Managers

The fund's predecessor, PPC III, closed in 2021 at $2.7bn, was then billed as one of the market’s largest family investment vehicles.

As more GPs seek alternatives to traditional exit paths for their older investments, continuation funds have grown more popular for certain assets.

A Coller Capital survey found 64% of LPs believe at least one of the private equity GPs they are currently invested with will merge with, or be acquired by, another GP in the next two years.

As part of the system’s policy established in 2022, CalPERS has been building exposure to areas of private equity it may have skipped in the past, like smaller funds and growth-focused GPs.

Employee success drives customer success, which in turn drives company success, writes John Block, founder of Unity Partners.

The new flagship will set off a flurry of additional fundraising. Under General Atlantic’s complex capital structure, commingled funds are matched with five-year managed accounts and evergreen managed accounts.

Established firms with ancillary strategies have at times struggled to attract capital for those funds outside of their core vehicles, and some have chosen to put parallel strategies on hold.

The consumer giant is seeking $800m for a new regional flagship that will invest alongside country-focused sidecars targeting Japan and India respectively, PEI understands.

The firm has increasingly been raising capital from separate mandates and from individual investors via evergreen products.

Inovia Growth Fund III held the close this month and will now focus on raising the rest of its $450m target, CEO Chris Arsenault told Buyouts, with a final close expected before the fall.