FundWatch Briefing - Feb. 13th, 2026

SECONDARIES & GP-STAKES

Leonard Green Sage Equity Investors closed at $3.6 billion in late January — Los Angeles-based Leonard Green & Partners exceeded its $1.5 billion target by more than double for its inaugural single-asset continuation fund vehicle, making it one of the largest first-time funds of its kind in North America. PR Newswire has more here.

Blue Owl Strategic Equity closed at $3 billion — New York-based Blue Owl Capital raised capital across institutional and private wealth channels for its inaugural GP-led secondaries strategy, targeting continuation vehicles and minority equity transactions for top-performing portfolio companies. PR Newswire has more here.

CREDIT FUNDS

Oaktree Special Situations Fund IV hit $2.4 billion at first close — Los Angeles-based Oaktree Capital set a firm record for its corporate special situations strategy, with expectations to raise up to $5 billion at final close later this year. Bloomberg has more here.

Kotak Yield & Growth Fund raised $430 million at first close — Mumbai-based Kotak Alts launched its sector-agnostic private credit fund targeting India's mid- to large-cap enterprises, attracting domestic family offices, UHNWIs, and insurance companies. DealStreetAsia has more here.

XSML African Rivers Fund IV closed at $142 million in late January — The Central and East Africa-focused fund manager exceeded its $135 million hard cap, with commitments from six DFIs and German family offices. The fund has already deployed 60% of capital across the DRC, Angola, Uganda, and Zambia. Disrupt Africa has more here.

VENTURE CAPITAL

Primary Ventures Fund V closed at $625 million — New York-based Primary Ventures completed its largest fund to date, maintaining the firm's focus on seed-stage investments nationwide. TechCrunch has more here.

Blueprint Equity Fund III closed at $333 million in late January — San Diego-based Blueprint Equity completed its first and final closing in just 12 days after opening the data room, with LPs including endowments, foundations, and returning investors like Makena Capital. The firm now manages over $600 million. PE Professional has more here.

Basis Set Ventures Fund IV closed at $250 million in late January — San Francisco-based Basis Set completed its fourth fund, bringing AUM to $850 million. The AI-focused firm backs founders at the earliest stages across portfolio companies like Scale and Quince. Basis Set has more here.

SlateVC Growth Fund I raised €132 million at first close — Paris-based SlateVC secured commitments from BNP Paribas, Bpifrance, and the European Investment Fund for its inaugural growth vehicle focused on climate transition investments. EU-Startups has more here.

Constructor Capital Fund I closed at $110 million — Zurich-based Constructor Capital completed its debut fund targeting deeptech, quantum, software, and edtech, leveraging a network of 50+ universities including Harvard, MIT, and ETH Zurich. Tech.eu has more here.

PRIVATE EQUITY

Union Capital Equity Partners IV closed at $450 million — Greenwich-based Union Capital Associates hit its hard cap after just four months in market for its significantly oversubscribed fund targeting founder-owned businesses in food manufacturing, niche manufacturing, and business services. Business Wire has more here.

Encore Consumer Capital Fund V closed at $350 million — San Francisco-based Encore completed its oversubscribed fifth fund in under five months, continuing its focus on lower-middle-market consumer staples companies. The firm now manages over $1.4 billion. Nosh has more here.

Gradiente Fund III closed above €180 million in mid-January — Padova-based Gradiente SGR exceeded its target for its third fund investing in profitable, family-led companies in Italy's lower mid-market. The fund has completed five investments and one international add-on. Pulse 2.0 has more here.

INFRASTRUCTURE

Eurazeo Sustainable Maritime Infrastructure II raised €175 million at first close — Paris-based Eurazeo exceeded its initial €125 million target for its Article 9-classified fund providing senior secured financing to support decarbonization in the European maritime sector. The fund expects to support 20-30 European ship operators. Alternative Credit Investor has more here.