Fundraising

Anchor and seed capital appear to be playing an enhanced role in the fundraising of emerging managers, particularly those in the market with a debut vehicle.

The Nordic firm held the €2bn final close on Fund X three months after launch, raising about €500m more than its predecessor vehicle.

Emerging manager fundraising has steadily declined since the peak year of 2021, when such funds raised about $159bn, according to PEI data.

The Paris-based firm has so far raised about €1.5bn of its €5bn target for Buyout VIII.

The $11.2bn independent wealth manager is targeting a fund of funds approach, with a portion dedicated to co-investment and direct investing.

Park Road was founded a year ago by managing partner Kyle Peterson, who previously worked for more than 14 years at New Mountain Capital.

Even in the toughest fundraising market since the GFC, LPs still have interest in backing new managers. As some larger shops struggle to hit targets, new firms are stepping up to capture the interest of increasingly picky LPs.

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

There has been a re-emergence of so-called 'hybrid funds,' with names like 'pledge funds,' 'search funds' or 'program funds.'