Cover Story

Hybrid capital appears to be having a moment. The strategy’s knack for complex deals at a time of market disruption is juicing demand – including among liquidity-strapped GPs.

Promoted to IMCO’s head of private equity in 2024, Elia believes that after roughly five-plus years of outsized growth the PE program is now ‘entering a more mature phase.’

Buyouts’ 2026 list of the biggest North American LPs finds plenty of familiar faces committing $1.5trn to the asset class, up 6.3% from a year earlier.

The value of the strategy is being debated as a tool to be used during an unprecedented slowdown in the private markets.

The sector-specialist’s formula features a team with a long history and a shared mindset.

The top 100 fundraisers in North America over the last five years saw a nearly 10% increase in the capital they brought in, compared with last year’s list.

This year’s fundraising upswing, to $2.18trn, is the biggest since the 2023 list. And given that last year’s list was down a tiny bit from the previous year, this year’s uptick seems downright robust.

Firms that remain resilient in turbulent times allow Pritzker Private Capital to flourish.

Healthcare-focused Linden Capital’s disciplined approach has facilitated its fundraising, landing the firm at No 66 on our list.

In our annual review, Buyouts profiles those we believe stand out from the pack.