Fundraising

The capital for the fund was raised in less than 100 days.

Performance Direct Investments V’s investors include public and corporate pension plans, university endowments, private foundations, insurance companies, family offices, and ultra-high-net-worth individuals.

Fund VII, which has an undisclosed target, held its most recent interim close on $1.79bn in November, PEI data shows.

Catchment is among a group of emerging managers, including first-time funds, seeking LP capital in what has been described as the toughest fundraising market since the global financial crisis.

Rotunda’s previous fund raised more than $405 million.

Founded in 2002, Atlas owns and operates 27 manufacturing and distribution businesses.

As the gap in exit valuations looks unlikely to narrow any time soon, some GPs may have to sell at a discount to begin to re-enter the fundraising space.

While acknowledging the volatility created by tariffs, KKR’s early view is there will be 'no changes to our targets' guided by 'continued conviction in our fundraising outlook,' CFO Rob Lewin said in a Q1 earnings call.

The firm had previously been expecting to hit Fund VI’s $13bn target by end-2025.