October 03, 2025
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.
Firm: EQT
Target fund size: Not disclosed
Asset‑class: Private Equity
Sub‑asset class: Multi‑stage (early‑stage / growth / large buyouts)
Industry/Sector focus: Healthcare; Technology; Services (across multiple geographies)
EQT’s Nexus ELTIF is an “evergreen” private equity structure (i.e. continuously open, not a fixed‑term closed fund) designed to give eligible individual investors access to PE strategies usually reserved for institutions. The portfolio will mirror EQT’s institutional Private Capital strategies, spanning early‑stage, growth and large buyout investments, with a sector focus on healthcare, tech and services. The fund uses the EU’s ELTIF 2.0 framework, which lowers regulatory barriers and allows retail investors in EU/EEA markets to subscribe (at lower minimums and in more jurisdictions than before). This launch represents a step toward democratizing access to private equity in Europe, enabling smaller investors to access long‑duration, illiquid strategies that have historically been institutional-only.
Firm: Blackstone
Target fund size: ~$22 billion
Asset-class: Private Equity
Sub-asset class: Buyout secondaries and GP Solutions
Industry/Sector focus: Diversified
Blackstone Strategic Partners X is being positioned as the successor to its ninth flagship secondaries fund and is expected to focus on acquiring stakes in existing private equity funds (i.e. secondary transactions) and possibly GP-led continuation vehicles. Blackstone’s Strategic Partners platform also provides liquidity solutions to limited partners and co-investment opportunities, combining scale, deal sourcing, and operational resources. Given the strong track record and scale of Fund IX, there is significant momentum and appetite for Strategic Partners X, especially as institutional investors seek liquidity and portfolio rebalancing. Also, the secondary market is undergoing growth as LPs face longer holding periods and shifting market conditions, making well-capitalized secondary funds more attractive.
Firm: Bridgepoint Group plc
Target fund size: €7–8 billion
Asset class: Private Equity
Sub‑asset class: Middle-market buyout
Industry / Sector focus: Advanced Industrials, Business & Financial Services, Healthcare, Technology
Bridgepoint Europe VIII is the next iteration of Bridgepoint’s European mid-market buyout series, targeting companies typically valued above €300 million. The strategy emphasizes platform building, bolt-on acquisitions, geographic expansion, and operational improvement. Bridgepoint’s past success includes hundreds of add-ons across sectors. LPs are watching closely as the firm transitions from Europe VII to VIII. Risks include high valuations, integration execution, and increased competition for quality assets. Private equity managers with proven value creation are gaining traction amid tight capital markets. Bridgepoint's track record and recent exits provide fundraising momentum in a selective LP environment.
Firm: Pelorus Capital Group
Target fund size: $1 billion
Asset class: Private Equity
Sub‑asset class: Growth Equity
Industry/Sector focus: U.S. cannabis operations and ancillary businesses
Pelorus Growth Fund focuses on building and acquiring operating cannabis companies in the U.S., using Pelorus’ experience in real estate-backed lending to identify distressed or undercapitalized targets. The strategy includes platform building, roll-ups, and operational turnarounds. Early assets are seeded from spinouts of Pelorus’ lending portfolio. As capital dries up for cannabis firms, consolidation opportunities are growing. Pelorus’ domain expertise may provide a unique edge in sourcing and structuring deals during this phase.
Firm: Lincoln Financial/Partners Group
Target fund size: Not disclosed
Asset class: Private Markets
Sub‑asset class: Cross-sector royalties and royalty-backed credit
Industry/Sector focus: IP-Linked Sectors (U.S.-focused)
This closed-end vehicle targets royalty streams across multiple sectors (including pharma licensing, media content, natural resources) through direct royalty purchases, secondary funds, and royalty-linked debt instruments. The strategy is built to generate yield and diversification with lower equity correlation. Partners Group brings cross-sector experience in royalties. With LPs seeking income and diversification beyond traditional credit or equity, royalty streams offer cash flow with distinct risk-return features—especially in capital-constrained or high-rate environments.
Firm: Charlesbank Capital Partners
Target fund size: $1.75B
Asset class: Private Credit
Sub‑asset class: Special Situations/Opportunistic
Industry / Sector focus: Diversified
The fund targets flexible credit opportunities across the capital structure in middle market companies, including distressed, secondary, or structured debt. The strategy uses insights from Charlesbank’s private equity platform to assess risk and add value. It continues from Credit Opportunities Fund III. As companies face capital structure stress, flexible credit providers can step in with tailored financing. Charlesbank is positioned to benefit from credit dislocation in mid-market lending.
Firm: Mesa West Capital (Morgan Stanley)
Target fund size: N/A
Asset class: Real Estate
Sub‑asset class: Real Estate Debt
Industry/Sector focus: U.S. Commercial Real Estate
The Mesa West Real Estate Income strategy originates first mortgage loans secured by value-add or transitional commercial real estate in the U.S. It targets yield with downside protection through senior secured positions. Mesa West leverages underwriting discipline, market relationships, and prior-cycle experience to find opportunities amid dislocation. With traditional lenders retreating, non-bank debt funds with capital and real estate expertise are filling the gap, often with more favorable terms and better downside control. Fund V closed in 2024 at an oversubscribed $1.4B.
Firm: First Round Capital
Target fund size: $500M
Asset class: Venture Capital
Sub‑asset class: Seed/Early Stage
Industry /Sector focus: Tech (consumer, enterprise, fintech, AI, Web3, healthcare)
First Round X continues the firm’s focus on backing early-stage founders from day one, with follow-on capacity and founder support infrastructure. The fund strategy emphasizes deep engagement, founder relationships, and building conviction at the seed stage. First Round has a strong brand and historic portfolio success.. As later-stage venture faces valuation resets, early-stage investors with patient capital and strong sourcing networks are well positioned for the next wave of breakout startups.
Firm: NewView Capital
Target fund size: $500M
Asset class: Venture/Growth
Sub‑asset class: Direct Secondaries
Industry /Sector focus: Enterprise software, fintech, tech-enabled services
Fund IV will likely combine direct secondaries with structured growth capital for late-stage VC-backed companies. NewView specializes in unlocking liquidity through direct deals or secondary LP interests, often adding growth capital or governance solutions. This model supports companies staying private longer. With a liquidity crunch across late-stage private markets, secondary-focused funds with flexible mandates are well positioned to meet demand from GPs, LPs, and founders needing partial exits or fresh capital.
Firm: Pantheon
Target/Actual size: $4B
Asset class: Infrastructure
Sub‑asset class: Core-plus / infrastructure secondaries
Industry/Sector focus: Global infrastructure assets (energy, utilities, transport, digital infra, etc.)
PGIF V is designed as a core-plus infrastructure fund, with a strong emphasis on secondaries – acquiring existing stakes in infrastructure assets and funds to gain exposure to mature portfolios with shorter holding periods. The strategy is intended to balance income, capital appreciation, and downside protection by leveraging Pantheon’s deal sourcing, structuring, and relationships across the infrastructure value chain.Infrastructure secondaries are increasingly attractive in an environment where direct new builds are capital-intensive and regulatory frontiers are challenging. A fund focused on existing assets can offer a more efficient risk-return profile, and Pantheon’s track record and network provide credibility in sourcing differentiated deals.
Firm: Centre Partners Management LLC
Target fund size: $150M (hard cap $200M)
Asset-class: Private Equity
Sub-asset class: Middle-Market Buyout
Industry/Sector focus: Healthcare services, consumer / service businesses
Centre Capital Investors VIII focuses on middle-market control investments in North America. The firm typically invests alongside management teams, providing operational support and ensuring alignment through meaningful ownership stakes. Sector emphasis is on healthcare services and consumer/outsourced services, where the team has long track record and industry expertise. The fund has already made at least one investment in healthcare consulting, consistent with its strategy. The smaller-fund strategy positions Centre Partners to pursue overlooked mid-market opportunities where competition is less intense. Strong early performance has drawn attention, and the focus on healthcare and consumer services aligns with resilient demand and steady growth tailwinds.
