Managers

The challenge has been reaching final closes on large processes, in part because of the difficulty of syndicating out large deals to smaller investors.

Cortec’s eighth fund has received commitments from LPs that reduced PE pacing plans or see distributions outgaining contributions.

Last November, Fund VI secured $2bn in a first close, $1.5bn of which came from Onex itself. A second closing was expected early this year.

The firm has made three investments out of the debut fund, including in Sequoia Financial Group.

“Despite macro-economic headwinds…we expect 2023 to be another very strong year for the business overall and for fundraising – on par with 2022, which was a record year,” CEO Bruce Flatt says.

Connecticut’s investment advisory committee approved $350m in commitments, split equally between HarbourVest’s latest flagship secondaries fund and a connected co-investment vehicle.

Presidio saw an opportunity to extend its hold over Elevate as it continues to implement its growth plan that includes further spending and future acquisitions.

Multiple managers have either closed or expect to close their latest private equity flagships below target – something unthinkable a few years ago.

An unusual aspect of LightBay’s funds is that the firm offers a fixed amount of its management fees and carried interest to its LightBay Foundation.

The manager has raised $4.8bn for Dover XI, which has an ambitious target of $12bn.