Weekly Fundraising Highlights within the Private Equity Sector

Weekly Fundraising Highlights within the Private Equity Sector

In the dynamic world of private equity, Neuberger Berman has made a significant mark with the successful closure of its NB Strategic Co-Investment Partners V fund at $2.8bn. This sum surpasses the $2.25bn target and marks a substantial increase from its predecessor, Trident IX, which closed in 2022 at $9bn.

The fund's success underscores a broader industry shift towards GP-aligned co-investment strategies. These strategies, as exemplified by Neuberger Berman's latest fund, are designed to offer enhanced alignment with capital providers, diversification, downside protection, access to premium deal flow, customized investment structures, and market context.

Enhanced alignment with capital providers is achieved through co-investment structures that involve LPs at the GP entity level, aligning economic interests through participation in GP platforms, fees, and carried interest. This alignment offers LPs the potential to achieve opportunistic-level returns with reduced risk compared to traditional asset-level investments.

GP-aligned co-investment funds provide diversified exposure across sectors, geographies, vintages, and capital structures. They also generate recurring fees and carry income, which serve as buffers and mitigate downside risks compared to direct asset investments.

Deepening partnerships with GPs grants investors better pipeline access to high-quality opportunities, often with some exclusivity or strategic insight. LPs also gain sector-specific expertise by investing alongside or within specialist GP platforms.

Customized investment structures often feature tailored deal terms to meet LPs’ specific objectives, including preferred returns, governance rights, exit options, and variable investment durations, thus providing flexibility to match investor risk/return profiles.

In a competitive fundraising and deployment environment marked by capital abundance but heightened selectivity, co-investments aligned with GPs offer differentiation and strategic partnership potential, attracting LPs looking beyond simple IRR metrics toward purpose and partnership.

While not specific to NB Strategic Co-Investment Partners V, broader private equity trends highlight increased GP interest in resilient sectors like AI infrastructure and energy, which may influence co-investment focus areas, reinforcing the importance of thematic alignment with GPs’ expertise and market positioning.

Neuberger Berman now manages over $40bn in committed co-investment capital and $140bn in total private markets assets. The firm's success in the co-investment space underscores its commitment to delivering attractive risk-adjusted returns to its investors while staying at the forefront of industry trends.

Meanwhile, in Singapore, Apollo Global Management has been selected to manage the $1bn Private Credit Growth Fund, a state-led initiative aimed at providing non-dilutive capital to high-growth local enterprises. The fund's backers include public and private pension funds, insurers, foundations, family offices, and high-net-worth individuals from across the globe.

Haveli Investments, based in Austin and focusing on software, data, gaming, and adjacent sectors, has raised $4.5bn for its first software buyout fund. Stone Point Capital, founded by Vista Equity Partners co-founder Brian Sheth, has closed Trident X, its tenth flagship fund, with $11.5bn in total commitments. Trident X surpassed its $9bn target and hard cap, marking Stone Point's largest fundraise to date. Trident X began deploying capital in May 2025 and has already completed its first investment in Ultimus Fund Solutions.

These developments in the private equity landscape demonstrate a continued focus on innovation, alignment, and strategic partnerships, as firms seek to deliver superior returns to their investors while navigating a competitive and evolving market.

[1] "GP-aligned co-investment strategies: A new era in private equity." Preqin. (2022). https://www.preqin.com/research/2022/05/24/gp-aligned-co-investment-strategies-a-new-era-in-private-equity/

[2] "The rise of GP-led secondaries: A shifting private equity landscape." PitchBook. (2021). https://pitchbook.com/reports/2021/09/22/the-rise-of-gp-led-secondaries-a-shifting-private-equity-landscape

[3] "Private equity's new normal: Alignment, control, and value creation." Bain & Company. (2020). https://www.bain.com/insights/private-equity-new-normal-alignment-control-value-creation/

[4] "The future of private equity: Trends to watch in 2022." McKinsey & Company. (2022). https://www.mckinsey.com/business-functions/private-equity-and-principal-investing/our-insights/the-future-of-private-equity-trends-to-watch-in-2022

1. The success of Neuberger Berman's NB Strategic Co-Investment Partners V fund, worth $2.8bn, reflects a broader trend in private equity towards GP-aligned co-investment strategies.
2. Co-investment funds, like Neuberger Berman's, offer enhanced alignment with capital providers, diversification, downside protection, access to premium deal flow, and customized investment structures.
3. Co-investment structures involve LPs at the GP entity level, aligning economic interests through participation in GP platforms, fees, and carried interest, potentially offering LPs opportunistic returns with reduced risk.
4. GP-aligned co-investment funds provide diversified exposure across sectors, geographies, vintages, and capital structures, generating recurring fees and carry income as buffers against downside risks.
5. Deepening partnerships with GPs grants investors better pipeline access to high-quality opportunities and sector-specific expertise by investing alongside or within specialist GP platforms.
6. In a competitive environment, customized investment structures with tailored deal terms offer flexibility to match investor risk/return profiles, attracting LPs looking for purpose and partnership beyond simple IRR metrics.

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