Software B2B

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

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

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.

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

Aurora Equity Partners VII LP (AEP VII) is the seventh flagship private equity fund managed by Aurora Capital Partners, a Los Angeles-based middle-market buyout firm founded in 1991. The fund held its final close in September 2025 with over $2.1 billion in capital commitments from a broad base of institutional investors, making it the largest fund raised in the firm's 34-year history. AEP VII is structured as a Delaware limited partnership and attracted support from both returning and new limited partners across public and corporate pension funds, insurance companies, family offices, asset managers, and industry consultants. Consistent with Aurora Capital Partners' long-standing investment strategy, AEP VII targets U.S.-based middle-market companies across three core verticals: business services, industrial services, and tech-enabled services. The firm focuses on market-leading businesses with demonstrated growth potential and operational improvement opportunities, deploying its proprietary Strategy and Operations Program to drive meaningful scale and performance gains post-acquisition. Fund VII began deploying capital ahead of its final close, completing an investment in GenServe — the largest independent provider of commercial and industrial standby power generators in the United States — in August 2024. Aurora Capital Partners manages approximately $6 billion in assets across its fund series. Its predecessor vehicle, Aurora Equity Partners VI LP, closed in 2021 with $1.65 billion in commitments; the step-up to $2.1 billion for AEP VII represents the firm's largest-ever capital raise. PJT Park Hill served as placement agent for the fundraise and Kirkland & Ellis acted as legal counsel. The firm has invested across a diversified portfolio of middle-market companies in the United States since its founding, building a track record in operationally intensive service and industrial sectors.

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

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

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.

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

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

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

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

Churchill Co-Investment Fund II is the second dedicated co-investment vehicle managed by Churchill Asset Management, a middle-market-focused private debt and equity manager and a wholly-owned subsidiary of Nuveen, the investment management arm of TIAA with over $1.3 trillion in assets under management. The fund provides institutional and high-net-worth investors with direct access to equity co-investment opportunities alongside leading private equity sponsors in U.S. middle-market companies, allowing LPs to deploy capital into individual transactions without the fee and carry layer typically associated with traditional fund structures. Churchill Asset Management was established in 2006 and has built a highly regarded platform for middle-market private debt and equity investing on behalf of a global institutional LP base. Churchill Co-Investment Fund II pursues equity co-investments alongside established private equity sponsors in U.S. middle-market businesses, typically participating in control buyouts organized by sponsor partners with strong historical performance and well-established track records in their respective investment sectors. The fund deploys capital into individual transactions selected through Churchill's rigorous due diligence process, which leverages the firm's extensive relationships with dozens of private equity sponsors and its deep institutional knowledge of the U.S. upper-middle and middle market. Churchill's co-investment selection process benefits from the team's complementary private debt platform, which provides credit-side diligence capabilities and market intelligence across hundreds of middle-market transactions annually, creating a differentiated sourcing and evaluation advantage for co-investment opportunities. Churchill Co-Investment Fund II held its final close in June 2025 with $1.5 billion in limited partner commitments at its hard cap—approximately 3.5 times the size of its predecessor Co-Investment Fund I (approximately $430 million). The significantly oversubscribed vehicle attracted commitments from a globally diversified roster of sovereign wealth funds, public and corporate pension funds, insurance companies, funds-of-funds, family offices, and a growing private-wealth channel that supplied approximately 20% of the capital base. The fund's dramatically expanded size versus its predecessor reflects both Churchill Asset Management's platform growth and strong institutional demand for U.S. middle-market co-investment strategies delivered by an experienced specialist with a differentiated sourcing platform.

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.

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

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.