FundWatch Briefing - Feb. 20th, 2026

VENTURE CAPITAL

Thrive Capital closed $10 billion for its latest fund — New York-based Thrive raised nearly double its previous vehicle, with $1 billion earmarked for early-stage investments. TechCrunch has more here.

Battery Ventures XV closed at $3.25 billion — Boston-based Battery Ventures raised the fund in roughly four months, with 80% of capital from existing backers, targeting technology companies across the U.S., Europe, and Israel. Business Wire has more here.

Frist Cressey Ventures Fund IV closed at $425 million — Nashville-based FCV, co-founded by former Senate Majority Leader Bill Frist, raised an oversubscribed healthcare vehicle targeting AI-native business models, with strategic LPs including Cigna, MedStar Health, and OhioHealth. PR Newswire has more here.

PRIVATE EQUITY

HGGC Fund V closed at $3.2 billion — Palo Alto-based HGGC, co-founded by NFL Hall of Famer Steve Young, raised the oversubscribed vehicle in roughly 12 months, exceeding both its $2.5 billion target and $2.8 billion hard cap for middle-market investments. Business Wire has more here.

JLL Partners Fund IX closed at $1.4 billion — New York-based JLL Partners exceeded both its target and the $866 million predecessor, focusing on healthcare, industrials, and business services in the middle market. Business Wire has more here.

Kinterra Critical Materials & Infrastructure Opportunities Fund II closed at $950 million — Toronto-based Kinterra Capital exceeded its $850 million target and hit its hard cap for control-oriented investments in critical materials and strategic infrastructure across Tier-1 jurisdictions. PR Newswire has more here.

Soundcore Capital Partners Fund III closed at $450 million — New York-based Soundcore raised an oversubscribed vehicle from 117 LPs across 12 countries for lower middle-market buy-and-build investments in business services, industrial services, and specialty manufacturing. PR Newswire has more here.

SECONDARIES & GP-STAKES

Coller Capital / Ares Credit Continuation Vehicle closed at $1.3 billion in early February — London-based Coller Capital led a continuation vehicle for Ares' 2018-vintage U.S. direct lending fund, comprising first-lien, floating-rate loans to middle-market companies backed by leading PE sponsors. Coller Capital has more here.

INFRASTRUCTURE

Meridiam Infrastructure Europe Core Fund closed at $2.6 billion (€2.2B) — Paris-based Meridiam raised the vehicle for long-term ownership of 22 infrastructure assets across 10 European countries, spanning sustainable mobility, critical public services, and low-carbon solutions with concessions reaching up to 50 years. IREI has more here.