FundWatch Briefing - Nov. 26th, 2025

PRIVATE EQUITY

KKR Asia Fund V targets $15bn — New York-based KKR has begun marketing its fifth Asia-focused buyout fund, seeking approximately $15bn in commitments in what would be one of the region's largest fundraises. The fund follows the firm's $15bn Asia IV that closed in 2022. Private Equity Wire has more here.

BVP Forge II closed at $1bn — Redwood City-based BVP Forge, the growth buyout arm of Bessemer Venture Partners, raised $1bn for its second fund in just four months. The oversubscribed vehicle brings AUM to $2.3bn and targets self-sustaining tech and services businesses with $10-50m in revenue. Business Wire has more here.

JP Morgan PE Co-Investment Fund II closed at $1bn — New York-based JP Morgan Asset Management's private equity group reached $1bn at final close for its sophomore co-investment fund, beating its $750m target four years after its $667m debut offering. AltAssets has more here.

Kester Capital Fund IV closed at £425m hard cap — London-based sector-focused PE firm Kester raced to a £425m hard cap for its fourth fund, more than double its last flagship vehicle. The four-month fundraise was materially oversubscribed, resulting in a single first-and-final close from strong institutional demand. Private Equity Wire has more here.

Goldenpeak Fund I closed at £375m — London-based Goldenpeak, launched by former Inflexion partner Mark Williams and ex-Houlihan Lokey banker Leon Gillespie, held its first and final close at £375m after a 12-week formal fundraise. The debut fund will support mid-market B2B services companies in the UK and Ireland. Private Equity Wire has more here.

Monogram Capital Partners Fund III closed at $350m hard cap — Beverly Hills-based consumer and retail specialist Monogram hit its hard cap at $350m for its third fund, marking its biggest vehicle to date. LPs include endowments, foundations, family offices, and funds of funds. PE Professional has more here.

Federated Hermes Co-Investment Fund raised $320m at first close — Pittsburgh-based asset manager Federated Hermes secured approximately $320m in initial commitments for its new lower-mid-market private equity co-investment fund. AltAssets has more here.

Mosaic Capital Partners Fund II closed at $205m — Mosaic closed its second ESOP-focused fund with $205m in total capital including leverage. The SBIC-structured fund will invest $10-25m in North American companies. PE Professional has more here.

Carlyle India Side Fund targets $300m — New York-based Carlyle is launching a dedicated India side fund alongside its sixth pan-Asia vehicle (CAP VI), targeting approximately $300m. The IFC has proposed a $60m investment. The fund will invest across tech, healthcare, and financial services. Economic Times has more here.

O2 Investment Partners Fund V targets $550m — Detroit-based O2 Investment Partners launched its fifth fund in September, targeting $550m with an expected first close before year-end. Buyouts Insider has more here.

CREDIT FUNDS

Northstar Mezzanine Partners VIII closed at $530m — Northstar Capital held final close on its eighth mezzanine fund at $530m across parallel vehicles, a step-up from $500m raised in January 2021. The firm is an active provider of mezzanine debt and equity for lower middle market growth companies. PE Professional has more here.

Ascertis Credit Fund IV reached $520m first close — Ascertis Credit secured $520m at first close for its Asia-focused private credit fund, targeting a $1bn final close. The vehicle has attracted institutional investors, family offices, and HNWIs. Private Equity Wire has more here.

Monomoy Credit Opportunities Fund III closed above $500m — New York-based Monomoy Capital Partners held final close on its third credit fund with more than $500m in commitments. LPs include hospital systems, university endowments, asset managers, public pensions, foundations, and family offices. PE Professional has more here.

Investec Senior Debt Fund I launched at €400m — London-based Investec's alternatives arm partnered with Carlyle AlpInvest to launch its debut European senior direct lending fund with approximately €400m in committed capital via a credit secondary transaction. Alternative Credit Investor has more here.

Northwind Healthcare Debt Fund II raised $340m — New York-based Northwind Group raised over $340m for its second healthcare-focused real estate debt fund, significantly exceeding its $250m target. The closed-end fund focuses on healthcare properties. Legal Desire has more here.

Stride Ventures raised $300m toward $600m target — Global credit platform Stride Ventures has raised approximately $300m across its three funds in the GCC, India, and the UK, with a final close targeted at $600m. LPs include sovereign funds, banks, insurance companies, and global asset managers. FinTech News has more here.

Flashpoint Growth Debt Fund closed at $67m — Flashpoint completed the final close of its growth debt fund at $67m, the second vintage of its tech-focused growth debt vehicle. The fund targets VC-backed technology companies at post-Series A stage. AltAssets has more here.

REAL ESTATE

Arrow Global Real Estate Lending Fund closed at €1.5bn — London-based European asset manager Arrow Global soared past its $1bn target to reach a €1.5bn final close for its debut real estate lending fund. AltAssets has more here.

Hunt Capital Partners Fund 52 raised $277m — Los Angeles-based Hunt Capital Partners announced the initial closing of its affordable housing fund at $175.3m to date, with the balance expected to close in Q1 2026. The full $277m fund will help create or rehabilitate 1,540 affordable homes across 18 developments nationwide. Business Wire has more here.

Avila Real Estate Capital Fund II reached $100m first close — Avila Real Estate Capital, a private credit provider to the US homebuilding industry, held first close on its second debt fund with approximately $100m including a partner investment from Ross Perot Jr.'s Hillwood. The fund is targeting $1bn and expects final close in June 2026. IREI has more here.

INFRASTRUCTURE

Partners Group Direct Infrastructure Fund IV targets $8bn — Zug, Switzerland-based Partners Group is raising its fourth direct infrastructure fund with an $8bn target. The fund invests in core-plus and value-added sectors including renewables, economic infrastructure, and transport across North America. IREI has more here.

Alba Infra Partners Fund I reached €250m first close — London and Paris-based Alba Infra Partners, a 2024 spinout from 3i, raised approximately €250m at first close for its inaugural blind-pool infrastructure fund. AltAssets has more here.

SECONDARIES

Cubera raised €500m across new fund pair — Oslo-based Nordic fund of funds and secondaries specialist Cubera collected €500m across a pair of new funds. AltAssets has more here.

Apogem/Heartwood Continuation Fund closed at $245m — New York-based Apogem Capital led a $245m continuation fund for Heartwood Partners' portfolio company The Amlon Group, a sustainability-focused waste solutions provider backed since 2021. AltAssets has more here.

Weinberg Capital Partners closed €115m continuation fund — Paris-based Weinberg Capital Partners raised €115m for its debut continuation fund to extend support for French hygiene and environmental services specialist Sapian. AltAssets has more here.

VENTURE CAPITAL

August Global Partners Healthcare Fund closed at $150m — Singapore-based August Global Partners closed its second fund at $150m, surpassing targets despite challenging market conditions. The healthcare-focused fund has already deployed capital and delivered early DPI. The close brings AUM to $350m. PR Newswire Asia has more here.

Watchfire Ventures Fund III targets $150m — Watchfire Ventures is looking to raise $150m for its third early-stage fund, a significant step-up from its prior $50m-targeting vehicles. AltAssets has more here.

nvp capital Fund II closed at $80m — New York-based nvp capital, a seed-stage venture firm investing globally in enterprise software and vertical AI, closed its second fund at $80m. Teknovation has more here.

Meron Capital Fund III closed at $70m — Tel Aviv-based seed and pre-seed investor Meron Capital sealed a $70m final close for its third fund, targeting AI, cybersecurity, fintech, digital health, climate tech, and robotics startups. AltAssets has more here.

Firgun Ventures raised $70m — London-based Firgun Ventures raised $70m led by Qatar Investment Authority to back UK and global quantum computing startups, positioning London as a hub for next-generation computing. BM Magazine has more here.

Propeller Fund III launched at $50m — Amman-based, AI-focused VC Propeller launched its $50m third fund to invest in US and MENA startups building horizontal AI infrastructure and AI-native software. The firm has already made five Fund III investments in 2025. Wamda has more here.

Chui Ventures Fund I closed at $17.3m — Nairobi-based Chui Ventures, a seed-stage VC with a gender-inclusive mandate, closed its debut fund at $17.3m, exceeding its $10m target. The fund backs African founders developing tech-enabled solutions across Sub-Saharan Africa. WeeTracker has more here.

Carles Reina raised $15m solo GP fund — ElevenLabs investor Carles Reina raised a $15m solo GP fund to back defense and AI startups. Sifted has more here.

Onstage Fund I closed at £10m (€11.3m) — London-based Onstage, organizer of standalone demo events in Europe, launched its first venture fund with an initial close of £10m to support pre-seed and seed European founders. EU-Startups has more here.

OTHER NOTABLE

Andre Koo Sr. AI Credit Funds target $1.5bn — Taiwan billionaire Andre Koo Sr., a fourth-generation member of the Chailease Holding dynasty, committed at least $100m to anchor two new AI infrastructure private credit funds targeting a combined $1.5bn. The funds will allocate to AI infrastructure companies including Nvidia partners. Bloomberg has more here.

Bill Ackman/Pershing Square targets $5bn IPO — New York-based billionaire investor Bill Ackman is targeting a $5bn IPO for a new US-listed closed-end fund, to be launched alongside an IPO of Pershing Square Capital Management as early as 2026. Bloomberg has more here.

Cormorant Asset Management targets $400m healthcare fund — Boston-based biotech investor Cormorant is looking to raise $400m for another healthcare-focused fund, per SEC filings. Endpoints News has more here.