North America

The software giant will run off its Growth Fund and will not raise another vehicle for the strategy, with the two co-heads of its growth business having left the firm, PEI has learned.

The mid-market buyout firm closed on its $2.37 billion raise – slightly short of its target – after a more-than two-year marketing effort.

Nearly half of the private equity funds that closed in the first quarter met their fundraising targets – the highest proportion in at least five years.

Led by co-founders Isaac Harrouche, CEO, and Mike Berlin, the CIO, 154 Partners was launched in January 2025.

Founder and managing partner Rob Wolfson set up Aphias last year to make control investments in lower mid-market companies in healthcare services and essential services sectors.

Institutional investors are voicing an interest in stepping outside the familiar fund structure to invest directly in GPs. The move could change the GP stakes market and create a new class of shareholders.

Rising consolidation in the PE industry means both more competition for attractive targets and more opportunities for exits.

Cash income, J-curve mitigation and diversification make GP stakes an attractive option for private wealth and retail investors. But a lack of liquidity could be a problem.