Fundraising

The firm is targeting more than $300bn of new capital across strategies over the next two years, including its 14th North America flagship, debut US mid-market vehicle and latest global infra offering.

Silver Hill IV's limited partners include endowments, pension funds, medical and family foundations and family offices.

The total capital base for SDL III is expected to be approximately $33.6 billion, which includes equity commitments in related vehicles and anticipated leverage.

Fundraising commenced last year and was essentially finished around year-end but stayed open to allow in last-minute investors.

Hidden Harbor Capital Partners III follows Hidden Harbor’s two prior funds, Hidden Harbor Capital Partners I, which raised over $265 million, and Hidden Harbor Capital Partners II, which raised over $450 million.

With its quiet close, the firm joins the small handful of new managers that have raised capital in the tough fundraising market.

While fundraising timelines have stretched, the percentage of funds to have exceeded their target at final close is at its highest level since 2008.

Amulet Capital Fund III's limited partners include state and corporate pension funds, endowments, foundations and family offices.

An uptick in the number of funds closing above target belies the fundraising challenges facing a swathe of the industry.

Fundraising has recovered in terms of the amount raised, but capital is mostly flowing to top firms, to the detriment of everyone else.