At Dakota, our private fund performance and benchmarking data covers more than 14,000 private funds across venture capital, private equity, real assets, plus private credit, enabling allocators and managers to benchmark performance, compare vintages, and identify true outperformance. With comprehensive return data and flexible analytics, Dakota’s dataset highlights the strategies, managers, and vintages that have consistently delivered above-market results.
The 2018 private equity vintage produced a standout group of middle-market funds that combined disciplined investment strategies with strong operational expertise. Among them, a handful of managers distinguished themselves through consistent sourcing capabilities, value-creation playbooks, and a demonstrated ability to navigate shifting market conditions. Below are five of the top-performing and most influential middle-market funds from the 2018 vintage, each representing a unique approach to building durable, high-growth portfolio companies.
AE Industrial Partners: AE Industrial Partners Fund II
AE Industrial Partners Fund II represents the firm’s continued focus on control-oriented investments in aerospace, defense, government services, industrial services, and specialty manufacturing. Building on the firm’s deep operational and sector expertise, Fund II targets complex carve-outs, founder-owned businesses, and corporate divestitures where hands-on engagement can unlock operational efficiencies and strategic repositioning. AE Industrial is known for its operationally intensive approach, leveraging in-house resources and industry relationships to drive margin expansion, professionalize management teams, and support long-term growth in highly regulated and mission-critical industries.
Linden Capital Partners: Linden Capital Partners IV
Linden Capital Partners IV continues the firm’s long-standing specialization in healthcare and life sciences. The fund focuses on lower- and middle-market healthcare companies across services, medical products, and pharmaceutical services, where regulatory complexity and operational scale create barriers to entry. Linden’s strategy emphasizes building platform companies through organic growth initiatives and targeted add-on acquisitions, supported by deep sector knowledge and a robust operating partner network. Fund IV reflects Linden’s disciplined investment approach and commitment to building scaled healthcare platforms with durable cash flows and defensible market positions.
Avista Healthcare Partners: Avista Healthcare Partners Fund I
Avista Healthcare Partners Healthcare Fund I marks the firm’s dedicated expansion into healthcare-focused investing, leveraging Avista’s broader experience in operationally complex industries. The fund targets healthcare services, life sciences, and health technology businesses that benefit from secular demand growth and opportunities for operational improvement. Avista applies a hands-on ownership model, emphasizing strategic repositioning, operational excellence, and selective M&A to enhance portfolio company performance. Healthcare Fund I reflects Avista’s approach of combining industry expertise with active governance to drive sustainable value creation.
Thoma Bravo: Thoma Bravo Discover Fund II
Thoma Bravo Discover Fund II extends the firm’s highly regarded software-focused investment strategy into the lower end of the middle market. The Discover platform targets founder-led and entrepreneur-owned software companies with mission-critical products, strong customer retention, and opportunities for professionalization and scale. Backed by Thoma Bravo’s deep technology expertise and proven operating playbook, Discover Fund II emphasizes product innovation, go-to-market optimization, and strategic acquisitions. The fund provides exposure to earlier-stage software opportunities while benefiting from the firm’s institutional discipline and value-creation framework.
Ridgemont Equity Partners: Ridgemont Equity Partners III
Ridgemont Equity Partners III reflects the firm’s focus on middle-market buyouts in business services, industrials, and healthcare. The fund targets companies with strong management teams and attractive growth profiles, where operational enhancements and strategic expansion can drive meaningful value creation. Ridgemont employs a collaborative investment approach, partnering closely with management to execute growth initiatives, pursue add-on acquisitions, and strengthen organizational infrastructure. Fund III builds on Ridgemont’s track record of disciplined underwriting and hands-on ownership across diversified middle-market sectors.
The funds highlighted in this report represent just a small sample of the insight available through Dakota Marketplace. With performance, benchmarking, and fund-level data across more than 14,000 private funds, Dakota empowers allocators and managers to identify top-performing strategies, evaluate peer sets, and make more informed private market decisions.
To explore deeper analytics, compare vintages, and uncover emerging managers across private equity, venture capital, private credit, and real assets, visit Dakota Marketplace or request a demo to see how our data can support your investment and capital-raising goals.
