Software B2B

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.

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.

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

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.

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

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

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.

The Bewater II FCRE fund is a closed‐end European venture capital vehicle managed by Bewater Asset Management, aimed at delivering attractive returns by investing in privately‐held technology companies in Spain and Portugal. The fund targets companies which are already generating revenue, ideally with positive cash flow or clear path to it, and leverages the team’s extensive experience of more than 80 years together in private company investment. Investments are directed both through primary offerings and — with preference — via secondary transactions (that is, acquiring equity stakes from existing shareholders). The fund seeks to invest in companies that grow at least 30% annually, have valuations above €3 million, and typically valuations no more than 10 × sales. The vehicle has a target size of approximately €40 million, and is structured with a ten‐year life (with possible extensions of two years). Management fees are set at 1% on invested capital, and a carried interest (success fee) of 25% with a preferred return of 6% per annum for investors. The fund emphasises alignment of interests: the investment committee, which includes the founders of Bewater and well‑known Spanish investors, will invest c.€2.75 million into the selected companies, approximately half via the fund and half via dedicated single‑investment vehicles. The fund takes minority stakes (typically up to ~30%) and aims for governance structures that align with entrepreneur and investor interests rather than investor‑only protections.

The Beyond Capital Partners Fund III, a 2023 vintage private equity fund managed by Beyond Capital Partners GmbH, closed at the hard cap of EUR 180 million in April 2024. The fund has secured capital commitments from institutional limited partners and fund-of-funds from continental Europe. Beyond Capital Partners and Beyond Family & Friends also provide more than ten percent of the fund volume, ensuring alignment of interests with limited partners. The fund's investment strategy focuses on the lower-mid-market segment, targeting companies in the DACH region with enterprise values of up to EUR 50 million. The fund has already made two platform investments and a first add-on, demonstrating its commitment to the region and the segment. With a team of fifteen professionals, the fund aims to continue its successful investment strategy, building on its experience from previous transactions. Beyond Capital Partners places a strong emphasis on ESG as an additional value driver. As a SFDR 8+ Fund, the fund is dedicated to creating value through focusing on ESG-related elements. The fund was supported in its fundraising efforts by Triago S.A. as a placement agent and by Clifford Chance as a legal advisor. Specifically, the fund targets majority shareholdings in profitable Mittelstand companies in the DACH region with a focus on asset-light business models in sectors such as B2B services, IT services, software, healthcare & well-being, lifestyle, and entertainment. This underscores the fund's commitment to investing in businesses that align with its strategic vision and value creation objectives."

Bonfire Ventures Fund III is a $168 million seed venture capital fund raised by Bonfire Ventures, a Los Angeles-based firm founded by Mark Mullen and Jim Andelman that specializes in backing B2B software companies at the seed stage. The fund closed at its cap on May 31, 2022 — deliberately oversubscribed — and deployed capital into 32 enterprise software companies through 2025, making it the third core fund in Bonfire's growing series. Fund III focuses on seed-stage B2B software companies addressing large, underserved verticals including construction, healthcare, insurance, industrial operations, and established business categories ripe for digital disruption. Bonfire leads seed rounds with initial checks averaging $2.7 million at pre-money valuations of approximately $16.4 million, providing founders with early institutional conviction, board support, and go-to-market guidance. Fund III was deployed alongside a $63 million second opportunity fund for follow-on capital. Fund III's early performance benchmarks have been exceptional: 73% of companies backed in the first investment year raised a Series A within 24 months, against a 15% industry benchmark, and the average portfolio company grew ARR by 337% from initial investment. All 32 portfolio companies remained active through the fund's close-out in 2025. These results directly supported the launch of Bonfire Ventures IV, a $245 million vehicle, confirming Bonfire's differentiated sourcing and selection model for seed-stage enterprise software.

Bonfire Ventures Fund IV is a $245 million seed venture capital fund managed by Bonfire Ventures — the Los Angeles-based B2B software specialist founded by Mark Mullen and Jim Andelman — and is the largest vehicle in the firm's history. The fund reached final close in February 2025, directly following the successful close-out of Fund III, which saw 73% of seed investments advance to Series A within 24 months of initial check. Fund IV continues Bonfire's seed-stage B2B software mandate with expanded attention to artificial intelligence integration. Over half of Fund III's portfolio companies became AI-native during their growth, and Fund IV anticipates deeper AI embeddedness across its target verticals: e-commerce and fintech convergence, construction, healthcare, insurance, industrial automation, and legacy business categories undergoing digital transformation. The fund writes average initial checks of approximately $2.7 million at pre-money valuations around $16.4 million, leading seed rounds as the primary institutional backer. Partner Brett Queener (former Salesforce EVP of Global Commercial Sales) joined the team ahead of Fund IV to deepen go-to-market expertise. With $245 million in committed capital, Bonfire IV gives the firm capacity to lead more rounds and expand follow-on reserves for breakout companies. Bonfire has backed seed-stage B2B software across four fund vintages since 2016, building a consistent track record of selecting enterprise founders who outperform industry benchmarks at Series A conversion, ARR growth, and company survival rates.

CRV (formerly Charles River Ventures) is one of the world's oldest active venture capital firms, backing technology founders continuously since 1970. The CRV 20th Flagship Fund is the firm's twentieth primary fund vehicle, raised at $750 million and formally closed in August 2025. The fund represents a deliberate downsize relative to CRV's prior $1 billion flagship, reflecting the firm's conviction that early-stage returns compress at scale. Notably, CRV returned $275 million of unallocated capital from its prior $500 million Select late-stage vehicle before beginning the new raise, signaling a full refocus on early-stage opportunity and meaningful ownership in each portfolio company. The fund invests exclusively at the seed and Series A stages in the United States, organized around two founding themes: consumer companies and developer tools (devtools). These verticals distill CRV's observed edge over five decades: the firm has backed consumer-first breakouts including DoorDash and Mercury, and developer tooling leaders including Vercel and CodeRabbit. CRV leads rounds rather than following, with a stated commitment to deliver term sheets within 24 hours of meeting a founding team. No companion late-stage vehicle is being raised alongside this fund, ensuring portfolio focus and maximum ownership depth at entry. The CRV 20th Flagship Fund raised commitments from a deep institutional LP base in approximately four weeks, with investor demand reported at double the $750 million hard cap — an unusually fast close pace for a fund of this size. Since 1970, CRV has backed over 750 startups, of which at least 80 have gone public. The fund entered an active Investing phase immediately following its August 2025 close and will deploy capital over a standard 3 to 4 year investment period into seed and Series A companies primarily in the United States technology ecosystem.

Churchill Asset Management, the Nuveen affiliate focused on private capital, has held the final close of Churchill Co-Investment Fund II at its $1.5 billion hard cap—almost 3.5 times the size of its 2020 predecessor. The vehicle was heavily oversubscribed, attracting commitments from a globally diversified roster of sovereign wealth funds, public and corporate pensions, insurers, funds-of-funds, family offices and, notably, a growing private-wealth channel that now supplies roughly 20 % of the capital base. Building on Churchill’s long-standing role as an LP in more than 280 PE funds, Fund II will provide equity co-investments alongside top-tier buy-out sponsors in U.S. middle-market companies. Typical equity tickets range from $20–50 million (with flexibility down to $30 million for smaller deals) and target businesses generating EBITDA of $15–75 million. Sector-wise, Churchill is prioritising B2B software, tech-enabled and business services, professional services and healthcare, where recurring revenue, defensible market positions and cash-flow visibility are prevalent. Roughly 30 % of the fund has already been deployed across 25 such investments, demonstrating strong early momentum despite a slower exit environment for private equity more broadly.

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

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

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.

Escalate Capital V is a growth capital fund by Escalate Capital Partners. The fund is located in Austin, Texas and prefers investing in United Sates. The fund targets technology, software, services, and healthcare sectors. The fund invests in rapidly growing later-stage companies with minimum revenues of $20 million and minimum EBITDA of $3 million. Sectors of interest include technology, software, services, and healthcare across the United States. As of May 2025, the fund has already closed on two investments representing $35 million of Fund V’s committed capital. Since its founding in 2005, Escalate has invested over $1.3 billion of capital in 140 growth equity-backed companies.

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

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.

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

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.

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

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.

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

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

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.

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

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.

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.

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

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.

The Libra Hybrid Capital Fund is a private credit vehicle launched by Granite Asia, a Singapore-based multi-asset investment platform. The fund has secured over US$250 million in anchor commitments from leading Asian sovereign wealth funds, general partners, and a network of founders and entrepreneurs. With a target size of US$500 million, the fund aims to provide non-dilutive capital to mid-market companies across the Asia-Pacific region. Libra focuses on offering secured loans with a defensive risk profile, targeting established businesses that are profitable or have positive cash flow. These companies span various sectors, including those undergoing digital transformation or pursuing growth through acquisitions. The fund leverages Granite Asia's technology ecosystem and operational expertise to deliver stable cash yields and enhanced returns. Managed by partners Ming Eng and Roger Zhang, the fund is part of Granite Asia's broader strategy to support a diverse range of businesses that form the backbone of Asia's economy. By providing flexible, non-dilutive financing solutions, Libra aims to bridge funding gaps for companies scaling within and across the region.

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

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

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

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.

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

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.

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

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.

New Mountain Partners VII is a buyout fund managed by New Mountain Capital and located in New York. The fund will acquire controlling stakes in companies valued between $100 million and $1 billion, typically investing between $100 million and $500 million per transaction​. New Mountain Capital targets sectors characterized by sustainable and noncyclical growth, which they refer to as "defensive growth industries." These include life sciences, advanced materials, healthcare technologies, infrastructure services, and digital transformation services, among others. As of APril 2024, the fund has raised US$12.4 billion, above its target of US$12 billion. The fund expects to do around 20 investments.

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.

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

Oakley Capital Fund VI is the sixth flagship fund from pan-European private equity manager Oakley Capital. Launched in September 2024 and closed in March 2025, the fund raised €4.5 billion — reaching its hard cap in just six months — and marking a 58% increase over its predecessor, Fund V. This successful raise reflects strong investor demand and continued confidence in Oakley’s distinctive investment strategy. The fund focuses on acquiring founder-led, mid-market private companies across Europe. It aims to drive growth through buy-and-build strategies, operational transformation, and international expansion. With a larger pool of capital than prior funds, Fund VI offers enhanced flexibility — allowing Oakley to pursue a higher volume of transactions or commit more capital per deal. Oakley Capital Fund VI concentrates on four core sectors: Technology, Digital Consumer, Business Services, and Education. These verticals are chosen for their strong fundamentals, growth potential, and consolidation opportunities. Oakley leverages its expertise and network to support companies in scaling operations, improving margins, and executing M&A strategies. While its primary geographic focus is Europe, Oakley places particular emphasis on Iberia (Spain and Portugal), where it sees significant growth and deal origination opportunities. The fund typically targets companies with enterprise values ranging from €200 million up to €1 billion+, operating in fast-growing niches with recurring revenues and strong EBITDA margins. Oakley’s global LP base also positions it to support internationalization and cross-border expansion.