Latest Private Equity Fundraising: Highlights from the Financial Sector's Top Donors
In the world of private equity, a significant shift is underway as capital providers are increasingly moving beyond traditional asset-level investments towards GP-aligned co-investments. This trend, marked by enhanced alignment, diversified income exposure, and reduced risk, is being driven by evolving market conditions and the growing sophistication of limited partners (LPs).
The Private Credit Growth Fund, launched in March 2025 by the Ministry of Trade and Industry and Enterprise Singapore, is a prime example of this shift. Although no information about its investments has been disclosed, the fund targets mid- and late-stage companies with bespoke financing solutions that preserve founder equity.
Meanwhile, Stone Point Capital has closed Trident X, its tenth flagship fund, with a staggering $11.5bn in total commitments. This oversubscribed fund will target a globally diversified portfolio of direct equity co-investments, building on the success of its predecessor, Trident IX, which closed in 2022 at $9bn.
Trident X began deploying capital in May 2025 and has already completed its first investment in Ultimus Fund Solutions. The fundraise surpassed its $9bn target, making it Stone Point's largest fundraise to date.
Haveli Investments, founded by Brian Sheth, co-founder of Vista Equity Partners, focuses on software, data, gaming, and adjacent sectors. The fund targets both minority and control stakes in enterprise software businesses and employs a mix of structured equity and debt offerings. Haveli Investments has raised $4.5bn for its first software buyout fund, with backing from public and private pension funds, insurers, foundations, family offices, and high-net-worth individuals from across the globe.
Apollo Global Management has been selected to manage Singapore's $1bn Private Credit Growth Fund, a state-led initiative aimed at providing non-dilutive capital to high-growth local enterprises.
The current trend in GP-aligned co-investment strategies is characterised by increased engagement of capital providers at the general partner (GP) entity level. This enables them to capture broader economics of investment platforms beyond individual assets, resulting in enhanced alignment, risk mitigation, and a smoother path to opportunistic returns with potentially lower risk compared to traditional direct asset investments.
Key aspects of this trend include enhanced alignment, access to recurring revenues, diversification, market intelligence and pipeline access, and customization. LPs gain direct stakes in GP platforms, fostering deeper, long-term partnerships and better alignment of incentives between sponsors and investors. Investments span multiple strategies and vintage years, reducing concentration risk. Minority investments in specialist platforms or emerging sectors enable investors to gain sector expertise and early access to high-quality deal flow, often leading to better, more aligned investment opportunities. Flexible investment structures tailored to investor preferences regarding returns, governance, and exit rights support specific strategic objectives.
The market conditions in H1 2025 show more cautious capital deployment, growing dry powder, and the need for funds to differentiate themselves through innovative strategies like GP investing, reflecting structural shifts and investor sophistication. Sophisticated LPs now seek purpose and partnership alongside returns, pushing GPs to provide customized, aligned investment vehicles at the entity level.
In summary, the leading trend is capital providers moving beyond traditional asset-level investments to GP-aligned co-investments that offer diversified, recurring income exposure with aligned incentives. Market recovery and evolving LP expectations in 2025 have accelerated this shift. While specific top firms are not named in the sources, the leading players are those providing these tailored, entity-level investment structures and fostering deep capital provider partnerships.
Furthermore, Neuberger Berman has closed NB Strategic Co-Investment Partners V at $2.8bn, surpassing its $2.25bn target. The close brings Neuberger Berman's total capital raised for co-investments and customized accounts to nearly $6bn since the beginning of 2024. Neuberger Berman now manages over $40bn in committed co-investment capital and $140bn in total private markets assets.
[1] Private Equity International, "Why LPs are increasingly investing in GP stakes", 2025 [2] Preqin, "GP-aligned co-investment strategies: A growing trend among LPs", 2025 [3] PitchBook, "Market conditions drive growth in GP-aligned co-investment strategies", 2025
- The Private Credit Growth Fund, an example of the shift in private equity, targets mid- and late-stage companies with bespoke financing solutions that preserve founder equity.
- Stone Point Capital's Trident X, a globally diversified portfolio of direct equity co-investments, surpassed its $9bn target with $11.5bn in total commitments.
- Apollo Global Management is managing Singapore's $1bn Private Credit Growth Fund, a state-led initiative aimed at providing non-dilutive capital to local enterprises.
- Haveli Investments, founded by Brian Sheth, focuses on software, data, gaming, and adjacent sectors and has raised $4.5bn for its first software buyout fund.
- Neuberger Berman has closed NB Strategic Co-Investment Partners V at $2.8bn, bringing its total capital raised for co-investments and customized accounts to nearly $6bn since 2024.
- LPs are increasingly investing in GP stakes due to enhanced alignment, diversified income exposure, and reduced risk resulting from evolving market conditions and the growing sophistication of limited partners.
