Morgan Stanley Investment Management (MSIM) has held the final close of the 1GT climate private equity fund (1GT) at $750m of equity capital commitments, with a number of institutions in Europe, Japan and North America leading the investor group.

European private equity fundraising reached €118bn in the first half of 2024 and could be set for a record year, although there are signs a slowdown is due in the second half of the year, according to Preqin’s latest Alternatives in Europe 2024 report.

StepStone Group Inc has held the final close of StepStone Secondary Opportunities Fund V (SSOF V) and related separate accounts with $7.4bn of capital commitments. With $4.8bn of aggregate capital commitments, SSOF V is more than double the size of its predecessor fund.

Pictet Alternative Advisors (PAA), an independent unit of the Pictet Group which manages hedge fund PE and real estate investments, has held the final close of the second vintage of its technology-focused thematic private equity fund at more than $200m.

Vitruvian Partners, a PE firm focused on investments in middle market companies, has closed its latest buyout fund, Vitruvian Investment Partnership V, at €7.3bn ($8.1bn) in total capital commitments, surpassing its initial target of €6.5bn.

Boston-based private equity firm Heritage Holding has closed its first, institutionally-backed fund with $220m. The fundraise was completed in four months and was oversubscribed with commitments from both institutional investors and HNWIs.

Brookfield Asset Management has raised $2.4bn for its Catalytic Transition Fund, a climate-focused fund backed by the United Arab Emirates aimed at scaling climate finance in emerging markets, according to a report by Reuters.