26North Partners, led by Apollo Global Management co-founder Josh Harris, has raised nearly $6bn for its inaugural private equity fund, marking the largest first-time buyout vehicle on record in the United States, according to a report by Bloomberg.
The final close exceeded the firm’s original $4bn target set in 2023 and drew backing from a broad mix of institutional investors, including pension funds, sovereign wealth funds and family offices. Harris also committed his own capital as part of the fund’s seeding strategy, he said in an interview.
The fund has already begun returning capital to investors and is offering co-investment opportunities alongside its core deals.
26North which was launched in 2022, appointed Mark Weinberg, formerly a senior executive at Brookfield Asset Management, to lead its private equity platform.
Harris, who is also principal owner of the NFL’s Washington Commanders, oversees roughly $35bn in assets across private equity, credit and insurance strategies at 26North.
The firm is increasingly focused on opportunities linked to artificial intelligence, particularly businesses tied to enabling infrastructure, as well as investments in the sports sector.
Harris said 26North has already acquired stakes in two mid-market data centre businesses, which he described as benefiting from strong commercial expansion potential and attractive returns.
The fund has completed or signed seven investments to date, including ArchKey Solutions, an electrical and technology infrastructure contractor serving data centres, Bruin Capital, a sports-focused investment platform, and Composition Brands, which produces premium kitchen appliances such as Viking and La Cornue.
Harris also said the firm is evaluating potential opportunities emerging from global market disruption linked to the conflict in Iran.
He pointed to sustained higher energy prices as a key consideration. “The $100 oil prices are here to stay,” he said, adding that the firm is assessing the impact on areas such as aviation fuel, automotive demand and consumer behaviour.
He added that 26North is positioning itself to respond quickly to macroeconomic shifts in search of attractive risk-adjusted returns.
