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FUNDRAISING NEWS | October 06, 2025

September Capital Flows Driven by $40B Allocator Activity and Mega-Fund Closures

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In September, institutional investors scaled up exposure to private equity and secondaries, committing over $40 billion while continuing to back NAV lending, infrastructure secondaries, and AI-led innovation.The September 2025 Dakota Monthly Roundup highlights the month’s biggest fundraises, allocator commitments, and multi-sector M&A—tracking how institutions are positioning for macro resilience and policy uncertainty.

Key Insights:

  • Private Equity Dominance: UTIMCO and New Mexico SIC led institutional flows with $40B+ deployed, heavily concentrated in buyouts and healthcare platforms.

  • Mega-Fund Closures: Veritas Capital closed Fund IX at $14.4B; AlpInvest raised $20B for secondaries; Great Hill Partners reached $7B; and Blackstone Infra closed the largest infra secondaries fund at $5.5B.

  • Credit Momentum: NAV lending and continuation funds continued to scale, with Benefit Street ($2.3B), General Atlantic ($2.1B), and Pemberton ($1.7B) all raising meaningful capital.

  • AI & National Security Focus: Run Ventures raised $290M for AI-first companies; Razor’s Edge closed $560M to back defense tech; and venture flows targeted autonomy, biotech, and digital infrastructure.

  • M&A Spotlight: PIF’s $55B take-private of Electronic Arts headlined activity, alongside CapVest’s $11.7B acquisition of Stada, and major sponsor deals across cybersecurity, gaming, healthcare, and energy.

Download the September 2025 Monthly Roundup here!

Written By: Dakota Research

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