Commitments

Hybrid capital appears to be having a moment. The strategy’s knack for complex deals at a time of market disruption is juicing demand – including among liquidity-strapped GPs.

The value of the strategy is being debated as a tool to be used during an unprecedented slowdown in the private markets.

Healthcare-focused Linden Capital’s disciplined approach has facilitated its fundraising, landing the firm at No 66 on our list.

GTCR Fund XV is expected to raise fairly quickly with limited access for new investors, a source told Buyouts.

Fund II built on the firm’s initial fundraise that closed in 2024, growing the LP base to 10 from four original backers, the note said.

The raise comes at a challenging time in the private equity fundraising market, especially for newer managers.

Positive cashflows have kept the California-based pension fund from hitting its target allocation to private equity.

Following a several-year effort to correct an overallocated exposure to PE, early indications from council hint at plans for more reductions ahead of next year’s asset allocation process.

While many GPs have been optimistic despite the recent slump in private equity activity, some in the industry are concerned that the asset class's issues are more than temporary.

Opening the asset class to retail investors is, among other things, disrupting capital raising, popularising evergreen funds, and prompting the adoption of technology to take care of distributions.