Fundraising

Big step-ups in the firm's recent fund sizes may be due to greater LP appetite for co-investing as a way to build private equity exposure on a no-fee, no-carried interest basis.

The new flagship offering's target size is 12% larger than Fund IX, which closed in 2021 on $5.6bn.

The transaction has been backed by capital from long-term yield-oriented institutions and not traditional secondaries firms, PEI understands.

Combining Dover Street XI and its co-investment vehicle Secondary Overflow Fund V, the manager has raised $18.5bn to deploy into secondaries deals.

Also, the firm closed its fifth secondary overflow fund at $3.4 billion.

TPG Partners X is expected to roll out in the first half of 2025, while Apollo Investment Fund XI is expected to debut by the end of next year.

As Asia-Pacific’s fundraising slump continues, hopes are being pinned on the southeast.

Fund III follows Resurgens’ two prior funds, RTP I, which raised over $200 million, and RTP II, which raised over $500 million.

If BCTF reaches its $5bn fundraising target, it could be the largest emerging markets-focused climate impact fund in private markets.

Onex Partners Opportunities Fund, unveiled in late 2023, is a bridge vehicle intended to enable Onex to make a handful of investments until it resumes flagship fundraising.