In the month of February, Dakota tracked approximately $27B in fresh fundraising targeted for private equity – inclusive of buyouts, growth equity, and venture capital – and roughly $12B in new raises launched or planned for private credit funds. Notably, these estimates only include traditional closed-end, private institutional funds, and so do not account for the growing number of continuously-offered “evergreen” funds targeting private wealth investors.
Among the more notable developments on that front, TPG announced plans to launch a new evergreen private equity vehicle along with its second GP-led secondaries fund in support of a $30B+ fundraising target for 2025. Swedish global manager EQT also launched a new evergreen infrastructure strategy, and Antares Capital debuted a private credit fund, both of which will be available to private wealth investors. Home equity fintech Nada also debuted what it says is a first-of-its kind fund providing professional and wealthy investors with exposure to the $35T US home equity market.
Staying in Europe and the wealth channel, several Eltif 2.0-compliant funds also hit the market in February, as alternative managers look to tap into a private wealth market worth an estimated $42T to $45T:
- JP Morgan Asset Management launched the Eltif 2.0-compliant JPMorgan Eltifs – Multi-Alternatives Fund, which targets more than 1,000 private assets across over 15 sub-sectors, including private real assets, real estate, private credit and private equity.
- StepStone Group also joined the market upon receipt of regulatory approval to launch private credit-focused Eltifs with plans to initially market the funds in Italy, Spain, Germany, France and the Nordic and Benelux regions.
- Finally, Munich Private Equity expanded its private markets offering following approval from Germany's Federal Financial Supervisory Authority for its own Eltif 2.0-compliant fund.
In this article, we'll cover all the new and planned fund launches tracked by Dakota in February. By the end of this, you'll have a clear understanding of the key developments in private equity, private credit, and other alternative investments.
Private Credit
Brookfield Asset Management is reportedly aiming to top the $6B third fund under its infrastructure debt strategy with a $7B target for Brookfield Infrastructure Debt Fund IV.
Gemcorp Capital founder and CEO Atanas Bostandjiev announced a goal of $2B for a new emerging markets-focused private credit fund.
SC Lowy co-founder and CEO Soocheon Lee said the $1.6B alternative asset manager is targeting $500M for its third private credit fund.
Canada Pension Plan Investment Board majority-owned alternative credit manager Antares Capital formally launched Antares Private Credit Fund with $1.4B in capital. The fund will be available through financial advisors in the US, subject to the completion of state registrations.
In the US, Waterfall Asset Management filed with the SEC for an asset-backed credit fund with a target of $750M. Through Waterfall Private Asset-Backed Credit Fund I and its companion vehicles, the New York-based alternative investment management firm is hoping to continue its asset-backed finance strategy of targeting specialty finance opportunities in more than 60 sectors across the US, Europe and Asia.
Baltic manager INVL Asset Management unveiled INVL Partner Strategic Lending Fund, a new closed-end fund that will invest in an externally managed fund providing NAV financing for North American and European private equity. London-based private credit manager 17Capital will manage the fund in which INVL will invest.
Buyout, Growth and Venture
In an effort to revive its global private equity business, Carlyle is launching a new US-focused buyout fund in the second half of 2025. The upcoming fund will succeed Carlyle Partners VIII, which reportedly closed at $14.8B.
British private equity firm BC Partners is reportedly looking to start fundraising in the second quarter for its 12th flagship fund with a target of between €5B and €6B ($5.20B to $6.24B). BC Partners Fund XII is expected to have its first close at the end of 2025.
Palo Alto, CA-based private equity firm HGGC filed with the SEC for its fifth flagship fund, HGGC Fund V, aiming to surpass the fourth vehicle under its private equity strategy, which closed above its $2.25B target at $2.54B.
CAZ Investments initiated the sale of the third investment vehicle under its professional sports-focused strategy. Through the strategy, the private equity allocator is hoping to capitalize on the growing interest in sports franchises and the content they generate, particularly amid the AI disruption in the media landscape.
Minority and women-owned private equity firm and RIA VWH Capital Management filed with the SEC for VWH Fund IV, its follow-up to VWH Fund III, which closed at $1.25B in 2022.
Software businesses-focused private equity firm Banneker Partners notified the SEC of its plans to initiate fundraising for its follow up to the $550M Banneker Partners Fund II. Banneker Partners Fund III is expected to be open for subscription for more than a year, with PJT Partners assisting in its marketing.
San Francisco-based venture capital firm Obvious Ventures is aiming to raise $400M for its fifth fund, Obvious Ventures V, in an attempt to surpass the $355M it raised for its fourth investment vehicle.
BAM Corner Point, an early-growth enterprise AI investor established through Balyasny Asset Management, filed with the SEC for its debut venture capital fund, Atlas Growth, with a goal of raising $350M for the investment vehicle.
McNally Capital notified the SEC of its plan to launch McNally Capital Fund III, the third fund under its private equity strategy. Fund III succeeds the Chicago-based private equity firm's second fund, which closed in 2022 with $150M in limited partner fund commitments and related co-investments.
Thomson Reuters unveiled the $150M follow-up to its $100M first venture fund. Thomson Reuters Ventures will target early-stage technology companies involved in the tax, legal, fraud, risk, compliance, news, media, data, finance, and insurance fields in an effort to grow its 23-company portfolio that includes Spellbook, Materia, Payall, Ledgible, Redbird, NorthStar, Noetica and Tabs.
Third Wire Asset Management launched a new fund that will invest in constituents of the freshly launched Morningstar PitchBook Buyout Replication Index. The Third Wire / Morningstar PitchBook US Buyout Replication Index Fund will attempt to provide a risk/return profile similar to buyouts with the transparency of public markets and offers monthly liquidity.
Texas-based environmental sustainability private equity firm Conservation Equity Management is hoping to raise additional capital for its real estate strategy, through Conservation Equity Fund II.
Ohio angel fund 71/70 Angels launched its inaugural fund with the backing of venture capital firm Rev1 Ventures. The fund will target seed-stage enterprise software and advanced technology ventures within the US.
Real Estate and Infrastructure
Swedish global investment group EQT is opening up its €75B (~$78.08B) infrastructure portfolio to investors with the launch of a new strategy focused on the asset class. EQT Nexus Infrastructure is EQT's attempt to address "an elevated demand for evergreen infrastructure strategies."
Home equity fintech and investment platform Nada unveiled US Home Equity Fund I, a first-of-its-kind fund that offers professional and wealthy investors exposure to the $35T US home equity market.
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