state and public pension systems (e.g., WSIB, Arizona PSPRS, TRS Illinois) and major life insurers among its LPs—which underscores the confidence in the strategy and performance track record of prior vintages.

Unconventional Ventures Fund II is a €80 million impact-focused venture capital fund investing at the pre-seed and seed stages. It centers on inclusive capital allocation to diverse founding teams—particularly women, people of color, immigrants, and LGBTQ+ individuals—across Europe. With a €50 million first close completed in November 2025, the fund positions itself at the forefront of a performance-driven, diversity-led investment thesis. The fund prioritizes startups building scalable, tech-enabled solutions that address global challenges. It looks for founders combining purpose with ambition—often underrepresented in traditional venture networks—and aims to provide catalytic capital to help them unlock early momentum. The firm believes investing in diverse teams not only addresses systemic funding inequities but generates superior outcomes due to untapped market potential. Fund II will focus on sectors that align with impact and sustainability: climate tech, health tech, inclusive fintech, and future-of-learning solutions. Portfolio companies are expected to deliver not just strong financial returns but measurable social or environmental outcomes. The fund applies an intersectional lens to impact, investing at the overlap of innovation, equity, and responsibility. Headquartered in Copenhagen, Unconventional Ventures leverages a pan-European network of co-investors, operators, and advisors. It provides founders with capital, visibility, and long-term partnership. Fund II is a continuation and expansion of the firm’s first fund, which backed 20+ startups and demonstrated that inclusive VC can outperform conventional patterns.

The Ventures Platform Pan‑African Fund II is a strategically positioned vehicle that mobilises growth capital into Africa’s early‑stage technology ecosystem. With its first close at approximately USD 64 million (and a potential final close near USD 75 million), the fund seeks to partner with founders who are building scalable, market‑creating innovations across the continent. Focusing initially on seed and Series A investments, the fund is intent on de‑risking high‑potential ventures and unlocking value creation by backing companies addressing systemic gaps in key sectors such as fintech, healthtech, edtech, agritech and AI‑enabled platforms. Its thesis emphasises “pain‑killer” solutions that improve access, reduce cost and scale across Nigeria, Francophone West Africa, North Africa and other underserved regions. Powered by a team with deep operator experience, the manager (Ventures Platform) offers more than capital — providing hands‑on support, strategic networks and follow‑on funding for companies heading toward their critical growth inflection points. The fund builds on a proven track record of over 90 portfolio companies, multiple exits and strong investor interest from global development finance institutions and institutional LPs. Through a pan‑African footprint, the fund aims to become the linkage between early‑proof‑of‑concept ventures and scalable, continent‑wide platforms that deliver not only financial returns but meaningful impact in job creation, digital infrastructure and inclusive economic growth.