Welcome to the Dakota Fund Spotlight Report, your curated snapshot of the top 10 most compelling funds coming soon or currently in the market. Each month, we will spotlight funds that stand out for their strategy, structure, or sponsor pedigree. Alongside each fund, you’ll find insightful commentary that decodes what these funds invest in, why it matters, and how it fits into broader industry trends.
1. A16z Crypto Fund V
A16z crypto is a venture capital fund that has been investing in crypto and blockchain startups across all stages since 2013. Fund V, a $2.2 billion vehicle announced in May 2026, is focused on stablecoins, onchain finance, and real world adoption; the part of the cycle the firm describes as turning new infrastructure into products people use every day. Current focus areas include stablecoin payments, tokenization of traditional assets, onchain lending and capital markets, and blockchain infrastructure for AI agents.
2. TPG Equity X
TPG is a global alternative asset manager headquartered in Fort Worth with approximately $4.4 billion in AUM, investing across private equity, growth equity, real estate, and credit. TPG Equity X is the firm's tenth flagship buyout fund, targeting large-cap and upper middle-market companies across TPG's core sectors of healthcare, technology, financial services, and consumer. TPG Healthcare Partners Equity III is a dedicated healthcare-focused vehicle that runs alongside the flagship, allowing the firm to concentrate its healthcare deal flow — one of its most active verticals — into a specialized structure. Filing two vehicles simultaneously across a generalist flagship and a sector-dedicated fund reflects how large PE firms are increasingly separating their most active verticals into standalone pools of capital.
3. GC Venture XIII
General Catalyst is a global venture and growth equity firm with $43 billion in AUM and offices across six cities, investing from seed through late stage in technology companies across AI, healthcare, fintech, and consumer. The firm describes itself as an "investment and transformation company," operating platforms including Percepta, its applied AI initiative for transforming critical institutions, and a Health Assurance Transformation Company focused on proactive healthcare delivery. GC Venture XIII filed in May with both a domestic and a parallel vehicle, continuing a flagship venture series that has backed companies including Airbnb, Stripe, Snap, and Anthropic. The firm is headquartered in Cambridge, Massachusetts.
4. BX Strategic Partners Secondaries X Fund
Blackstone Strategic Partners is the secondaries and fund solutions business within Blackstone, the world's largest alternative asset manager. Founded in 2000, the platform manages $91 billion in investor capital across private equity, real estate, infrastructure, and GP-led secondaries, and has executed over 2,000 transactions representing interests in more than 5,400 underlying funds. BX Strategic Partners Secondaries X filed in May with both a domestic and offshore vehicle, targeting a reported $22 billion — which would make it one of the largest secondaries funds ever raised. Fund IX closed at $22.2 billion in 2023, itself the largest dedicated secondaries fund at the time. The strategy acquires LP interests in mature private equity funds from investors seeking liquidity and also provides capital for GP-led continuation vehicles and co-investments.
5. Apax Digital III L.P.
Apax Partners is a global private equity firm with approximately $80 billion in aggregate funds raised, investing across tech, services, and internet/consumer over 50 years. Apax Digital Growth is the firm’s dedicated growth equity strategy, backing high-growth SaaS, data and analytics, tech-enabled services, and digital marketplace companies globally, with equity investments of $100 million to $300 million per partnership. Apax Digital III filed in May with a main fund, a Luxuembourg SCSp, and a feeder vehicle, reflecting a global LP base across US, European, and offshore investors. Past portfolio companies include Signavio (acquired SAP). ClassPass, and RapidSOS.
6. Crosscourt Ventures II, LP
Crosscourt Ventures is an early-stage venture capital firm that incubates and invests in companies building technologies that enhance the physical world. The firm was founded by Francesco Favaro, formerly head of emerging products at Uber Freight, and Anup Goel, a former operator at Masterclass and PAX Labs. Its portfolio spans physical AI, defense technology, robotics, space, and infrastructure, with investments including Figure AI, Skydio, Epirus, Hermeus, Aalo Atomics, and Path Robotics. Crosscourt Ventures II is the firm’s second fund, continuing that thesis across companies applying technology to defense, manufacturing, energy, and the built environment.
7. Trellis Energy Partners Fund 2026 LP
Trellis Energy Partners is a Fort Worth-based oil and gas investment firm with experience owning and operating assets across most major US basins. The team’s prior vehicle, Split Rock Resources, acquired interests in over 700 wells across Colorado, New Mexico, Texas, and Louisiana, peaking at over 10,000 BOE of daily production before realizing returns at the end of 2023. TEP Fund 2026 LP targets non-operated development assets and related energy opportunities across US onshore basins, supported by the firm’s experience across the full oil and gas value chain; minerals, leasing, development, and producing assets.
8. Newcastle Network Parallel Fund I LP
The Newcastle Network is a consumer growth equity firm that invests in high-performing consumer products and services businesses led by founder-quality management teams. The firm targets significant influence or control positions, with initial equity investments of $25 million to $75 million for growth and recapitalization opportunities. Investment criteria center on businesses with established brand communities, authentic heritage, strong margins, and capable leadership teams that can benefit from Newcastle’s operational toolkit and network. Newcastle Network Parallel Fund I LP is the fund’s parallel vehicle, running alongside the main fund to accommodate different investor types within the same strategy.
9. Spark Capital IX
Spark Capital is a multi-stage venture capital firm founded in 2005 and headquartered in Boston, with offices in San Francisco and New York. The firm invests across consumer internet, software, fintech, commerce, frontier technology, and media, and manages over $12 billion in assets across its early-stage and growth fund series. Spark Capital IX is the firm’s ninth early-stage fund, targeting a reported $3 billion, continuing a strategy that has backed companies including Slack, Affirm, Anthropic, Twitter, Oculus, and Cruise. The firm is known for its “anti-thesis” investing approach, backing non-consensus product bets before market consensus forms, with partners who are former operators focused on product strategy alongside capital.
10. Ancala Infrastructure Fund IV
Ancala is an independent infrastructure investment manager headquartered in London with over €4.7 billion in AUM across 23 portfolio companies operating in 18 countries. The firm focuses on mid-market critical infrastructure in Europe, with approximately 80% of investments sourced on a bilateral bias, a proprietary deal flow approach that distinguishes it from managers reliant on competitive auction processes. Ancala Infrastructure Fund IV is the firm’s fourth flagship fund, targeting €2 billion and focusing on energy transition, utilities, and transport assets. The strategy targets inflation-linked yield and long-term capital growth through active asset management, with portfolio companies growing revenues by more than 90% on average during Ancala’s ownership across prior funds. Ancala was named Asset Manager of the Year at the IJGlobal Investor Awards in 2025.
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