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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.

Documents prepared for a US pension shed light on the performance of the firm's growth funds as it seeks $9bn for its 12th vintage.

Despite the increased target, the pension system's private equity allocation remains overweight by 1.8%.

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

Mekong Enterprise Fund IV is nearing full deployment across a diverse range of investments, including in the regenerative agriculture space through biochar fertiliser company Husk.

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.

The target amount sought for Long Term Private Capital II could change, Private Equity International understands.

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.

Setty tells us about her dream job as CEO of Global Citizen, her love of all things French and why focusing on the J-curve has its shortcomings.