FundWatch Briefing - Dec. 19th, 2025

TOP HIGHLIGHTS

OHA Senior Private Lending Fund closed at a record $17.7 billion—New York-based Oak Hill Advisors (a T. Rowe Price affiliate) wrapped its largest flagship fundraise ever, with $8.0 billion of equity commitments supporting first lien and unitranche loans to upper middle market companies ($75M+ EBITDA). The fund marks OHA's biggest bet yet on the expanding private credit market's senior lending opportunity. Globe Newswire has more here.

Lightspeed Venture Partners closed over $9 billion across six new funds, including Fund XV-A, Fund XV-B, and Lightspeed Select VI, with $3.3 billion earmarked for AI investments backing names like Anthropic, xAI, and Mistral. The Menlo Park-based firm has now backed 165 AI startups and is doubling down on the thesis that category-defining AI companies require massive capital deployment. City AM has more here.

TPG AG Credit Solutions Fund III closed at $6.2 billion, well above its $4.5 billion target and double the size of its predecessor. The Fort Worth-based firm's credit unit (formerly Angelo Gordon's credit platform) will originate bespoke debt financings for public and private borrowers, capitalizing on looming debt maturities and higher financing costs across the market. Pensions & Investments has more here.

VENTURE CAPITAL

Lightspeed Venture Partners closed $9+ billion across six funds, including Fund XV-A, Fund XV-B, and a $3.3 billion AI-focused vehicle—Menlo Park-based Lightspeed has backed 165 AI startups including Anthropic, xAI, and Mistral, positioning the firm as one of the most aggressive AI backers in venture capital. City AM has more here.

Dragoneer Investment Group raised $4.3 billion for its seventh fund—San Francisco-based Dragoneer now manages over $30 billion in AUM after closing its latest growth equity vehicle, up from $3.8 billion raised for Fund VI in 2022. Axios has more here.

New Jersey Innovation Evergreen Fund secured $85 million in tax credit purchases from 10 corporations—The NJEDA approved Verizon ($16M), Comcast ($22.8M), Prudential ($10.9M), MetLife ($6.5M), and six others to fuel the state's $600 million early-stage company investment program. The fund currently has $13.6 million of unallocated capital available for additional investments. ROI-NJ has more here.

S3 Ventures announced $250 million for Fund VIII—Austin-based S3 Ventures, celebrating its 20th year, now manages over $1 billion across 40+ active portfolio companies. The firm is backed by a single LP with a multibillion-dollar foundation and made 13 investments in 2025, its most active year ever. Business Wire has more here.

FemHealth Ventures closed Fund II at $65 million—Short Hills, NJ-based FemHealth, a top-decile Fund I performer focused on women's health innovation, more than doubled its inaugural fund size and now manages $100 million across two vehicles. The firm established the industry's three-category framework defining women's health conditions. Business Wire has more here.

Brainworks Ventures launched a $50 million AI-native fund—led by DARPA alumnus Dr. Phillip Alvelda, the fund is targeting a $15 million first close by Q1 2026 and will focus on AI applications, infrastructure, healthcare, and education with investments ranging from $250K to $10M. Crowdfund Insider has more here.

Global Alts LLC launched Unicorn Tech Fund III—Appleton, WI-based Global Alternative Investment Management unveiled a new vehicle targeting late-stage technology unicorns and AI-focused companies. The firm has collaborated on raising six prior funds deploying nearly $40 million across alternative assets. PR Newswire has more here.

PRIVATE EQUITY

J.P. Morgan PEG Global Private Equity Fund XII closed at $1.44 billion—New York-based J.P. Morgan Asset Management's Private Equity Group exceeded its $1.25 billion target for its 12th flagship fund, which will invest globally across buyout and early-stage venture through primaries, secondaries, and co-investments. The Group manages $36 billion in PE assets. PR Newswire has more here.

Stone Point Capital is testing a $1 billion evergreen fund—Greenwich, CT-based Stone Point is piloting a new vehicle backed by capital from its Trident flagship PE funds, with plans to eventually open it to wealthy individuals seeking access to the multitrillion-dollar retail wealth market. Bloomberg Law has more here.

CAZ Strategic Opportunities Fund closed at $500 million—Houston-based CAZ Investments wrapped its latest vehicle targeting growth-oriented private equity and private credit investments across diverse market segments. The fund has converted to a simplified interval fund structure and secured approval on major custodial platforms. PR Newswire has more here.

Highland Rim Capital wrapped its debut fund at $208 million—Nashville-based Highland Rim, founded in 2022, closed its maiden vehicle focused on lower middle market buyouts in light manufacturing, value-add distribution, and business services across the South and Midwest. LPs include pensions, foundations, family offices, and endowments. Buyouts Insider has more here.

CREDIT FUNDS

OHA Senior Private Lending Fund closed at a record $17.7 billion—New York-based Oak Hill Advisors wrapped its largest flagship fundraise in firm history, with $8.0 billion of equity supporting first lien and unitranche loans to companies with $75M+ EBITDA. The fund focuses primarily on North American recession-resistant industries. Globe Newswire has more here.

TPG AG Credit Solutions Fund III closed at $6.2 billion—TPG's credit unit (formerly Angelo Gordon's credit platform) exceeded its $4.5 billion target by 40%, doubling the size of its predecessor vintage. The strategy originates bespoke debt financings for public and private borrowers capitalizing on looming maturities. Bloomberg has more here.

Deerpath Capital Fund VII closed above its $2 billion equity target—New York-based Deerpath, a leading lower middle market direct lender, closed its seventh flagship fund with commitments from 70+ LPs across the US, Canada, UK, Germany, Switzerland, and Korea. With anticipated leverage, the fund supports approximately $3.5 billion of investable capital. PR Newswire has more here.

Pathlight Capital Fund IV closed at $1.9 billion—Boston-based Pathlight secured combined commitments across its fourth ABL fund and second Evergreen tranche, with 100% re-up support from predecessor fund LPs. The firm now manages over $3.4 billion across all funds focused on asset-based financing solutions. PR Newswire has more here.

Nuveen U.S. Strategic Debt Fund closed at $650 million—Chicago-based Nuveen Real Estate exceeded its $500 million target for its first closed-end fund in commercial real estate credit, with TIAA's General Account committing $150 million. The fund focuses on transitional CRE debt opportunities across the US. IREI has more here.

Monroe Capital launched MLEND—Chicago-based Monroe Capital unveiled a perpetual-life, non-traded BDC designed to provide retail investors access to its direct lending strategy targeting lower middle market and software/tech-enabled companies. The fund offers monthly subscriptions and quarterly liquidity windows. Business Wire has more here.

REAL ESTATE

Oaktree Real Estate Opportunities Fund IX closed at $2.6 billion—Los Angeles-based Oaktree came up short of its $5 billion target for its ninth opportunistic real estate vehicle, with the final close landing months before Brookfield agreed to buy the manager's outstanding shares. The fund pursues distressed debt, rescue financings, and equity recapitalizations. PERE has more here.

Bain Capital Real Estate and 11North Partners closed $1.6 billion—Boston-based Bain and 11North secured commitments from two major institutional investors for their joint venture platform targeting grocery-anchored, open-air retail centers. With additional Fund III capital, the platform now has over $2 billion of investable equity. Commercial Observer has more here.

LEM Multifamily Fund VII secured a $100 million commitment from Pennsylvania PSERS—Philadelphia-based LEM Capital is targeting $500 million with a $700 million hard cap for its seventh fund focused on Class B workforce housing in major US infill markets, primarily in the South and West. IPE Real Assets has more here.

PNC Low-Income Housing Tax Credit Fund 100 closed at $175+ million—Pittsburgh-based PNC Bank's 100th affordable housing fund will support construction or rehabilitation of nearly 1,500 affordable homes across 10 states and Washington, D.C., with investments from six additional financial services companies. PR Newswire has more here.

Veritas Storage Units Income Fund II announced December 31 close—Orlando-based Veritas Group raised over $35 million for its self-storage fund, acquiring eight facilities with 896,000+ rentable square feet across the Southeast. The fund expects an independent portfolio valuation in early 2026. PR Newswire has more here.

Clear Opportunity Fund II closed $30 million—Chicago-based Clear Investment Group wrapped capital commitments for its value-add multifamily and distressed asset vehicle and closed its first acquisition: a 649-unit portfolio in Tuscaloosa, AL acquired at $55,500 per unit, significantly below replacement cost. NY Real Estate Journal has more here.

Sunrise Capital Fund 5 announced first acquisition—Clearwater, FL-based Sunrise Capital acquired Courtyard Estates, a 67-site mobile home community outside Columbus, OH, as its first deal for the Growth & Income Fund V. A five-park portfolio is advancing through for inclusion this month. PR Newswire has more here.

INFRASTRUCTURE

Sandbrook Climate Infrastructure Fund II held first close at $1.1 billion—Stamford, CT-based Sandbrook Capital raised more than half of its $2 billion target within three and a half months of the fund's April launch. The climate-focused firm raised $2.1 billion for Fund I at hard cap. Buyouts Insider has more here.

PERENfra Perennial Infrastructure Fund I closed at $143 million—PERENfra, a water infrastructure investor and operator, exceeded expectations with commitments from strategic partners Garney Equity Holdings and Ferguson Ventures plus several family offices. The fund has already committed 35%+ of capital across cash-flowing water infrastructure assets in high-growth US markets. IREI has more here.

SECONDARIES

Encore Consumer Capital raised over $150 million for a continuation fund—San Francisco-based Encore completed a single-asset continuation vehicle for Lion Beverages, a Pennsylvania-based contract beverage manufacturer. Apogem led the investment with significant participation from Encore. PE Hub has more here.

Ethos Capital completed a continuation fund for Identity Digital—the information services-focused investor secured significant institutional backing for its continuation vehicle, though specific fund size was not disclosed. The fund allows Ethos to extend its investment horizon in the digital identity platform. AltAssets has more here.

OTHER

J.P. Morgan Asset Management launched its first tokenized money market fund—New York-based J.P. Morgan unveiled MONY (My OnChain Net Yield Fund) on the public Ethereum blockchain, making it the largest GSIB to launch a tokenized money market fund. The fund invests only in US Treasury securities and is accessible through Morgan Money. PR Newswire has more here.

Moon Pursuit Capital launched a $100 million market-neutral crypto fund—the firm's second fund uses an algorithmic trading strategy designed to deliver consistent returns across digital asset cycles. The first fund is up 52% YTD and nearly 170% since its April 2024 launch. CoinDesk has more here.

Sardis Group is launching a private market interval fund targeting retail investors seeking access to alternative investments. The fund continues Sardis Group's expansion into accessible private market vehicles, though fund size remains undisclosed. Structured Credit Investor has more here.