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.

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.

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."

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.

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.

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.

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.

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.

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.

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

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

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

Pride Capital Partners has held a €75 million first close for Pride Capital Partners Fund III, the latest vintage in its specialist strategy backing later-stage technology companies. The vehicle is targeting €150 million, with a €200 million hard cap, and already counts the European Investment Fund and other repeat backers among its LP base. Fund III will extend Pride’s debt-led, minority-equity approach to B2B software and managed ICT services businesses across Northwestern Europe—principally the Benelux, DACH and Nordic regions. By combining mezzanine loans with selective equity, the firm offers founder-friendly capital that funds organic expansion, buy-and-build programmes and management buy-outs without ceding control. Building on two top-quartile predecessors, PCP Fund III will write tickets of roughly €2–20 million, focusing on companies with scalable recurring revenue (> €3 million) and positive EBITDA. Early deployments include Belgium’s Tyneso and Denmark’s CCIT, illustrating a healthy pipeline as the fund marches toward a final close later this year.

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

Bosch Ventures, the corporate venture capital arm of the Bosch Group, has announced the launch of its sixth fund, Robert Bosch Venture Capital Fund VI, with a commitment of €250 million (approximately $270 million USD). This fund aims to invest in early-stage and scale-up deep-tech startups worldwide, emphasizing sectors such as artificial intelligence (AI), energy efficiency, automation, climate technology, and quantum computing. The fund's objective is to support companies developing disruptive technologies that align with Bosch's mission to deliver innovation driving sustainable growth and long-term value. Since its establishment in 2007, Bosch Ventures has built a global presence with offices in key technology hubs, including Germany (Stuttgart, Frankfurt), the United States (Boston, Sunnyvale), Israel (Tel Aviv), and China (Shanghai). This global footprint enables the firm to identify and support startups with the potential to transform industries. To date, Bosch Ventures has made over 100 investments in key deep-tech areas, including AI, automation, energy efficiency, semiconductors, and mobility. Beyond capital, Bosch Ventures offers startups access to Bosch's business units through the Open Bosch program, supporting product development and market entry. This initiative fosters co-innovation by connecting startups directly with Bosch’s operating units, offering a unique platform for commercialization and scale. The fund's launch reinforces Bosch's commitment to innovation, even amidst economic uncertainties, by promoting technological progress in business and society.

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

Smith Point Capital Fund I is the inaugural venture fund launched by Smith Point Capital, an operator-led investment firm established in 2022 by former Salesforce co-CEO Keith Block, alongside seasoned software executives Burke Norton and Chris Lytle. The fund focuses on growth-stage enterprise software companies, providing both capital and strategic operational support to accelerate their development. With a hard cap of $400 million, the fund has secured commitments from notable investors, including ServiceNow as a strategic partner and anchor investor, as well as The Hillman Company, Solamere Capital, and David A. Tepper. Smith Point Capital leverages its founders' extensive experience in enterprise software to implement proven strategies in revenue growth, innovation, and operations, aiming to build durable, industry-leading businesses. The firm's unique approach includes the Smith Point Precision Advisory Network, comprising senior executives from leading software companies, to provide portfolio companies with hands-on guidance and access to a wealth of industry knowledge and networks. Financial Characteristics of Target Companies: Investment Size: $20 million to $30 million per company Company Stage: High-growth, privately held companies generating revenue EBITDA Multiples: Typically ranging from 8x to 12x for software companies, reflecting high recurring revenue and scalability Valuation Multiples: Revenue multiples for comparable software companies often range between 10x to 12x, depending on growth rates and market position

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

Fund II of TELEO Capital builds on the firm’s operationally‑focused private equity platform that specializes in corporate carve‑outs, founder‑led companies and under‑performing assets in the lower middle market. With commitments of USD 350 million at its hard cap, the fund targets control investments in businesses that can benefit from TELEO’s dedicated team of operational professionals, proven carve‑out playbook, and focus on speed and certainty of execution.The investment strategy emphasises enterprise software, tech‑enabled services and healthcare IT, acquiring mission‑critical divisions of larger corporations where TELEO can strengthen go‑to‑market, accelerate product development (including adoption of AI) and enhance operational efficiency.Typical target companies are in the lower middle market — for example, recurring or re‑occurring revenue models, scalable cost structures, asset‑light business models, profitability not strictly required — with enterprise values up to about USD 100 million and equity checks in the USD 10‑50 million range.Geographically, while based in the U.S., TELEO Capital looks broadly across North America (and may consider Europe/Australia) to deploy its platform‑driven approach in complex carve‑out transactions and special situations where operational value creation is key.

Thoma Bravo Europe Fund marks the firm's inaugural dedicated investment vehicle focused exclusively on European software companies. Launched in 2023, the fund successfully closed in February 2025 with €1.8 billion in capital commitments, surpassing its initial target of €1.5 billion. This milestone underscores Thoma Bravo's commitment to expanding its footprint in Europe's burgeoning software sector. The fund aims to invest in innovative, middle-market software businesses across core European markets, including the UK, DACH, France, Benelux, and the Nordics. Target companies typically have enterprise values ranging from €150 million to €1 billion. Thoma Bravo seeks to support founders, entrepreneurs, and management teams in scaling their businesses into European industry leaders. With a focus on sectors such as risk and compliance, healthcare, and financial tools, the Europe Fund leverages Thoma Bravo's deep sector knowledge and strategic expertise to drive growth and operational excellence in its portfolio companies. The firm's expansion into Europe is further solidified by the establishment of its London office in 2023, enhancing its ability to identify and support promising software enterprises across the continent.

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.

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

Titan Capital Partners II is a dedicated growth equity vehicle with a fund size of US $150 million, designed to back high‑potential, scale‑ready software companies and offer flexible liquidity solutions to founders and early investors.The fund focuses on proven enterprise software franchises that combine strong unit economics, recurring revenues, and growth potential, and aims to accelerate their development via strategic capital for hiring, product expansion, and go-to-market scaling.Geographically, the fund emphasizes the cross-border interplay between the U.S. and Israel, leveraging the discipline of the U.S. market and Israel’s deep innovation ecosystem to identify category-defining opportunities. In addition to primary growth investments, the vehicle includes a secondary component which provides liquidity pathways for stakeholders while preserving long-term value creation.

Touring Capital Fund I is a first institutional commitment to support the next generation of AI-powered software companies at the early-growth stage. With total capital of $330 million, the fund seeks to lead checks into B2B SaaS enterprises that have established product–market fit and are ready to scale. It bets on founders who leverage AI to improve real workflows, emphasize measurable ROI, and build defensible data moats. The team draws heavily on prior operating and venture experience (SoftBank Vision Fund II, M12, Qualcomm Ventures) to act as hands-on partners, combining deep networks with domain insight. The investment approach is conviction‑driven: fewer but concentrated bets, strong alignment with founders, and selective follow-on support. To date, the portfolio includes ~12 companies, with multiple up‑rounds and at least one exit (SafeBase acquired by Drata) as early validation of the thesis. The fund intends to back 18‑20 companies overall, mostly in the U.S. but with attention to Europe, India, and Australia as supplementary geographies. In execution, Touring Capital seeks to differentiate itself by combining AI / algorithmic sourcing tools (e.g. internal screening pipelines) with founder empathy and domain diligence, rather than chasing hype in foundational models.

Uncork Plus IV is a $75 million opportunity fund launched by Uncork Capital to support the continued growth of standout companies within its existing portfolio. As the fourth vehicle in the Plus series, this fund enables Uncork to maintain long-term partnerships with its most promising startups as they scale beyond the seed stage. While Uncork’s core funds focus on initial investments at the seed level, Plus IV is designed to participate in later-stage financings—typically Series B and beyond—providing flexible, follow-on capital to companies reaching significant inflection points. This approach allows Uncork to deepen its exposure to its highest-performing investments and help them capitalize on major growth opportunities. Uncork Plus IV primarily targets sectors aligned with the firm’s seed strategy, including B2B software, AI, SaaS, infrastructure, and other transformative technology areas. The fund’s capital is exclusively allocated to companies that Uncork has already backed, reflecting deep conviction and continuity in the firm’s investment philosophy. By pairing Uncork VIII with Plus IV, the firm enhances its ability to not only identify and nurture early-stage winners but also to stay involved throughout their journey to category leadership and exit.

Uncork VIII is the $225 million eighth seed-stage fund raised by Uncork Capital, a veteran venture capital firm based in San Francisco. This fund represents a continuation of Uncork’s high-conviction strategy of investing early in exceptional founders building the next generation of transformative technology companies. With Uncork VIII, the firm plans to lead approximately 35 seed rounds, writing larger initial checks than in previous funds. The goal is to secure higher ownership stakes and provide more meaningful early support to startups. This approach reflects Uncork’s belief in deep engagement with portfolio companies from the earliest stages of their growth journey. The fund targets high-potential startups in sectors such as B2B software, developer tools, infrastructure, SaaS, artificial intelligence, and frontier technologies. Uncork aims to be the first institutional check into these companies, helping them scale with strategic guidance and access to its extensive network. Uncork VIII continues the firm’s tradition of being an early backer of industry-defining companies like Postmates, Fitbit, Poshmark, and Eventbrite. With this new fund, Uncork seeks to identify and support the next wave of standout entrepreneurs solving hard problems through software and data-driven innovation.

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.

Verb Marketplace Fund II is the latest venture capital vehicle launched by Verb Ventures, a London-based investment firm specializing in early-stage marketplaces and B2B platforms. This second fund continues Verb’s mission of identifying and accelerating companies that are reshaping fragmented or opaque industries through technology-enabled platforms. The fund is designed to back late seed and Series A companies demonstrating initial market traction, with a clear path to scalable growth. Verb Ventures positions itself as an active partner, leveraging its deep operational expertise and its founders’ backgrounds in building and scaling marketplaces. The firm actively supports portfolio companies in areas like team building, go-to-market strategies, and fundraising. Verb Marketplace Fund II follows a concentrated investment strategy, aiming to build a portfolio of around 20 companies. The fund is structured to allow high conviction positions—investing up to 25% of the fund in a single opportunity. This reflects Verb’s belief in focused backing of a few transformational companies rather than a spray-and-pray approach common in venture capital. As part of its value-add model, Verb Ventures brings together a strong LP base and an expanding founder community to enhance peer learning, unlock commercial opportunities, and drive capital access. The fund continues to emphasize investments in platform businesses with high gross margins, strong unit economics, and the potential to become category leaders in fragmented markets.

Vista Equity Partners has launched a $5.6 billion single-asset continuation fund to extend its ownership of Cloud Software Group, the parent company of Citrix and TIBCO Software. This strategic move allows Vista to maintain its investment beyond the typical private equity holding period, providing liquidity options for existing investors while bringing in new capital. The continuation fund comprises $2.7 billion in new capital from secondary investors, including Coller Capital and Goldman Sachs Asset Management, and approximately $2.2 billion from Vista's existing flagship funds, Vista Equity Partners VII and VIII. The transaction values Cloud Software Group at a 5% discount to its Q1 2024 valuation, offering an attractive entry point for new investors. Cloud Software Group was formed in 2022 through the $16.5 billion merger of Citrix and TIBCO Software, both of which were previously acquired by Vista. The company has since grown to an enterprise value of approximately $26.86 billion, with adjusted pretax earnings increasing by 58% to about $2.92 billion. This growth underscores the firm's strong performance and the rationale behind Vista's continued investment.

The ELIDO II fund by Warren Equity Partners will invest in lower middle market companies that provide products and services used to maintain, operate, and upgrade infrastructure assets. This fund will focus on middle market companies that are active in the operations and maintenance of critical infrastructure. Warren Equity has a track record of identifying and working with high-quality companies and management teams in their core sectors. The fund will target companies capitalizing on growth opportunities in one of the fastest growing segments in the private markets. ELIDO II is a complementary strategy to Warren Equity’s flagship fund series and is backed by a group of new and returning limited partners. Warren Equity’s assets under management now total approximately $4.6 billion, with ELIDO II closing above target and hard cap with more than $550 million in capital commitments. The fund is backed by endowments, pension funds, fund of funds, and family offices, and aims to invest in and build great companies, leveraging all of Warren Equity’s resources. Aqueduct Capital Group served as the placement agent for ELIDO II, and Kirkland & Ellis provided legal services for the fund.

The Wellington Climate Innovation Fund seeks to invest in private companies developing solutions to help mitigate and adapt to climate change. The Fund targets late-venture and early-growth companies that are developing tech-enabled solutions such as software, software-enabled hardware, sensors, AI, data and analytics. These solutions are focused on areas including energy transition, sustainable buildings and cities, transportation and mobility, industrial automation, enterprise digitization, sustainable consumer, and food and agriculture innovation. The fund is located in Boston, Massachusetts. The Fund’s client base is broadly diversified and includes sovereign wealth funds, pensions, insurance companies, banks, family offices, and high-net-worth individuals. The Fund seeks to generate attractive returns for its investors while addressing the existential threat of climate change. The fund closed with US$385 million in commitments. The Fund is managed by Greg Wasserman and the CIF investment team, who have extensive experience investing in climate solutions. The team leverages Wellington’s broader investment, research, and sustainability capabilities in public and private markets, along with a research collaboration with leading climate change research institute, Woodwell Climate Research Center.