PE FORUM

📣 Turn/River Capital Closes $2.5 Billion Fund VI, Oversubscribed with Strong Demand - Turn/River Capital announces the successful closing of Fund VI with $2.5 billion in total commitments. - The fund was oversubscribed, reaching its hard cap, with support from both existing and new limited partners. - Fund V, completed in 2022, was similarly oversubscribed, with commitments totaling $1.35 billion. - Dominic Ang, Founder and Managing Partner, highlights the firm’s growth engineering strategy, which focuses on sustainable value creation for portfolio companies and investors. - Turn/River Capital operates with a team of both investors and operators to build growing software businesses. - The firm’s portfolio includes 19 platform companies, with 14 already realized. - Recent transactions include the sale of Redwood Software to Vista Equity Partners and Warburg Pincus LLC in December 2024, and a definitive agreement to take SolarWinds private for $4.4 billion in enterprise value in February 2025. - Alexandra Kessel, Head of Investor Relations, expresses excitement for continued global support and upcoming milestones in Fund VI.

📣 Weatherford Capital Closes $300 Million Fund II, Expanding Investment Focus - Weatherford Capital announced the successful $300 million close of Weatherford Capital Fund II (Fund II). - Managing Partner Will Weatherford expressed gratitude for investor trust and emphasized the firm's commitment to being long-term strategic partners. - Fund II continues the investment strategy of Fund I, focusing on values-based leaders in growth-oriented companies across technology, financial services, and business and consumer services. - The firm's investment thesis in the GovTech industry remains a key focus for Fund II. - A new area of interest is sports education, reflecting the Weatherford family's belief in the impact of values-driven leadership. - Founding Partner Drew Weatherford highlighted the firm’s growing focus on sports education, driven by the Weatherford family's belief in shaping future leaders through values-based leadership. - Weatherford Capital now manages over $1 billion in assets. - Founding Partner Sam Weatherford highlighted the firm's commitment to value creation and positive, lasting impact.

📣 Pantheon Raises $1.1bn for Latest GP-led Private Equity Secondaries Program - Pantheon, a leading global private markets investor, closed Pantheon Secondary Opportunities Fund II (PSOF II) and related vehicles at $1.1bn, nearly doubling its predecessor's $624mn. - PSOF II invests in growth-oriented companies managed by high-quality GPs with strong alignment of interest in continuation vehicles. - The strategy leverages Pantheon’s expertise in secondaries, particularly GP-led transactions, and its deep mid-market specialization. - Pantheon has deployed $6.8bn in GP-led deals over 14 years and manages $11.3bn in private equity secondaries across multiple funds. - Its funds provide capital to lead GP-led continuation vehicle transactions, influencing pricing and terms. - Amyn Hassanally, Global Head of Private Equity Secondaries, emphasized the increasing importance of GP-led secondaries in providing liquidity and value maximization. - Pantheon has been active in private equity secondaries since 1988, with $24.8bn committed across 450 investments. - In November 2023, Pantheon raised $3.25bn for its largest-ever private equity secondaries program, reflecting strong demand for liquidity and attractive pricing in the current market.

🤖 Fusion Fund Closes $190M Fund IV to Drive AI and Deep Tech Innovation - Fusion Fund IV closes at $190M: Heavily oversubscribed in under six months, focusing on AI-driven solutions in healthcare, enterprise, and industrial tech. - Lu Zhang, Founder & Managing Partner: Serial entrepreneur and AI expert with a background in Materials Science and Engineering from Stanford University. - Shane Wall, Partner: Former HP CTO, led global R&D, served on the U.S. President’s Council of Advisors on Science & Technology. - David Gerster, Investment Partner: AI and data science expert with experience at Yahoo, Microsoft, and Groupon focusing on enterprise AI investments. - Ivneet Bhullar, Investment Partner: Bioengineering and business expert from UCLA and Harvard University specializing in healthcare investments. - Strong early traction: Fusion Fund now manages over $500M in assets, backed by institutional LPs, including endowments, sovereign wealth funds, and family offices. - AI-focused investment strategy: Proprietary research, dynamic sourcing, and internal AI tools like "Ada" to identify high-potential opportunities. - Ecosystem for portfolio growth: Fusion CXO and Expert Networks provide market validation, strategic partnerships, and industry insights. - Future growth and vision: Entering its 10th year, Fusion Fund continues scaling its impact on AI and deep tech innovation.

📣 Charter Growth Capital Closes $111M Fund II - Charter Growth Capital (CGC), a private investment firm providing junior capital to lower-middle-market companies in the Great Lakes Region, has received an SBIC license from the U.S. Small Business Administration (SBA). - This SBIC designation enhances CGC’s ability to offer tailored capital for growth and succession to businesses across various industries. - CGC has closed Fund II with $111 million in total capital, surpassing its $100 million target due to strong demand from investors. - Fund II is now one of the largest committed capital funds in West Michigan and the only active SBIC in Michigan. - John Kerschen, Partner at CGC: “Following the success of our first fund, we are excited to partner with the SBA on Fund II.” - Michael Palm, Partner at CGC: “We are honored to receive the SBIC license. This milestone reinforces our commitment to partnering with exceptional management teams and helping businesses scale while creating long-term value for our investors.” - Hector Bultynck, Partner at CGC: “Our unique offering is well-suited for the vibrant community of independent sponsors who are also looking to support small and medium-sized businesses. We welcome the opportunity to connect with companies and deal sponsors where our capital can make a difference.” - The SBIC license allows CGC to access SBA-guaranteed financing, enabling more capital investment while maintaining a disciplined investment approach. - CGC offers a customized mix of debt and equity to support businesses and independent sponsors with capital solutions tailored to their needs. - CGC’s first fund (2019 vintage) invested in 12 companies and exited six of those investments. - Fund II has already made two investments and has an active pipeline of opportunities. - CGC’s offering is particularly well-suited for independent sponsors looking to support small and medium-sized businesses.

📣 Intermediate Capital Group (ICG) Strategic Equity Completes Record Fundraise of $11 Billion - ICG, a global alternative asset manager, announced the final close of its fifth GP-led secondaries fund, ICG Strategic Equity Fund V ("ICGSE V"). - ICGSE V raised $11bn in capital commitments, surpassing its $6bn target and doubling the size of its predecessor, ICGSE IV, which closed at $5.3bn in 2022. - Since its inception in 2014, ICG Strategic Equity has invested over $19bn in the GP-led secondary market. - The fund will continue its strategy of partnering with private equity sponsors to invest in single asset continuation vehicles for high-quality companies in North America and Western Europe. - ICGSE V attracted a globally diverse group of investors, including sovereign wealth funds, pension funds, insurance companies, asset managers, foundations, family offices, and high-net-worth individuals. - Ricardo Lombardi, Global Head of ICG Strategic Equity, highlighted the milestone of the fund's final close and the continued investor interest in the GP-led secondaries strategy. - Benoît Durteste, CIO and CEO of ICG, emphasized the $11bn close, with over $4bn coming from new investors, demonstrating ICG’s market leadership and success in the GP-led secondaries space. - The success of ICGSE V strengthens ICG’s position as a leading player in the growing secondaries market.

📣 Pamlico Capital Closes Sixth Fund at its Hard Cap of $1.75 Billion - Pamlico Capital closed Pamlico Capital VI (“PC VI”) at its hard cap of $1.75 billion. - The fund was significantly oversubscribed, surpassing its initial $1.5 billion target. - Pamlico invests $50 million to $200 million in growing companies. - Focus areas include growth equity and buyouts in North American communications, healthcare IT, information services, software, and tech-enabled services sectors. - Since 2002, Pamlico has invested over $4.0 billion in 80 companies. - “We are incredibly grateful for the trust and confidence of our limited partners, both long-standing and new, who share our belief in the value of partnership, transparency and consistency,” said Arthur Roselle, Partner at Pamlico. “The success of PC VI is a testament to the strength of our strategy, the caliber of our portfolio company management teams, and our firm’s commitment to driving lasting value.” - Fund VI received strong support from endowments, foundations, insurance companies, family offices, pension plans, and other institutional investors. - Pamlico has raised over $6.5 billion in total commitments since 2002. - “We are especially pleased with the speed to close and successful outcome for PC VI in what remains a challenging fundraising environment,” said Stuart Christhilf, Partner and COO at Pamlico Capital. “We saw strong support from so many of our long-standing investors who continue to represent the large majority of our capital base, while also broadening our geographic reach and partnering with a number of new, highly respected investors.” - UBS Securities LLC served as placement agent. - Ropes & Gray LLP provided legal counsel.

📣 ONE Bow River Closes $500M National Defense Fund, Largest in SBICCT Initiative - ONE Bow River, a Colorado Springs-based alternative asset manager, closed its first private equity fund, ONE Bow River National Defense Fund I, with $500 million in committed capital, pending SBA approval of $10 million in Limited Partner commitments. - The fund was oversubscribed, doubling its initial $250 million target and exceeding its $400 million goal. - The fund invests in data solutions for national defense, focusing on lower middle-market companies serving the U.S. government. - The investment team includes professionals with private equity, defense technology, and military expertise. - Chief Investment Officer Kevin O'Neil highlighted the fund's success despite a challenging fundraising environment, emphasizing investor confidence and the fund's strategic importance. - In January 2025, the United States Department of Defense and U.S. Small Business Administration identified ONE Bow River National Defense Fund among 17 licensed and Green Light-approved funds in the SBIC Critical Technologies Initiative (SBICCT). - The SBICCT Initiative seeks to scale private investment into the DoD’s Critical Technology Areas (CTAs) and component-level technologies. - ONE Bow River received its SBIC license in October 2024 and is the largest fund in SBICCT's first cohort. - It is the only licensed SBIC fund based in Colorado. - Senior Managing Director Steven Joanis emphasized the fund's commitment to supporting DoD’s CTA efforts and working with the SBA and DoD. - The fund’s first investment was a $50 million minority stake in Bluestaq, LLC, completed on December 30, 2024. - Bluestaq CEO Seth Harvey highlighted the investment’s role in advancing data management solutions. - The Catalyst Campus for Technology and Innovation in Colorado Springs serves as a key partner in scaling defense technology companies. - Founded in 2015 by Kevin O’Neil, the nonprofit incubator supports entrepreneurs developing defense-related solutions. - The Campus offers training, workshops, and collaboration opportunities to scale businesses. - Colorado Springs Mayor Blessing ‘Yemi’ Mobolade praised ONE Bow River for supporting small businesses and enhancing the local defense ecosystem. - The city hosts key military installations, including Schriever and Peterson Space Force Bases, NORAD, US Northern Command, US Space Command, Fort Carson, and the U.S. Air Force Academy. - Johnna Reeder Kleymeyer, CEO of the Colorado Springs Chamber & EDC, emphasized the fund's role in strengthening national security and fostering local innovation. - Winston & Strawn LLP provided fund formation counsel; no placement agent was engaged.

📌 Weekly PE/VC Fundraising Achievements, Launches and Partnerships by PE FORUM 📣 Adelis Equity Partners Closes EUR 1.6 billion Fourth Fund Jan Åkesson, Co-founder and Co-managing partner stated: "We are grateful for the strong support from our existing investors and pleased to broaden our investor base." 📣 Pamlico Capital Closes Sixth Fund at its Hard Cap of $1.75 Billion Arthur Roselle, Partner: “We are incredibly grateful for the trust and confidence of our limited partners, both long-standing and new, who share our belief in the value of partnership, transparency and consistency.” Stuart Christhilf, Partner and COO: “We are especially pleased with the speed to close and successful outcome for PC VI in what remains a challenging fundraising environment.” 📣 Garnett Station Partners Closes $1.2 Billion Fund 5 Managing Partner and Co-Founder Alex Sloane expressed gratitude to Limited Partners, emphasizing GSP’s strong investment platform and team. Managing Partner and Co-Founder Matthew Perelman highlighted GSP’s best-in-class investment portfolio, strong investor relationships, and commitment to core values. 📣 Eurazeo Closes EC-V at €3 Billion, Exceeding Target Managing Partners Maxime de Bentzmann, Antonin de Margerie, and Eric Sondag emphasized the fund’s role in scaling mid-market leaders and accelerating value creation. 🧬 Sofinnova Partners Raises €1.2 Billion to Boost Life Sciences Innovation Plans to back 50-60 new companies addressing global health and sustainability challenges, according to Chairman Antoine Papiernik. 📣 Northleaf Capital Partners Closes Over $1 Billion for Private Credit Fund NPC III David Ross, Managing Director and Head of Private Credit at Northleaf: “NPC III has a unique value proposition for investors with a focus on delivering strong risk-adjusted returns.” 📣 CVC closes third generation Strategic Opportunities fund at €4.61 billion Managing Partner and Co-Head CVC Strategic Opportunities LORNE SOMERVILLE emphasized strong investor demand for long-term private equity strategies. Managing Partner and Co-Head CVC Strategic Opportunities Jan Reinier Voûte highlighted the platform’s strong track record and future opportunities. 📣 J.P. Morgan increases direct lending commitment to $50 billion “We aim to support our clients with products and solutions that best meet their capital structure needs, whether that’s a direct or syndicated loan or a bond,” said Kevin Foley global head of Capital Markets at J.P. Morgan 📣 400 Capital Management LLC Closes Oversubscribed $1.39 Billion Private Credit Fund Chris Hentemann, Managing Partner and CIO at 400CM, highlighted the firm's strong track record and the market's recognition of asset-based credit diversification benefits. Chris Schiavone, Head of Private Credit Strategies at 400CM, noted that the overwhelming interest reflects investor trust and support.

📣 400 Capital Management LLC Closes Oversubscribed $1.39 Billion Private Credit Fund - 400 Capital Management LLC (400CM) is an alternative credit asset manager specializing in asset-based credit strategies with over $7.4 billion in assets under management. - The firm announced the successful closing of its latest private credit fund, Asset Based Term Fund IV (ABTF IV). - ABTF IV launched in December 2023 and was significantly oversubscribed, closing with $1.39 billion in committed capital versus the $1 billion initial target. - The fund attracted strong support from institutional investors seeking diversification from direct lending. - Chris Hentemann, Managing Partner and CIO at 400CM, highlighted the firm’s strong track record and the market’s recognition of asset-based credit diversification benefits. - Chris Schiavone, Head of Private Credit Strategies at 400CM, noted that the overwhelming interest reflects investor trust and support. - Over $400 million has already been committed to a diversified set of opportunities within ABTF IV’s strategy. - The Asset Based Term Funds were launched in 2017 to invest in unique credit opportunities driven by cyclical and regulatory catalysts. - ABTF IV follows three previous funds launched in 2017, 2019, and 2021, with ABTF I fully retired in 2023. - 400CM has managed structured credit investments since 2008 across commingled funds, separately managed accounts, and private credit portfolios.