About This Fund
Grafine Capital II LP is the second institutional fund raised by Grafine Partners, a New York City-based GP seeding and co-investment firm that backs the next generation of emerging private equity managers. Grafine launched its inaugural vehicle, Grafine Capital I LP, in early 2024 and closed it at over $600 million — significantly exceeding its original $500 million target — making it one of the largest and most successful first-time GP seeding funds raised in recent years. Grafine Capital II continues the firm's investment mandate of identifying and backing exceptional talent shaping the future of private equity, with a specific focus on disciplined, differentiated managers building enduring investment franchises.
Grafine's strategy combines a primary seeding function with a co-investment and direct investment platform. The seeding component involves taking minority stakes in the management companies of emerging managers — providing capital for team build-out, operational infrastructure, and GP commitments to their funds — while the co-investment overlay allows Grafine to participate in underlying portfolio deals alongside the seeded managers. This dual structure creates aligned incentives and a compounded return profile that distinguishes Grafine from pure-stakes or pure-fund-of-funds models. Target managers are primarily based in the United States and focused on the lower and middle market, across a range of industry sectors.
Atlantic Ridge Capital — a newly formed New York-based private equity firm applying artificial intelligence and advanced digital technologies to drive operational improvements in the industrial technology sector — was announced as the first investment from Grafine Capital II LP in October 2025. The specific target fund size for Grafine Capital II LP has not been publicly disclosed, consistent with the firm's approach of raising against demonstrated LP conviction rather than a fixed hard cap. Earlier portfolio companies seeded by Grafine Capital I include Ascendant Capital Partners, Stanley Capital Partners, and The Newcastle Network.