Fundraising

Vidia Equity comprises a team of industrial mittelstand private equity specialists looking for 'hidden climate champions' in German-speaking Europe and the Nordics.

The Chicago shop, a family and founder-oriented merchant bank, wrapped up BDT Capital Partners Fund 4 this month, ahead of a $13bn target, sources said.

The firm is led by Brian Martin, formerly an executive in American Capital's LBO group, and Mike Janish, a one-time CEO of American Capital-backed Avalon Laboratories.

This fund will focus on providing tailor-made liquidity and capital solutions to both LPs and GPs through transactions in the secondary market.

Fundraising last year was strong in terms of absolute numbers, but the capital flowed to far fewer firms and funds than in the past.

Through the new fund, Sterling intends to capitalize on sector tailwinds, such as manufacturing onshoring, aging infrastructure and inflation and supply-chain challenges.

Fund 8 is nearly 30 percent larger than its predecessor fund, Fund 7.

The fundraising exceeded the amount raised by Lexington's previous secondary fund LCP IX, which closed on $14 billion in 2020.

Without much capital coming back, LPs are slowing the pace of their commitments and sticking mostly with their deepest relationships.

Leavitt Equity Partners III's limited partners include strategic healthcare partners, insurance companies, foundations and family offices.