‘Spin-Out of a Spin-Out’ Altair Industries Raises Initial Capital for Debut Fund
Altair Industries announced the launch of its debut private‑equity fund, marking the firm’s first independent capital raise. The fund is being spearheaded by two former Stellex Capital Management executives who exited Stellex in September 2023. While the exact size of the initial capital commitment has not been disclosed, the move underscores a broader wave of boutique spin‑outs in the private‑equity sector. Altair aims to leverage its founders’ deal‑sourcing expertise to target mid‑market industrial and technology assets.
Amid Rising LP-GP Conflicts, One of the Biggest Emerges Around Co-Investing
Private equity firms are facing heightened tension with limited partners as co‑investment programs become a flashpoint. Capital scarcity and heightened scrutiny have led LPs to question the fairness and transparency of GP‑run co‑invest deals. Recent data shows co‑investments now account...
Laurence Tosi’s WestCap Targets $1.5bn for Fund III, Holds First Close
Laurence Tosi’s WestCap Strategic Operator Fund III announced a record first close in Q4 2025, securing initial commitments that put the fund on track to hit its $1.5 billion target. The close was driven by a blend of new investors and existing...
Concerns Grow Around Conflicts, Particularly in CVs: ILPA
A recent ILPA sentiment survey reveals that limited partners are zeroing in on three contract clauses to curb conflicts of interest: key‑person provisions, the mechanics of carried interest distribution, and the fiduciary‑duty standard of care. These terms are seen as...
Nevada PERS Hands Control of Clearlake Assets to Adviser over Conflict of Interest
Nevada's Public Employees' Retirement System (PERS) will give its external investment adviser full discretion over its holdings in Clearlake Capital Partners, including the authority to sell the assets on the secondary market. The shift follows internal concerns about a conflict...
Strong Distributions Help Push Court Square’s Fund V to Finish Line
Court Square Capital Partners’ fifth private‑equity fund is approaching its final close, buoyed by strong cash returns to limited partners. Since 2022, the firm has distributed roughly $7.4 billion to investors, a period that coincided with the Federal Reserve’s rate‑hike cycle....
Is Private Equity Fundraising Opening a New Chapter?
Buyouts’ Q1 report shows a rebound in North American private‑equity fundraising, marking the first notable uptick after a sluggish 2023. The data indicate higher capital commitments from limited partners and a quicker pace of fund deployment. Analysts see these trends...
Co-Founder of TwinFocus: Private Equity Bets Increasingly Selective Amid ‘DPI Crisis’
Paul Karger, co‑founder and managing partner of Boston‑based multi‑family office TwinFocus, says the private‑equity market is becoming more selective as limited partners grapple with a ‘DPI crisis.’ With roughly $12 bn under management for about 50 families, TwinFocus is steering capital...
Hawaii Launches Search for New CIO
Hawaii’s state pension fund announced it is launching a formal search for a new chief investment officer after Kristin Varela departed to lead the investment activity at NMSIC. The fund, which oversees roughly $20 billion in assets for state employees, will...
Kingswood Goes Bigger with $2.25bn Target for Latest Complexity-Focused Fund
Kingswood Capital announced its fourth Opportunities Fund with a $2.25 billion target, roughly double the size of Fund III and 50 % larger than the $1.5 billion secured in the 2024 final close. The vehicle continues to focus on complex, multi‑asset transactions across the...
The New Playbook for Emerging Managers
The latest Buyouts Insider podcast breaks down what limited partners (LPs) now demand from emerging managers, highlighting the shift toward proven track records, fee transparency, and strategic alignment. It also outlines frequent missteps made by first‑time funds, such as under‑estimating...
26North Partners Tops Target by Almost 50% in Fund I
26North Partners’ inaugural Fund I has closed at nearly 50% above its original fundraising target, according to PEI Group data. The fund, launched in late 2023, saw its capital commitments almost double after the second close in early 2025. This...
‘Fundamental Shift’ in Continuation Vehicle Market – Orchard Co-Founder
Orchard co‑founder Scott Pasquini says the continuation‑vehicle market could expand up to four times its current size. He argues that general partners are increasingly seeking ways to sidestep the rigid timelines of traditional closed‑end funds. Continuation vehicles let GPs hold...
Stellex Closes on Largest Fund yet After a Long Fundraise
Stellex, a mid‑market buyout firm, closed its latest fund at $2.37 billion, slightly below the original target. The capital raise concluded after more than two years of intensive marketing to investors. This represents Stellex’s largest fund to date, expanding its capacity...
DOWNLOAD: Private Equity Fundraising Gets a Boost in Q1, Despite Fewer Fund Closings
Private equity fundraising in Q1 2024 reached $152 bn, a 14% increase over the same period last year, according to PEI Group data. The rise spanned buyouts, growth equity, secondaries, and venture‑capital funds. Despite the higher capital inflow, the number of...
Former Blackstone Duo Closes Inaugural Fund at $400m
Former Blackstone partners Isaac Harrouche and Mike Berlin have launched 154 Partners, a new private equity firm, in January 2025. Their inaugural fund closed at $400 million, marking a strong start for the boutique. The duo brings extensive experience from Blackstone’s...
Healthcare-Focused PE Firm Linden Mulls Secondaries Strategy
Chicago-based private equity firm Linden, known for its healthcare investments, is weighing a move into the secondary market. The firm joins a wave of buyout houses adding secondary strategies to diversify capital and enhance liquidity. By targeting secondary transactions, Linden...
Emerging Managers Face Punch-Drunk LPs
US emerging private‑equity managers are enjoying a surge in fundraising, yet limited partners (LPs) remain wary. The Buyouts Emerging Managers Survey 2026 reveals that despite strong capital inflows, LPs are reluctant to commit to newer funds. Concerns center on limited...
Blackstone Life Sciences Fund VI Blows Past Fundraise Target
Blackstone’s Life Sciences Fund VI has closed its fundraising round well above the original target, securing roughly $1.5 billion from limited partners. The fund’s platform claims a regulatory approval rate that is almost twice the industry average, a metric highlighted by...
Family Offices Outline Concerns over Rise of Zombie Funds
Family offices are increasingly vocal about the growing problem of “zombie” private‑equity funds that linger beyond their investment period. Stonehage Fleming and GreenBear Group have called for aging funds to be wound down promptly to avoid valuation disputes and investor...
Download the April 2026 Issue of Buyouts
The April 2026 issue of Buyouts spotlights ten women reshaping private‑equity leadership, recaps highlights from PEI’s third annual NEXUS conference, and examines why the industry’s exit pipeline is becoming increasingly difficult to navigate. The publication blends profile pieces, conference insights, and...
Marcie Frost, CalPERS: Women in Private Equity 2026
Marcie Frost, who rose from teenage mother and typist to CEO of CalPERS, is featured in the 2026 Women in Private Equity series. Her story underscores how non‑traditional career paths can lead to leadership in the world’s largest public pension...
Levine Leichtman Rolls Out Latest Small-Cap Fund, Targets $1.7bn
Levine Leichtman Capital Partners has introduced a new small‑cap private‑equity fund aiming to raise $1.7 billion. The vehicle will target companies with enterprise values below $500 million, leveraging the firm’s sourcing network and operational expertise. Large institutional investors, especially U.S. public pension...
Building the Right Team Is Key for Emerging Managers
Emerging private equity managers are increasingly recognizing that talent is the cornerstone of successful fundraising and future deal execution. Building a cohesive team with complementary skill sets, industry expertise, and cultural alignment can differentiate a nascent firm in a crowded...
GPs Are Setting the Table Stakes
General partners (GPs) launching new private‑equity funds are re‑examining their term sheets to strike a balance between luring limited‑partner capital and preserving the fund’s economic upside. Tightening economics—such as higher GP‑catch‑up or lower carried interest—helps protect returns but can make...
Q&A with Whit Matthews: Fundraising Has Been ‘Especially Difficult’ for Emerging Managers
Whit Matthews, chief investment officer at HighVista Strategies, told Buyouts Insider that fundraising has become "especially difficult" for emerging private‑equity managers. He explained that limited partners (LPs) are tightening their due‑diligence standards and demanding clearer evidence of value creation. Matthews...
AI Is Giving Emerging Managers the Advantage
Emerging private‑equity managers are leveraging artificial‑intelligence platforms to compete with entrenched firms. AI‑driven analytics streamline deal sourcing, due‑diligence, and portfolio monitoring, allowing smaller teams to act faster and smarter. The technology also cuts operational costs, narrowing the resource gap with...
Finding the Right Partners Is Pivotal for New Funds
Limited partners (LPs) are increasingly demanding that emerging fund managers rigorously vet their third‑party service providers. The expectation is that these managers will prioritize partners who can demonstrate strong compliance, technology, and cost efficiency. By selecting high‑quality administrators, auditors, and...
New Managers Chart a Differentiated Course
New private‑equity managers are positioning themselves with differentiated investment theses despite a challenging fundraising environment. They argue that unique sector focus, technology integration, and ESG considerations will resonate with limited partners (LPs) seeking fresh sources of alpha. While capital inflows...
Arizona Sets Pacing Amid ‘Cautious Optimism’ for PE Landscape
Arizona’s state pension fund is adopting a more aggressive stance toward private equity, citing “cautious optimism” about an improving M&A environment. The fund plans to allocate additional capital to capture opportunities in what it describes as a bifurcated market, where...
Lead Edge Surpasses Fund VII Target by 40 Percent
Lead Edge’s seventh private‑equity fund closed at a level 40% above its original capital‑raising target, marking one of the strongest fund performances this year. The fund’s limited partners are predominantly senior executives from successful companies operating in Lead Edge’s focus...
Dunes Point Aims High with Fourth Fund
Dunes Point Capital, a mid‑market private‑equity firm, is launching its fourth flagship fund with a target raise of $1.3 billion, a substantial increase from the $800 million raised for Fund III. The larger capital base reflects the firm’s ambition to scale its investment...
Co-Investments Drive Truelink’s Sophomore Fund to $2bn Close in Three Months
Truelink’s sophomore private‑equity fund closed at $2 bn within three months, a speed driven largely by co‑investment opportunities. The rapid close reflects strong investor appetite for flexible capital structures that sit alongside the main fund. Co‑founder remarks that the firm’s collaborative...
CalPERS Shows Near-Term Outperformance in PE Amid Strategy Shifts
California’s $613 billion public‑employees pension fund, CalPERS, is delivering near‑term outperformance in private equity after rebalancing its allocation toward venture‑capital, growth‑stage deals, co‑investments, and secondary transactions. The strategic shift emphasizes higher‑return, lower‑duration assets while leveraging co‑investment opportunities to capture excess returns....
Maine Outlines Plan for Cutting Private Equity Target, GP Relationships
Maine’s public pension fund announced a second reduction in its private‑equity allocation within four years, signaling a strategic shift in its portfolio. The plan calls for a modest target cut and outlines the possibility of secondary‑market sales in specific scenarios....
Buyouts Emerging Manager Survey 2026: Seven Takeaways
The Buyouts Emerging Manager Survey 2026, conducted with Gen II Fund Services, uncovers a tightening fundraising environment for emerging buyout managers, with capital commitments falling and deal cycles accelerating. Limited partners are increasingly demanding proven ESG integration and operational expertise, while...
Six Trends Shaping the Emerging Manager Landscape
The article identifies six pivotal trends reshaping the emerging manager landscape, from tighter fundraising cycles to evolving LP expectations. It highlights that limited partners now prioritize demonstrable track records and ESG credentials when allocating capital to new general partners. Niche...
The Clog in PE’s Exit Pipeline Is Getting Tougher to Clear
Private‑equity firms are finding it increasingly difficult to exit portfolio companies, even those acquired before the recent market froth. Elevated interest rates, a slowdown in IPO activity, and a thin strategic‑buyer pool have created a bottleneck in the exit pipeline....
Aerospace & Defense Investor JF Lehman Targets $2.75bn for Fund VII
JFL Equity Investors announced a target of $2.75 billion for its seventh aerospace and defense private‑equity fund, significantly higher than the $2.23 billion raised for its predecessor and well above the original $1.6 billion goal. The larger fund reflects robust limited‑partner demand and...
OceanSound Hires TPG’s Laura Noisten to Lead Capital Markets
OceanSound announced the appointment of Laura Noisten, formerly of TPG, as head of capital markets. The move comes as the firm prepares for a significant expansion in size and operational complexity. Noisten will be tasked with building the necessary capital...
Apollo Launches Fundraising for 11th Flagship Vehicle
Apollo Global Management has opened fundraising for its 11th flagship private‑equity vehicle, aiming to secure capital after the previous fund fell short of its target. The firm is emphasizing its superior Distributions to Paid‑In (DPI) ratio to persuade limited partners...
Verdane: Why North American LPs Are Looking to Europe
Verdane, an Oslo‑based private‑equity firm, is actively expanding its North American limited‑partner (LP) base. The move reflects a growing appetite among U.S. and Canadian investors for European assets that promise higher returns than domestic markets. Verdane’s outreach targets pension funds,...
HGGC Leverages Strong Distributions for Oversubscribed Fund V
HGGC announced that its fifth fund, Fund V, was oversubscribed, driven by a strong track record of returning capital to investors. The firm highlighted that over the past two to three years it has distributed significant cash back to limited...
Download the March 2026 Issue of Buyouts
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‘Goldman Handful’ and the Zombie Apocalypse: Takeaways From NEXUS
The NEXUS conference highlighted a tightening deal pipeline at Goldman Sachs, dubbed the “Goldman handful,” as the firm scales back mid‑market transactions. Speakers warned that a wave of “zombie” companies—firms surviving on low‑interest debt—could strain private‑equity exits. Market participants noted...
Butterfly Equity Changes Control After Partner Dispute
Butterfly Equity, a private‑equity manager with roughly $7 billion in assets under management, has undergone a control shift following an internal partner dispute. Co‑founder Adam Waglay has emerged as the sole decision‑maker, consolidating ownership previously shared among partners. The restructuring resolves...
Carlyle’s US Buyout Platform Set to Realize Nearly $12bn in 13 Months
Carlyle’s U.S. buyout platform is on track to realize close to $12 billion of cash proceeds within the next 13 months. The firm attributes this pipeline to a portfolio that aligns with current market demand, saying its assets are “what buyers...
LA Water and Power Increases PE Pacing in the Face of Cashflow Deficits
Los Angeles Water and Power’s pension fund announced it will accelerate private‑equity pacing even as cash‑flow deficits persist. The plan calls for expanding exposure to European buyout opportunities and secondary market deals beginning in 2026. By targeting these asset classes,...
NEXUS Panelists: Lack of Exits, Compressed PE Returns Complicating LP-GP Dynamics
At the NEXUS 2026 conference, private‑equity executives highlighted that a slowdown in exits and tighter returns are straining the traditional LP‑GP relationship. Mike Lazorik of Texas TRS warned that alignment “has never been more complicated” as limited partners push for...
Gridiron Adds to Leadership Team Amid Fund VI Roll-Out
Gridiron Capital has elevated Scott Harrison to Managing Partner and Chief Operating Officer, expanding its senior leadership team. Harrison, who blends investment acumen with operational expertise, now sits alongside founders Tom Burger and Kevin Jackson. The promotion comes as the...