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Proterra Credit Fund II surpasses its $500 million hard cap. It will target middle-market food and beverage companies based in North America. https://www.proterrapartners.com/investment-strategies/credit-strategy/

The firm was founded by Siguler Guff‘s former secondaries head. https://www.bannerridge.com/

Ocean 14 Capital, a fund dedicated to investing in companies working towards U.N. Sustainable Development Goal 14: Life Below Water, has exceeded its original target of EUR 150 million. The fund focuses on sustainable aquaculture, fisheries, alternatives to fish protein, seaweed, and circular plastics. It recently received a EUR 20 million investment from Convex and aims to reach EUR 200 million by 2023. The fund also invested EUR 10 million in Ava Ocean, a Norwegian company developing non-invasive scallop harvesting technology. This investment will allow Ava Ocean to expand internationally. Ocean 14 Capital plans to grow its portfolio to 20-25 businesses in the next three years. https://ocean14capital.com/

HarbourVest Partners is raising its second fund to provide loans to businesses backed by private equity. The firm is targeting $1.5 billion for this fund due to strong demand for private-credit strategies. If successful, this would be a 70% increase from their previous fund. https://www.harbourvest.com/

Gainline Capital Partners has successfully closed its second fund, Gainline Equity Fund II LP, with $400 million in capital, surpassing its original target of $300 million. The fund received strong institutional support, with all institutional investors from the previous fund returning and new institutions joining as limited partners. Gainline focuses on investing in US-based businesses with enterprise values under $250 million and EBITDA between $5 million and $50 million. The fund has already invested $106 million in two companies. With the final close of Fund II, Gainline now manages $1.3 billion in assets across its two funds. https://www.gainlinecapital.com/

Ares Management is raising a $2 billion infrastructure-secondaries investment vehicle. This is their first fund of this kind since entering the market through an acquisition in 2021. The CEO expects a first close for the fund in the next few quarters. https://www.aresmgmt.com/

Toronto-based firm Whitehorse Liquidity Partners has successfully completed fundraising for its fifth vehicle dedicated to making preferred-equity investments, raising a total of $13.5 billion in assets under management in just eight years. https://whitehorseliquidity.com/

Coatue Management, a New York hedge fund and venture capital firm, has raised $331 million for its third fund focused on early-stage startups. This amount is lower than its target and previous early-stage fund, reflecting the challenges faced by firms in raising funds during the pandemic investing boom. Coatue had planned to raise $500 million for the fund and focus on artificial intelligence startups. However, the smaller fund size may be a result of sinking valuations for private tech companies. The firm expects to raise additional capital for the fund in the future. https://www.coatue.com/

Adams Street Partners is planning to raise up to $500m for its eighth growth equity fund. https://www.adamsstreetpartners.com/

Glendower Capital, the secondaries platform of CVC, has closed its fifth global secondary private equity fund, Glendower Capital Secondary Opportunities Fund V (SOF V), with $5.8bn in capital commitments. This is the first fund closed since Glendower merged with CVC. Glendower focuses on the mid-market of private equity secondaries and targets buyout fund investments managed by high-quality GPs. The fundraise reached its hard cap and will support Glendower's strategy of balanced exposure to portfolio sales by LP investors and GP-led transactions. The fund attracted investment from over 230 returning and new limited partners from around the world. https://www.glendower.com/

Neuberger Berman has successfully closed its NB Credit Opportunities Fund II with $2.5bn in commitments, surpassing its original target of $1.5bn. The fund, managed by NB Capital Solutions, provides tailored capital solutions to private equity-owned companies. The team evaluates and structures direct investments, primarily focusing on structured or minority equity and other junior capital instruments. Their investments span various industries, with a focus on North America. With the new fund, NB Capital Solutions now manages around $5.6bn of committed capital. https://www.nb.com/en/global/home

Certares Real Estate Holdings I LP, a real estate hospitality fund, has successfully closed with $284 million in equity commitments and has demonstrated strong performance in the hotel industry, generating a net IRR of 35% and a 1.4x multiple on invested capital as of March 31. https://certares.com/