PE Tech Report

Funds

Apiary Capital, a specialised private investment firm focused on lower mid-market UK services, has held the final close of Apiary Capital Partners II substantially above target with £240m in capital commitments.
Lightyear Capital, a New York-based private equity firm focused on financial services technology, healthcare and business services, has closed a single-asset continuation fund for portfolio company ampliFI Loyalty Solutions.
New Mountain Capital, which manages over $35bn across private equity, credit and net lease real estate, has closed its latest direct lending fund, New Mountain Guardian III BDC, with around $1.15bn of capital commitments from a diverse group of investors.
San Francisco-based real estate credit manager ACORE Capital has closed a new commingled credit fund with approximately $1.4bn in capital commitments from investors, according to a report by PERE.
The Sterling Group, a Texas-based middle-market private equity firm, has held the final close of Sterling Group Partners VI, which was oversubscribed at its hard cap of $3.5bn.
Pictet Alternative Advisors, the Pictet Group’s alternative investment business, has launched the Pictet Private Assets SICAV – Environment Co-Investment Fund I ELTIF, which is aiming to broaden investor access to environmental technology investments across private markets.  
Independent investment management firm DTCP has closed its Digital Infrastructure Vehicle II (DIV II) and its associated vehicles at approximately €1.6bn, reaching its fundraising target and closing at almost eight times larger than its predecessor fund.
Magnesium Capital, a private investment firm focused on energy transition buyouts, has held the final close of its inaugural Fund, Magnesium Capital I, at its hard cap of €135m, exceeding the vehicle’s original €100m target.
Insurance services multinational company Willis Towers Watson plans to launch CG WTW Private Equity Access LTAF, which will invest in various private equity opportunities including co-investments, via the new Long Term Asset Fund structure recently introduced by the FCA.
Private, employee-owned investment firm Neuberger Berman has launched the NB Direct Private Equity Fund 2024 and the NB Global Private Equity Access Fund, both of which aim to make global private equity offerings more accessible to retail investors.

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