Weekly Private Equity Funding Roundup: Notable Private Equity Fundraising Developments
In the ever-evolving world of private equity, established players such as Neuberger Berman, Stone Point Capital, Apollo Global Management, and Haveli Investments are navigating a tougher fundraising environment in 2025.
First off, Haveli Investments, based in Austin and established in 2021, has raised $4.5bn for its first software buyout fund. This fund, larger than its predecessor, Trident IX, which closed in 2022 at $9bn, now manages over $40bn in committed co-investment capital and $140bn in total private markets assets. Haveli's investment strategy includes a mix of structured equity and debt offerings, focusing on software, data, gaming, and adjacent sectors, targeting both minority and control stakes in enterprise software businesses.
Similarly, Neuberger Berman has closed NB Strategic Co-Investment Partners V at $2.8bn, surpassing its $2.25bn target. This marks a significant milestone for the private equity firm founded by Vista Equity Partners co-founder Brian Sheth. Neuberger Berman's total capital raised for co-investments and customized accounts is nearly $6bn since the beginning of 2024.
Stone Point Capital has also closed Trident X, its tenth flagship fund, with $11.5bn in total commitments. Trident X, focused on providing bespoke financing solutions, surpassed its $9bn target and hard cap, marking Stone Point's largest fundraise to date. The fund began deploying capital in May 2025 and has already completed its first investment in Ultimus Fund Solutions.
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 Private Credit Growth Fund, launched by the Ministry of Trade and Industry and Enterprise Singapore, targets mid- and late-stage companies with similar solutions.
The current trend in private equity fundraising is characterized by a slowdown in the number and volume of funds raised, with a focus on larger, more established managers raising mega funds. Fundraising in 2025 has been subdued compared to previous years, with a notable decline in overall buyout fundraising and deal count despite some growth in the value of deals. This reflects a cautious investor sentiment and heightened selectivity among general partners and limited partners alike.
Secondary markets are booming, breaking records with $162 billion in closed transactions in 2024, driven significantly by GP-led secondaries and the rise of single-asset continuation vehicles. Private equity managers are innovating to attract capital from a wider investor base, including retail investors, by developing new fund structures such as ELTIF 2.0 in Europe and LTAFs in the UK to offer more liquidity and meet evolving investor preferences.
The deal environment also remains challenging: deal volumes have decreased, although deal values rose, especially in sectors like consumer and energy. Growth equity fundraising has seen some increase, accounting for 24% of PE fundraising in H1 2025, which may reflect shifting investor appetite.
In summary, these firms operate within a tougher private equity market environment in 2025 marked by slower fundraising, fewer but larger funds, innovation in fund products to broaden investor appeal, and growing secondary market activity. This reflects a cautious investor sentiment and heightened selectivity among general partners and limited partners alike.
- Haveli Investments, despite the tougher fundraising environment in 2025, managed to raise $4.5bn for its first software buyout fund, with over $40bn in committed co-investment capital and $140bn in total private markets assets.
- Neuberger Berman, a private equity firm founded by Brian Sheth, exceeded its $2.25bn target with $2.8bn raised for NB Strategic Co-Investment Partners V, taking its total capital raised for co-investments and customized accounts close to $6bn since 2024.
- Stone Point Capital, after surpassing its $9bn target with $11.5bn in total commitments for Trident X, now manages the largest fundraise in its history.
- Apollo Global Management was 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 private equity fundraising is characterized by a slowdown in the number and volume of funds raised, with a focus on larger, more established managers raising mega funds, and innovation in fund products to attract capital from a wider investor base.
- Secondary markets are witnessing significant growth, breaking records with $162 billion in closed transactions in 2024, driven by GP-led secondaries and the rise of single-asset continuation vehicles.
