PEI Group Data

The fund comes three years after the firm raised $3.3bn for its 14th flagship.

Public pension funds were the most active in reducing their exposure, with almost a third scaling back their allocations, according to PEI's full-year 2025 Investor Report.

Accelerating GP demand for fund capital is at odds with today’s supply crunch, caused by widespread LP overallocation.

Opened late last year, Bregal Sagemount V has a $3.5bn hard-cap, according to pension board documents issued this week.

Many GPs have been seeking ways to sort out assets lodged in older funds, with limited partners increasingly seeking liquidity.

In today's edition, CD&R appears to be one of the last mega-firms holding out on 'retail'; One of Asia's biggest PE players gets a win in court; Improved impact inflows belie an emerging gulf between winners and losers.

Though technology fundraising figures are on a downward slant, PE managers globally remain committed to the sector.

Fundraising timelines averaged 18.6 months in the North American market last year, down from a record high in 2024, according to Buyouts data.

Buyout, growth equity, secondaries, venture capital and other private equity funds had raised a total of $508bn as of December 31, according to Buyouts data. Capital inflows last year were the lowest recorded since 2020.

Some 2,288 funds gathered $735bn between them in 2025, marking the second consecutive yearly slump in capital raising for the asset class.