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Lexington Partners has successfully raised over $18b for its latest secondaries fund, indicating a strong demand in the market. The hefty fundraising highlights the growing appetite for secondary investments among investors. https://www.lexingtonpartners.com/

Bracket Capital, a global investment manager, has closed its third flagship fund totaling $150 million. They have also raised an additional $300 million to invest alongside the fund. The fund will focus on later-stage, technology-enabled companies through secondary market purchases and special-situation primary investment rounds. The goal is to provide long-term benefits for employees and management teams while offering downside protection and high-quality returns for investors.

Bain & Co Midyear Report 2023

PitchBook Q2 PE Breakdown

S&P Global: Private equity fund launches pacing for big decline after paltry H1

https://www.cnbc.com/2023/07/14/dimon-apollo-blackstone-tougher-bank-rules.html

Summary: Private market asset managers and service providers are increasingly hiring talent from the private wealth sector to expand their fundraising channels. According to a Jensen Partners study, Apollo, Blackstone, Ares, KKR, and EQT were the most active recruiters of private wealth capital-raising talent in 2022. The hiring of private wealth professionals by alternative asset managers saw a significant increase of 115% compared to the previous year. Asset managers are turning to private wealth and other alternative pools of capital as institutional dollars become more limited. Wealthy individuals and families are seeking exposure to private asset classes that have historically delivered high returns. In response, asset managers are expanding their fundraising networks. Rothschild & Co. recently formed a private markets group to cater to this growing demand. Private equity remains a key focus for the firm, accounting for 60-65% of its allocations. Family offices, a typical client of private wealth, are also increasing their strategic allocation to private equity. https://pitchbook.com/news/articles/asset-managers-private-wealth-talent

Venture capital firm Mayfield Fund is launching a new investment fund called "AI Start" that will focus on backing artificial intelligence (AI) startups. The fund will dedicate $250 million to seed-stage and early-stage companies in the AI space. Mayfield Fund will draw the money from its existing funds and aims to capitalize on the growing interest and potential of generative AI. The firm plans to take a different approach with the AI Start fund, allowing for smaller investments and wider involvement from angel investors and other firms. Mayfield is also interested in companies across the AI tech stack, from application software to semiconductors. The launch of the AI Start fund is part of Mayfield's long-term strategy, and if successful, the firm may consider launching additional seed-stage funds in other sectors. https://www.mayfield.com/

Blackstone $1 Trillion

Onex Corp is seeking to raise $750 million for a new transportation fund, despite the challenging climate for private equity fundraising. The fund will target middle market transportation businesses in North America and Europe, with a focus on the aviation, road, rail, maritime, and intermodal sectors. https://www.onex.com/

Bain: Bain Capital Insurance, the insurance investing business of Bain Capital, today announced the final close of its inaugural private equity fund, Bain Capital Insurance Fund, L.P. at $1.15 billion, above its initial target of $750 million. The fund includes approximately $1 billion of outside commitments from institutional investors and high-net-worth individuals and families. Bain Capital employees committed the balance of the fund, continuing the firm’s heritage of being the largest investor collectively across its funds. https://www.baincapital.com/news/bain-capital-closes-inaugural-insurance-fund-115-billion

Edgewater Capital has raised $230m for its fifth flagship fundraise, signaling investor confidence in the Ohio-based buyout house. https://www.edgewatercapital.com/