Healthtech

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 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.

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

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.

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.

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

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.

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.

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

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.

The $750 million private equity multi-asset continuation fund announced by Hildred Capital is focused on healthcare and specializes in partnering with middle-market companies. The fund was structured to align the interests of the general partnership and limited partners, with the co-founders rolling over 100% of their economic interests into the continuation fund. Limited partners had the option to roll all, sell all, or sell a portion of their interests and roll a portion into the continuation fund. This fund aims to provide additional committed capital for companies to execute organic growth initiatives, pursue strategic acquisitions, and continue to drive operating leverage. It has generated significant liquidity and attractive returns for selling limited partners while also providing new investors with the opportunity to participate over time in the appreciation of strong and growing companies.

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.

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

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.

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.

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

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.

Quadria Capital Fund III is a growth-stage private equity vehicle focused on transforming healthcare systems across South and Southeast Asia. With $1.07 billion in commitments, the fund aims to build a diversified portfolio of approximately 10 market-leading companies, taking both significant minority and majority stakes. The fund has already deployed nearly 40% of its capital, including investments in Aragen Life Sciences, NephroPlus, and Maxivision Eye Hospital.The fund targets sectors such as healthcare delivery, life sciences, medical technology, and associated healthcare services. It seeks to invest in companies that provide high-quality, affordable healthcare solutions, leveraging technology and innovation to address the growing demand in the region. Quadria Capital's strategy includes partnering with exceptional healthcare businesses to enhance their impact and scale, while generating superior returns for investors.Quadria Capital Fund III has attracted a diverse group of investors, including sovereign wealth funds, asset managers, strategic corporates, and impact investors from North America, Europe, the Gulf Cooperation Council, and Asia. The fund's focus on healthcare transformation aligns with the increasing need for accessible and affordable healthcare services in rapidly growing 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.

The SOSV V fund is focused on deep tech startups in human and planetary health, with a focus on decarbonization and re-industrialization. The fund will invest in startups in the health sector, ranging from therapeutics to medical devices, as well as companies working on climate change solutions. SOSV operates startup program facilities in New York City, Newark, and San Francisco, supporting about 80 startups per year. The fund's limited partners include corporates, sovereign wealth funds, institutional investors, and private family offices around the world. The fund closed at $306 million on April 16th, 2024. SOSV invests starting at the pre-seed stage and continues through series seed, A, and later stages, resulting in about 200 investments per year. The fund tracks top portfolio startups in its annual Climate Tech 100 and Human Health 100 lists, which include companies working on climate solutions and health-related technologies. The fund also invests in facilities and equipment to help deep tech founders develop and de-risk their technologies. It operates in 40 countries and has founders representing 75 nationalities. The portfolio includes startups with 33% of companies having at least one female founder. The fund partners with other co-investors and has received support from venture firms and early-stage investors who have contributed to the successful launch of startups. The fund's emphasis on decarbonization and re-industrialization highlights its commitment to addressing climate change and creating positive change for humanity. The fund aims to bring power and expertise to the fight against climate-driven issues and loss of life.

Sonder Futures II is a venture capital fund managed by Sonder Capital. The firm is based in San Carlos, California. The fund focuses on early stage investments in healthtech, medical devices and diagnostics companies. The firm invests in Seed, Series A and Series B rounds. The firm's portfolio companies include Spirair, BRIUS Technologies, Ziteo, and Neptune Medical, reflecting its focus on the healthcare and medical technology sectors. Sonder Capital's network of limited partners is global, including industry leaders, high-net-worth individuals, and leading family offices, indicating a broad geographic scope for potential investments.

TDK Ventures Fund 3 is a $150 million venture capital fund launched in April 2025 by TDK Corporation's corporate venture-capital subsidiary, TDK Ventures, Inc. The fund focuses on investing in early-stage deeptech startups that are poised to drive significant advancements in technology and sustainability. Building upon the success of its previous funds, Fund 3 aims to catalyze the next generation of iconic companies by providing not only capital but also strategic support through TDK's extensive global network. This includes access to TDK's R&D, manufacturing capabilities, and market channels, enabling startups to scale efficiently and effectively. Fund 3 continues TDK Ventures' mission to invest in transformative technologies that align with global megatrends, contributing to TDK's long-term vision of sustainable growth and innovation.

Thoma Bravo Fund XVI is the latest flagship buyout vehicle from Thoma Bravo, a leading software-focused private equity firm. Launched in late 2023, the fund successfully closed in mid-2025 with $24.3 billion in capital commitments, making it the largest private equity fund globally for 2024 or 2025. This achievement underscores investor confidence in Thoma Bravo's strategy of acquiring and scaling enterprise software companies. The fund targets 12 to 15 platform investments, each with equity commitments ranging from $900 million to $4 billion. Target companies typically have enterprise values between $2.5 billion and $13 billion. Thoma Bravo employs a "buy and build" strategy, seeking to enhance operational efficiency and drive growth through strategic acquisitions. Fund XVI focuses on sectors such as infrastructure software, cybersecurity, fintech, and enterprise applications. Geographically, the fund targets investments primarily in North America (85%) and Europe (15%). Thoma Bravo's approach involves partnering with existing management teams to implement best practices and accelerate value creation.

Town Hall Ventures IV is the fourth flagship fund from Town Hall Ventures, a mission‑oriented venture firm focused on transforming healthcare delivery in underserved U.S. communities. With a capital target in the hundreds of millions, THV IV seeks to extend the firm’s track record of backing AI‑driven, technology‑enabled care models that reduce cost, improve outcomes, and expand access. This fund builds on Town Hall’s deep roots in both policy and healthcare systems, leveraging the firm’s relationships with payers, health systems, and public agencies to accelerate go-to-market execution for portfolio companies. THV IV allocates capital across stages, deploying initial investments but retaining optionality for follow-on support, enabling companies to scale over multiple rounds. The fund targets startups that marry mission and scale — companies that can serve large, diverse patient populations while maintaining cost discipline and strong unit economics. THV IV investors will look for management teams that understand the complexity of Medicaid, Medicare, social determinants of health, and care delivery in fragmented geographies. In execution, Town Hall Ventures IV will seek to invest in 20‑40 companies over its lifecycle, with average initial investments in the $3M to $30M range. The fund will emphasize sectors such as AI for clinical automation, value‑based provider platforms, home-based care, mental health, and payer enablement — always with a lens toward equity, cost reduction, and access.

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.