Weekly Highlights: Notable Private Equity Fundraising Successes
Headline: Major Funds Embrace GP-Led Secondaries and Private Credit in 2025
In the dynamic world of private equity, several prominent investment firms have recently announced significant fundraisings, signalling a growing trend towards GP-led secondaries, infrastructure, and private credit. Here's a roundup of the latest developments:
ICG Strategic Equity Fund V has secured a staggering $11bn, surpassing its $6bn target and more than doubling the size of its previous fund. The oversubscribed fund will continue investing in single-asset continuation vehicles for high-quality companies across North America and Western Europe, aligning with the current market's emphasis on liquidity solutions.
CVC Strategic Opportunities Fund has closed its third-generation fund at €4.61bn, maintaining the size of its predecessor while significantly expanding its investor base. The Strategic Opportunities platform, run by CVC, focuses on stable, high-quality businesses in Europe and North America, offering an extended investment horizon compared to traditional private equity.
Carlyle Group is planning to raise more than $3bn for its latest infrastructure-focused vehicle, Carlyle Global Infrastructure Opportunity Fund II. The fund is expected to focus on infrastructure assets within the secondary or continuation vehicle space, capitalising on the stable, income-generating nature of infrastructure investments favoured during volatile markets.
Northleaf Capital Partners has closed its third private credit fund, Northleaf Private Credit III (NPC III), and related managed accounts, raising over $1bn. NPC III targets opportunities across the capital structure, providing investors with exposure to both senior and junior private credit investments.
Garnett Station Partners has closed its latest private equity fund, GSP 5.0, at $1.2bn. The fund will continue its strategy of partnering with founders and management teams to scale businesses across its core investment sectors.
The rapid fundraising for these funds reflects strong investor confidence in the named firms' approaches to value creation and operational scaling. The growth in secondary market volumes has been fuelled by a subdued M&A and IPO environment, leading GPs to turn to secondaries to generate liquidity amid difficult exit conditions.
The market is structurally undercapitalized relative to demand, with $3.2 trillion in assets awaiting liquidity, driving increasing interest and competition in continuation vehicle investments. Continuation vehicles (CVs) dominate GP-led transactions, representing 84% of $75 billion GP-led secondary volume in 2024.
Different fund types focusing on infrastructure, private equity opportunities, or private credit have leveraged secondaries as portfolio management and liquidity tools, often employing continuation vehicles and strategic secondary purchases.
In summary, while specific investment trends for these exact funds are not detailed in available sources, all appear aligned with broader GP-led secondary market growth, particularly via continuation vehicles and strategic secondary placements to address liquidity challenges and portfolio diversification. The market context suggests these funds are deploying capital in continuation vehicles or strategic secondary opportunities characteristic of the evolving secondary landscape in 2025.
- The ICG Strategic Equity Fund V, after raising a staggering $11bn, will continue to invest in single-asset continuation vehicles for high-quality companies, aligning with the current market's emphasis on liquidity solutions.
- CVC's Strategic Opportunities Fund, with a total of €4.61bn, will focus on stable, high-quality businesses in Europe and North America, offering an extended investment horizon compared to traditional private equity.
- Carlyle Group plans to raise more than $3bn for the Carlyle Global Infrastructure Opportunity Fund II, focusing on infrastructure assets within the secondary or continuation vehicle space.
- Northleaf Capital Partners has closed its third private credit fund, Northleaf Private Credit III (NPC III), raising over $1bn, targeting opportunities across the capital structure.
- Garnett Station Partners' GSP 5.0 fund, closed at $1.2bn, will continue its strategy of partnering with founders and management teams to scale businesses across its core investment sectors.
