Weekly Highlights in Private Equity Fundraising
In the dynamic world of private equity, institutional investors are facing a growing demand for liquidity. This trend, particularly noticeable in 2025, is driven by slower exit activity and pressure from limited partners (LPs) for cash distributions. Consequently, private equity managers are innovating deal structures and targeting resilient sectors to satisfy LPs' needs.
The North Haven Private Assets Fund: Enhanced Liquidity for Individual Investors
One response to this demand is the North Haven Private Assets Fund, structured for individual investors seeking private equity exposure with enhanced liquidity. The fund, led by secondaries specialist Coller Capital, was fully capitalized by a group of new and existing LPs. This fund aims to provide high-net-worth investors with institutional-quality access to private equity strategies.
Mérieux Innovation 2 (MI2) Fund: Backing EU-Based Ventures
Mérieux Equity Partners has reached the first close of its €150m Mérieux Innovation 2 (MI2) fund. This fund invests in early-stage healthcare companies across diagnostics, therapeutics, medtech, and pharma services in the EU. Initial investments in MI2 will typically be around €6m, with follow-ons potentially rising to €15m.
Provectus SEE Fund II: Investing in Southeast Europe
Provectus SEE Fund II, a €200m private equity vehicle managed by Croatian firm Provectus Capital Partners (PCP), provides equity and equity-related capital to small and medium-sized enterprises across Southeast Europe. The fund focuses primarily on Croatia, Slovenia, Romania, and Bulgaria, with potential investments in Albania, Bosnia and Herzegovina, Greece, Hungary, Kosovo, Montenegro, North Macedonia, and Serbia. The European Bank for Reconstruction and Development (EBRD) is considering a €25m ($28m) equity investment in Provectus SEE Fund II.
Corsair Capital: Raising $600m for Continuation Fund
Corsair Capital has closed a $600m continuation vehicle and secondary fund. The Corsair fund will anchor high-performing European financial services assets from multiple Corsair funds. The continuation fund, Corsair Riva, L.P., is structured to offer existing investors optional liquidity while enabling Corsair to retain ownership of three strategically positioned portfolio companies.
Private Credit and Infrastructure Fundraisings: Stable Cash Flows and Income Focus
Private credit has become a prominent liquidity channel, with institutional investors—such as insurers and pensions—increasing allocations due to its stable cash flows and floating-rate protection. Private credit AUM approached $2.1 trillion globally in 2025, with forecasts to exceed $3 trillion by 2030. Nearly 30% of LPs plan to increase private credit exposure this year, attracted by its structural yield and resilience.
Infrastructure and energy private equity fundraisings remain relatively robust in 2025, with significant capital raised, especially in European infrastructure funds (about 75% of capital raised in Q1). These sectors offer more stable, long-duration assets that can provide liquidity and return stability in volatile markets.
In conclusion, the increased demand for liquidity in private equity is driving shifts in fundraising strategies. Private equity managers are responding by innovating deal structures and targeting resilient sectors to satisfy LPs' needs amid a challenging exit environment in 2025.
- Institutional investors, in response to growing demand for liquidity in 2025, are looking to the North Haven Private Assets Fund for enhanced private equity exposure, as it offers high-net-worth individuals institutional-quality access to private equity strategies.
- Mérieux Equity Partners' Mérieux Innovation 2 (MI2) fund, which reached its first close in 2025, invests in early-stage healthcare companies across Europe, with an aim to provide typically €6m in initial investments, potentially rising to €15m in follow-ons.
- Provectus SEE Fund II, a €200m private equity vehicle managed by Provectus Capital Partners, invests in small and medium-sized enterprises across Southeast Europe, with the potential for some investments in Albania, Bosnia and Herzegovina, Greece, and other countries in the region.
- Corsair Capital, in response to the demand for liquidity, closed a $600m continuation vehicle and secondary fund in 2025, which will anchor high-performing European financial services assets from multiple Corsair funds, while retaining ownership of three strategically positioned portfolio companies.
- Private credit has become a significant liquidity channel for institutional investors, with stable cash flows, floating-rate protection, and forecasted AUM exceeding $3 trillion by 2030, making it an attractive option for 30% of LPs planning to increase their private credit exposure in 2025.
- Infrastructure and energy private equity fundraisings in 2025 remain robust, with significant capital raised, particularly in European infrastructure funds, due to the sectors' ability to provide stable, long-duration assets that offer liquidity and return stability in volatile markets.
- Private equity managers are innovating deal structures and targeting resilient sectors in 2025 to meet LPs' demand for liquidity, as the exit environment remains challenging, making it essential for managers to adapt their fundraising strategies to satisfy LP requirements and maintain capital inflows.
