FundWatch Briefing - Jan. 16th, 2026

TOP HIGHLIGHTS

Coller Capital CIP IX closed at its $12.5 billion hard cap — London-based Coller Capital completed its largest-ever flagship fund, bringing total capital raised for its PE secondaries platform to $17 billion. The fund has already deployed 70% of capital and posted a 1.4x TVPI. Coller Capital has more here.

Ares Credit Secondaries Fund raised $7.1 billion at final close — Los Angeles-based Ares Management doubled its original $2 billion target with $4 billion in LP equity commitments, marking the firm's largest inaugural institutional fundraise. The fund targets senior secured, PE-backed private credit portfolios. Business Wire has more here.

Sixth Street Specialty Lending Europe III closed at its hard cap with €3.75 billion — San Francisco-based Sixth Street completed its third and largest European direct lending fund, with total investable capital expected to reach €7 billion including leverage. Business Wire has more here.

KKR Asia Credit Opportunities Fund II raised $2.5 billion — New York-based KKR closed the largest pan-regional performing private credit fund in Asia Pacific, with 75% of capital coming from new investors seeking to hedge geopolitical risk. Alternatives Watch has more here.

AIP Fund V hit €2 billion at first close — Copenhagen-based AIP Management reached two-thirds of its €3 billion target for its fifth energy transition and infrastructure fund, with plans to deploy roughly €1 billion per year across European and North American assets. Infrastructure Investor has more here.

SECONDARIES & GP-STAKES

Coller Capital CIP IX closed at its $12.5 billion hard cap — London-based Coller Capital, the world's largest dedicated private market secondaries manager, completed its largest-ever flagship fund. The vehicle attracted over 250 global investors including pension funds, sovereign wealth funds, and insurance companies. Coller's AUM now stands at $50 billion. Coller Capital has more here.

Ares Credit Secondaries Fund raised $7.1 billion at final close — Los Angeles-based Ares Management's inaugural credit secondaries fund attracted $4 billion in LP equity commitments, doubling its target and representing the largest dedicated institutional credit secondaries fund globally. The fund acquires senior secured, PE-backed private credit portfolios across LP-led transactions and continuation vehicles. Business Wire has more here.

Westwood Energy Secondaries Fund II raised over $300 million at final close — Dallas-based Westwood Holdings Group far exceeded its $150 million target for its second energy secondaries fund. The fund focuses on acquiring 7-12 year-old LP interests at significant discounts and GP-led continuation fund investments in upstream, midstream, and oil-services companies. GlobeNewswire has more here.

CREDIT FUNDS

Sixth Street Specialty Lending Europe III closed at its €3.75 billion hard cap — San Francisco-based Sixth Street completed its third and largest dedicated European direct lending fund, with total investable capital expected to reach approximately €7 billion including leverage. The platform has completed more than 75 transactions across the UK and Europe since 2015, providing capital solutions ranging from €30 million to over €2 billion. Business Wire has more here.

KKR Asia Credit Opportunities Fund II raised $2.5 billion — New York-based KKR closed the largest pan-regional performing private credit fund in Asia Pacific, including $1.8 billion in the fund and $700 million from separately managed accounts. Three-quarters of capital came from new investors including insurance companies, sovereign wealth funds, and pensions seeking diversification amid economic decoupling. Alternatives Watch has more here.

RRJ Capital Structured Hybrid Opportunity Fund raised $1.1 billion at first close — Singapore-based RRJ Capital launched its debut private credit fund targeting a 16% net IRR, with backing primarily from sovereign wealth funds in Asia and North America. The firm plans to deploy capital across Southeast Asia, Australia, Hong Kong, and India. PE Insights has more here.

Davidson Kempner Income Fund II raised over $1.1 billion at final close — New York-based Davidson Kempner Capital Management completed its second global closed-ended private credit fund, up from $750 million raised for its first vintage. The fund invests across structured residential, corporate, specialty finance, and hard asset-backed loans. Alternative Credit Investor has more here.

PRIVATE EQUITY

H.I.G. Europe Capital Partners IV closed at €1.6 billion — Miami-based H.I.G. Capital completed an oversubscribed final close within six months of launch for its fourth European lower middle market fund. The fund targets undermanaged companies where H.I.G. can apply its operational value-creation playbook, drawing on 19 years of experience and 150+ investment professionals across five European offices. PR Newswire has more here.

New Mountain Strategic Equity Fund II closed at $1.2 billion — New York-based New Mountain Capital exceeded its $1 billion hard cap due to strong investor demand for its second non-control private equity fund focused on partnership-oriented minority investments. GP commitments totaled over $150 million. Business Wire has more here.

Guidepost Growth Equity IV closed at $521 million — Boston-based Guidepost Growth Equity exceeded its $500 million target for its fourth fund, which partners with technology companies in tech-enabled services, infrastructure software, and application software. Business Wire has more here.

Highland Rim Capital closed its debut fund at $208 million — Nashville-based Highland Rim Capital surpassed its target for its inaugural lower middle market fund. The firm targets control investments in companies with $10-100 million in revenue and $2.5-10 million EBITDA, focusing on light manufacturing, value-add distribution, and business services in the South and Midwest. PE Professional has more here.

INFRASTRUCTURE

AIP Fund V hit €2 billion at first close — Copenhagen-based AIP Management reached over 65% of its €3 billion target for its fifth energy transition and infrastructure fund. The 15-year vehicle will build a portfolio of 10-12 assets focused on generation, transmission, distribution, and storage infrastructure in Europe and North America. A final close is expected before year-end. Infrastructure Investor has more here.

REAL ESTATE

CBRE Real Estate Partners 2 raised $1.62 billion at final close — Los Angeles-based CBRE Investment Management exceeded its $1.25 billion target for its second global real estate secondaries fund, with additional co-investment capital bringing total investment capacity to over $2.25 billion. Alternatives Watch has more here.

MARKET SNAPSHOT

Secondaries continue to dominate fundraising as LPs seek liquidity in a slower exit environment. Coller Capital and Ares both posted record-setting raises, reflecting the 48% year-over-year increase in secondaries fundraising that hit $166 billion in 2025. Credit strategies remain in high demand, with Sixth Street and KKR both closing at hard caps. The Fed's three consecutive rate cuts in late 2025 — bringing rates to 3.5-3.75% — have reignited deal activity, with analysts predicting M&A and LBO volume could double in 2026.