* Form D Filing count is focused on pooled investment vehicles only. This analysis includes only new notices, not amendments to previous filings.
** This figure reflects the aggregate dollars reported in the "total amount sold" field.
*** Dollar figure includes commitments that were disclosed and tracked in April (not necessarily when the commitment officially took place).
April was a strong month for private equity fundraising across the size spectrum. KKR closed its largest-ever North America buyout fund at $23B, drawing commitments from public pensions across more than a dozen states. EQT's ninth PE vintage was a record raise for an Asia-Pacific focused fund. 26North, Josh Harris's firm founded in 2022, closed its debut fund at $5.9B — nearly 50% above its $4B target — with support from pensions, sovereign wealth funds, and endowments. Court Square closed its largest fund ever at $3.8B, OceanSound more than doubled its predecessor at $3.4B with a defense and government technology focus, and Waterland closed its tenth flagship and a reinvestment fund at a combined €4.6B. Looking ahead, the pipeline is active. Carlyle is reportedly pitching a defense-focused fund, BlueFive Capital announced a $3B aerospace and defense vehicle targeting a $1B first close in Q3, and EQT flagged a mid-2026 activation for EQT XI with a €23B target — which would be its largest fund ever. Kingswood Capital, Livingbridge, and Nordic Capital were also reported to be preparing new vintages, pointing to a busy second half of the year.
Private credit was the busiest asset class of the month by total capital raised. Blackstone closed its largest-ever opportunistic credit fund at $10B, Ares closed its third special opportunities fund at $8.3B, Guggenheim closed its fourth private debt fund at approximately $8.4B, and Adams Street closed its third private credit platform at $7.5B — with roughly 40% of commitments coming from outside the US. 17Capital closed a $7.5B NAV lending fund, OIC Credit Opportunities Fund IV closed at $1.58B, and Pollen Street closed its fourth European credit fund at £2.5B. On the launch side, Sumitomo Mitsui and Nippon Life are reportedly exploring a joint ¥500B private credit vehicle, Dawson Partners is preparing to formally launch its seventh flagship strategy mid-year, Carlyle has raised approximately $1.49B so far for a new open-ended asset-backed finance fund, and Morgan Stanley filed a preliminary prospectus for a new interval credit fund. Every major closed fund in the category closed oversubscribed, and the volume of new vehicles entering the market suggests the pipeline shows no signs of slowing.
Two themes drove real assets fundraising in April: digital infrastructure and energy transition. ArcLight closed its eighth infrastructure fund oversubscribed at $3.9B, Digital Realty closed its inaugural US hyperscale data center fund at $3.25B, and Ares collected $5.4B across its US and European value-add real estate strategies in the same month. NorthPoint Industrial Fund VII closed above $1.57B and NOVA Infrastructure Fund II closed at $1.45B. The launch and pipeline activity was just as notable. Brookfield is targeting a $20B initial close for its sixth flagship infrastructure fund in Q3, following a predecessor that was the world's largest closed-end infrastructure fund at $30B. EQT announced a summer launch for EQT Infrastructure VII, following a predecessor that closed at €21.5B. Basalt Infrastructure Partners V held a $1.5B initial close against a $3B target and Fengate Infrastructure Fund V held a $1B initial close against a $1.5B target. In real estate, Carmel Partners closed its ninth multifamily fund at $1.35B and Greystar closed its first affordable housing development fund at approximately $655M. The volume of infrastructure closes and launches in a single month points to sustained allocator demand across digital, energy, and transport infrastructure, while real estate activity remains more selective.
Most of April's VC activity was launches and funds still in market rather than final closes, which reflects how difficult the fundraising environment remains for most managers outside the top tier. The funds that did close cleanly were largely specialists: Eclipse closed two physical economy funds totaling $1.31B, Kline Hill and Cendana closed their VC secondaries fund at $400M, and Luminous Ventures and Lanchi Ventures closed Asia-focused technology funds at $460M and $560M respectively. Among the month's launches, Sequoia's reported $7B expansion fund and Accel's reported $5B Leaders fund were the largest, both targeting late-stage AI opportunities in the US and Europe, though neither announced a formal final close during the month. Lockheed Martin expanded its corporate VC fund from $400M to $1B for dual-use technologies across quantum computing, autonomy, and AI. AMP, founded by former a16z GP Anjney Midha, began raising its second fund alongside a reported $10B AI infrastructure credit vehicle. On the smaller end, Zero Shot — founded by three former OpenAI employees — held a $20M initial close on a $100M target, Ground State Ventures surpassed its quantum technology fund target at €75.2M, and KfW launched Wachstumsfonds Deutschland II targeting €1B for European venture assets. Final closes were concentrated in specialists, secondaries vehicles, and Asia-focused funds. Everything else is still in market.
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