Emerging Managers

Expected to open in the spring, Maverix Growth Equity Fund II has a hard-cap of $700m, sources told Buyouts.

Fund I’s LPs include endowments, insurance companies, fund-of-funds, asset managers, family offices, founders, and executives across North America.

With the closing of Fund 2, bd-capital’s assets under management have increased to over €800 million.

While first-time and emerging manager fundraising has dropped, LPs say they remain interested in backing new managers, especially as some of their long-term partners in the mid-market struggle to raise new money.

One Bow River National Defense Fund targets private, lower mid-market companies focused on delivering data and national defense solutions to the US government.

The firm, led by managing partner Tiffany Hagge and president Lydie Hudson, backs founder- and family-owned businesses in the services, industrial and select consumer sectors.

Slow private equity fundraising, which entered its fourth year in 2025, remains highly challenging for new firms, with many electing to stay out of the market until conditions improve.

This fundraising brings LoneTree’s assets under management to $308 million.

Fund II’s limited partners include pension funds, foundations, health systems, insurance companies, fund of funds, and family offices.

Rob Wolfson's new firm is expected to have a fund in the market this year, though the target is unclear.