Latest Private Equity Fundraising Updates
In the world of private equity, two significant fundraises have recently made headlines, marking a notable trend in the growing co-investment landscape.
Stone Point Capital, founded by Vista Equity Partners co-founder Brian Sheth, has surpassed expectations with its latest fund, Trident X. The fund has raised an impressive $11.5bn, making it Stone Point's largest fundraise to date and a testament to the increasing interest in co-investment strategies.
Meanwhile, Neuberger Berman has also achieved a milestone with the final close of NB Strategic Co-Investment Partners V at $2.8bn. This fund, which was not mentioned in the previous bullet points, has surpassed its $2.25bn target, further demonstrating the growing appeal of co-investment strategies.
The current trend in General Partner (GP)-aligned co-investment strategies is characterized by increasing formalization, greater alignment of interests between GPs and Limited Partners (LPs), and a focus on flexible structures that attract committed capital despite challenging market conditions. The success of recent fundraises like Neuberger Berman's NB Strategic Co-Investment Partners V and Stone Point Capital's Trident X reflects these broader market dynamics.
Rising Co-Investment Activity
Co-investment activity has grown substantially, with activity increasing fivefold over two decades and hitting record levels ($33.2 billion in 2024). GPs are increasingly seeking co-investment opportunities to secure management fees and carried interest while managing concentration risks.
Alignment of Interests
Co-investments enhance alignment at the asset level, fostering stronger, longer-term GP-LP relationships and improved governance. GPs benefit from additional equity capital to support growth and acquisitions, while LPs gain access to deals with favorable fee economics.
Flexibility and Governance
Structures have become more flexible, with co-investment often executed through Special-Purpose Vehicles (SPVs) or sidecar funds. Governance oversight is typically retained by GPs but with richer reporting and LP advisory committee involvement.
Family Offices and New Capital Sources
Family offices are increasingly important co-investment partners, offering patient capital and operational expertise at a time when institutional investors face constraints from high interest rates and market uncertainty.
Strategic Value of GP Stakes and Co-Investments
Investors seek not only asset-level returns but also participation in GP economics, diversification, risk mitigation, market intelligence, and pipeline access. Customizable structures allow investors to align terms with their specific objectives.
Market Environment
Fundraising challenges and rising debt costs encourage GPs to seek co-investors who can underwrite deals upfront, providing greater funding certainty. This dynamic is reflected in the strong recent fundraises like those from Neuberger Berman and Stone Point.
Apollo Global Management has been selected to manage Singapore's $1bn Private Credit Growth Fund, a state-led initiative aimed at providing non-dilutive capital to high-growth local enterprises. The fund, which closed at its hard cap in March 2025, boasts a diverse group of backers, including public and private pension funds, insurers, foundations, family offices, and high-net-worth individuals from across the globe.
Haveli Investments has also raised $4.5bn for its first software buyout fund. Based in Austin, Haveli focuses on software, data, gaming, and adjacent sectors. The fund, which is approximately $2.5bn larger than its predecessor, targets a globally diversified portfolio of direct equity co-investments.
The Private Credit Growth Fund, launched by the Ministry of Trade and Industry and Enterprise Singapore, targets mid- and late-stage companies with bespoke financing solutions that preserve founder equity. The investment strategy of Haveli includes a mix of structured equity and debt offerings.
Trident X began deploying capital in May 2025 and has already completed its first investment in Ultimus Fund Solutions. The oversubscribed fund will target a globally diversified portfolio of direct equity co-investments.
These developments underscore the growing importance of co-investment strategies in the private equity landscape. As market conditions become more challenging, GPs and LPs are increasingly turning to co-investment as a means of securing capital, enhancing alignment of interests, and mitigating risk.
- The impressive fundraising of Stone Point Capital's Trident X, with a raised capital of $11.5bn, showcases the increasing interest in co-investment strategies in the private equity industry.
- In a separate milestone, Neuberger Berman's NB Strategic Co-Investment Partners V raised $2.8bn, surpassing its original target and illustrating the growing appeal of co-investment strategies.
- Co-investment activity has escalated significantly, reaching record levels of $33.2 billion in 2024, a fivefold increase over two decades, demonstrating the growing significance of this strategy in the private equity landscape.
- Family offices are playing an increasingly important role as co-investment partners, offering patient capital and operational expertise to counter the market challenges faced by institutional investors.
- GPs are leveraging co-investment opportunities to secure management fees, carried interest, and manage concentration risks, while LPs gain access to deals with favorable fee economics.
- Firms such as Apollo Global Management and Haveli Investments, with fundraises of $1bn and $4.5bn respectively, are seeking co-investors to provide greater funding certainty, as fundraising challenges and rising debt costs become more pronounced in the current market environment.
