Fundraising

Emerging manager fundraising has steadily declined since the peak year of 2021, when such funds raised about $159bn, according to PEI data.

The Paris-based firm has so far raised about €1.5bn of its €5bn target for Buyout VIII.

The $11.2bn independent wealth manager is targeting a fund of funds approach, with a portion dedicated to co-investment and direct investing.

Park Road was founded a year ago by managing partner Kyle Peterson, who previously worked for more than 14 years at New Mountain Capital.

Even in the toughest fundraising market since the GFC, LPs still have interest in backing new managers. As some larger shops struggle to hit targets, new firms are stepping up to capture the interest of increasingly picky LPs.

In our annual review, Buyouts profiles those we believe stand out from the pack.

There has been a re-emergence of so-called 'hybrid funds,' with names like 'pledge funds,' 'search funds' or 'program funds.'

When dealmakers branch out on their own, they often invest deal-by-deal before raising a blind-pool fund. But other ideas are in play as the fund-less sponsor market searches for capital.

Emerging managers shouldn’t discount the value of bringing on a CFO early. Here’s how to source one that can set up a firm’s operations for years to come.