Managers

Launched earlier this year, the fund exceeded its $175m target inside of four months, founder and managing director Edward Benford told Buyouts.

The fund will invest in assets acquired by 2019-vintage Insight Venture Partners XI, following the launch in 2021 of a vehicle targeting Fund X investments.

Fundraising results in Q1 reverse a trend of major post-pandemic growth. Last year saw the second-highest amount secured on record: more than $503bn.

The lag in private markets looms over LPs.

Caputo talks about the kind of work he would be doing if not private equity, and his advice for young people looking to break into the industry.

As is usually the case, increased rules mean higher compliance costs for those advisers who fall under regulation. For the biggest firms in the industry, those costs can be handled, but for smaller shops, and especially emerging managers, those costs could prove harmful.

LP institutions are always in need of private equity experience to help lead their programs into the growing and shifting markets.

Fund XI is understood to be already more than 29% larger than its 2020-vintage predecessor, which raised €6.1bn against a €5bn target.

A fund target has not been decided, though president Bobby Le Blanc believes it will roughly correspond with the size range of Onex's mid-market ONCAP vehicles. ONCAP IV closed in 2016 at $1.1bn.

LPs have turned to their long-trusted GP relationships in the uncertain markets, as established firms are coming back to market quicker than ever, with larger funds and new products – all of which is taking up the bulk of LP allocation.