New Funds

Chicago-based 5th Century Partners announced the final close of its second fund, 5th Century Partners Fund II LP, with $276 million in total capital commitments. Fund II closed above target and is nearly twice the size of the firm’s first fund.

5th Century Partners invests in lower middle-market healthcare and business services companies. The firm focuses on founder-owned and operated businesses and often provides first-time institutional capital.

Limited partners in Fund II include both new and existing investors, including endowments and foundations, corporate and public pension plans, insurance companies and family offices.

Founded in 2020, 5th Century is led by managing partners Bruce Hampton and Marques Torbert. Mr. Hampton previously worked at The Vistria Group, Sun Capital Partners and Gauge Capital, and earlier was an investment banker at J.P. Morgan. Over his private equity career, he has completed buyout transactions representing more than $2 billion in enterprise value across healthcare, education, consumer and business services sectors. Mr. Torbert previously served as CEO and chairman of Ametros, where he helped grow the Long Ridge Equity-backed healthcare and insurance services company’s enterprise value more than 30x before its sale to Webster Bank for $350 million in December 2023. Earlier in his career, he worked at Clarion Capital Partners and Lazard Freres.

“We are pleased to announce the close of Fund II and are grateful for the strong support from our existing limited partners as well as the opportunity to welcome several new investors,” said Mr. Torbert, a co-founder and managing partner of 5th Century. “Fund II positions us to continue partnering with exceptional founder-owned companies in healthcare and business services, applying the same disciplined approach that has defined our strategy.”

5th Century has already completed four platform investments for Fund II, representing approximately 42% of committed capital. Current investments include Capstone Hospice, a Georgia-based provider of hospice and palliative services and end-of-life care at patients’ homes and assisted living facilities in the Metro Atlanta area; Southern Paving & Milling, a Florida-based provider of milling, paving, concrete, stripping and sealing services across Southwest Florida and Northern Georgia; and My Favorite Therapists, a Florida-based provider of applied behavior analysis (ABA) therapy for children ages 1 to 18 diagnosed with autism spectrum disorder.

A fourth platform investment has also recently closed and is expected to be announced in the coming weeks.

“This close is a testament to the team we’ve built and the rigor we bring to every investment,” said Mr. Hampton. “Fund II allows us to do more of what we do best: identify exceptional companies and deploy capital with discipline.”

Monument Group was the exclusive placement agent for Fund II, with Partner Chris Webber leading the placement team. “It was a pleasure to support 5th Century on the successful close of Fund II,” said Mr. Webber. “The strong investor demand is a testament to the firm’s proven ability to create value in founder-owned businesses, and the team’s exceptional track record of partnership and performance.”

5th Century was founded in 2020 and is headquartered in Chicago. With the closing of Fund II, 5th Century now manages more than $550 million in capital across its funds and co-investment vehicles.

THL Partners has closed its latest flagship fund, THL Equity Fund X LP, with $6.35 billion in capital.

Limited partners in the new fund include a mix of existing and new investors, including public and corporate pension funds, sovereign wealth funds, financial institutions, and family offices across North America, Latin America, Europe, Asia, Australia, and the Middle East.

With the close of Fund X, Boston-based THL has now raised over $50 billion of equity capital since its founding in 1974. The firm’s earlier fund, Thomas H. Lee Equity Fund IX LP, closed in October 2021 with $5.6 billion in capital.

“We are grateful for the continued support of our long-standing limited partners and are also pleased to welcome new investors to Fund X,” said Scott Sperling, a co-chief executive of THL. “We value the strength of our long-term partnerships and the collaboration they enable across our platform.”

THL was founded in 1974 and is one of the oldest private equity investment firms in the United States. Industries of interest include financial technology and services, healthcare, and technology and business solutions.

Last month, THL agreed to acquire Celerion, a portfolio company of H.I.G. Capital and a Nebraska-based provider of clinical research services that helps drug companies test new treatments in early development. The company runs studies on how drugs behave in the body, including initial human testing, safety assessments, and interactions with other drugs, generating data needed for regulatory approval.

“Celerion plays a critical role in bringing new medicines to market, particularly at the earliest and most complex stages of clinical pharmacology,” said Megan Preiner, a managing director at THL. “With its differentiated clinical infrastructure, leading scientific expertise, and strong customer relationships, Celerion is one of the few organizations globally to integrate clinical pharmacology and bioanalytical capabilities under one roof—a combination that is increasingly valuable as drug development grows more complex.”

“We believe our focused strategy, built on deep sector expertise and operational engagement, positions us well to partner with management teams and drive sustainable growth and long-term value creation,” said Todd Abbrecht, a co-chief executive of THL.

Since its founding, THL has acquired over 175 portfolio companies and completed over 700 add-on acquisitions, with a combined enterprise value exceeding $260 billion.

Boyne Capital has held the first and final close of BCM Fund III LP (Fund III) at its hard cap, with $355 million in limited partner commitments. Total commitments to Fund III, and its parallel funds, including Boyne general partner group commitments, exceeded $400 million. Fund III exceeded its $275 million target and closed just 90 days after launch.

Limited partners in Fund III include family offices, fund-of-funds, foundations, endowments and high-net-worth individuals.

“We are extremely grateful for the continued support of our existing limited partners and are delighted to welcome a number of new investors to the Boyne Capital family,” said Derek McDowell, the managing partner of Boyne. “The strong demand and rapid close for Fund III underscore the confidence our investors have in our strategy, our people, and our approach to building lasting businesses in partnership with founders and management teams.”

“We deeply appreciate the trust and commitment of our limited partners. In our view, the strong demand for Fund III reflects the compelling returns we’ve generated through our operationally hands-on investment model,” said Adam Herman, Boyne’s chief operating officer. “Our approach is designed to help business owners successfully scale their companies and unlock incremental value. We’re excited to continue that work in our next generation of investments.”

Boyne Capital invests in lower middle-market companies with revenues of less than $100 million and EBITDA of $3 million to $15 million. Sectors of interest include healthcare services, manufacturing, consumer products and business services. The firm was founded by Mr. McDowell in 2006 and is headquartered in Miami, Florida.

Boyne has completed its first Fund III platform investment and expects to disclose the name of the business in the near term.

McDermott Will & Schulte provided legal services to Boyne to support the raising of Fund III.

Achieve Partners has closed Achieve Partners Workforce II LP (Fund II) with $450 million of capital. Limited partners in the new fund include Cambridge Associates, J.P. Morgan Asset Management, Prudential, Ingka Investments and ZOMA Capital.

Achieve Partners uses buyout capital to acquire tech and healthcare services businesses in sectors with acute talent shortages, then builds apprenticeship programs inside those companies so they can create their own skilled workers and scale.

Achieve plans to invest the fund across sectors including behavioral health, biotechnology, cloud migration, data centers and energy, where it sees sustained demand for skilled labor. The firm’s model emphasizes apprenticeship programs, which combine paid work with training and, according to the U.S. Department of Labor, can generate a return on investment for employers.

The new fund is designed to address the impact of artificial intelligence on the labor market, with a focus on developing talent pipelines in areas experiencing workforce shortages. Achieve deploys capital into companies where apprenticeship programs can be integrated to train workers while they are employed, with the goal of scaling these programs alongside business growth.

“Private equity has spent the last decade asking how technology can replace workers. Our approach is rooted in a different question: how do you build the talent that makes technology actually work?” said Ryan Craig, a co-founder at Achieve. “AI will always fail without the people to deploy it, manage it, and build on top of it. Building that talent is good for the companies who commit to it and good for the country.”

“Achieve is proving that private capital—paired with an innovative approach to talent—can drive meaningful economic mobility for American workers while delivering strong returns for investors,” said Tyler Jayroe, a portfolio manager with J.P. Morgan Asset Management’s private equity group. “That combination is rare and increasingly valuable in an AI-enabled workplace.”

Fund II is more than double the size of Achieve Partners Workforce I LP, which the firm said has generated returns placing it in the top quartile of the Cambridge Associates U.S. buyouts benchmark across net DPI, TVPI and IRR metrics as of September 30, 2025, and in the top 5% for DPI. The prior fund has completed three exits, including an agreement to sell Optimum Healthcare IT, a services provider that helps hospitals implement and manage electronic health records, to Infosys for $465 million.

Achieve worked with Optimum to build apprenticeship-style talent pipelines into hard-to-fill roles, such as EHR analysts and healthcare IT specialists, effectively turning Optimum into a producer of its own skilled labor so it could staff more projects and grow revenue. Achieve then exited via a sale to Infosys, demonstrating that the apprenticeship engine translated into private equity-style value creation and a top-quartile outcome for the fund.

“Throughout history, every technological revolution has created more jobs. While AI will cause immense disruption, it will also reward companies that can effectively deploy talent to succeed in a technology-enabled environment,” said Daniel Pianko, a co-founder at Achieve. “This is about helping companies develop AI-enabled workforces at scale — and in the process, putting thousands of Americans on new pathways to economic mobility.”

“At Ingka Investments, we support innovative projects that create a better everyday life for many people,” said Samuel Rundle, head of financial markets investments at Ingka Investments. “Achieve Partners’ focus on apprenticeships offers a smart way to develop talent, providing valuable career paths and building strong businesses, especially as AI reshapes our world. It’s a testament to how practical learning can lead to both great opportunities and impressive growth.”

New York City-headquartered Achieve Partners was founded in 2019 and is led by Daniel Pianko, Ryan Craig, Aanand Radia and Troy Williams.

Dominus Capital has closed its fourth fund, Dominus Capital Partners IV LP, with more than $640 million in capital. The new fund exceeded its $500 million target and closed at its hard cap.

Limited partners in Fund IV include insurance companies, pension funds, asset managers, advisors, consultants, family offices, and high net worth individuals from 16 countries. North American investors accounted for 52% of total commitments, with the balance coming from international investors. With the close, Dominus now manages approximately $1.9 billion in assets under management.

“We are thankful for the strong support from our longstanding existing investors, as well as the many new partnerships we established during this fundraise,” said Gary Binning, founding and managing partner of Dominus. “For more than 18 years, we have remained consistent in our operationally driven, founder- and family-focused investment strategy. We partner with management teams of niche market leaders to accelerate growth through operational improvements and accretive add-on acquisitions. We are proud of the continued evolution of our approach to value creation and grateful for the confidence our investors have placed in the Dominus team.”

Founded in 2008, New York-based Dominus Capital makes control equity investments in North American-based middle-market companies that have EBITDA of at least $10 million. Sectors of interest include business services — outsourced services, specialty marketing, value-added distribution — and diversified industrials — aerospace and defense, automotive, building products, manufactured products, packaging, and specialty chemicals.

Asante Capital Group was the placement agent for this fundraise, and Kirkland & Ellis provided legal services.

Court Square Capital Partners has held an above-target close of its fifth fund, Court Square Capital Partners Fund V LP (Fund V), with $3.8 billion in capital commitments.

Fund V is the largest fund the firm has ever raised, and the general partner is its largest investor. Limited partners in Fund V include more than 40 new investors, including pensions, asset managers, insurers, and family offices, from more than 20 countries.

“We are grateful for the trust and support from both longstanding partners and new investors in Fund V,” said Chris Bloise, president and managing partner of Court Square. “This close signals continued confidence in our approach and our ability to partner with founders, families, and management teams to drive long-term value and growth. We are incredibly excited about the opportunity set across our target sectors, and we continue to find compelling ways to deploy capital in the current market environment.”

New York City-based Court Square makes control investments in middle-market companies that have enterprise values of $150 million to $1.5 billion. Fund V follows the firm’s earlier fund, which invested in 23 companies across the firm’s core sectors, including industrial, business services, healthcare, and tech and telecom.

Fund V has already closed six platform investments. Earlier this month, the fund invested in CallTower, a Utah-headquartered provider of internet-based business phone and communication systems, including Microsoft Teams, Webex, Zoom, and contact-center platforms such as Genesys Cloud CX and Five9, serving multi-location mid-sized and large businesses.Other recent Court Square platforms include AVANT, a Chicago-based provider of technology advisory and distribution services that help mid-sized and large enterprises select and manage IT systems, including cloud, cybersecurity, communications, and network infrastructure (December 2025); and DCCM, a Houston-based provider of engineering services for public infrastructure projects, including highways and bridges, water and wastewater systems, and power and utilities networks (June 2025).Overall, since the firm’s founding in 1979, Court Square has invested more than $13.4 billion of capital in over 245 platform investments.

“We believe this result underscores Court Square’s 47-year track record of delivering consistent performance to our investors,” said Rick Walsh, a partner at Court Square. “We place a strong emphasis on investor alignment, supported by our history of co-investment activity alongside our investors and a GP commitment that has increased fund-over-fund. Our DPI story also helped our efforts, given that we’ve returned $7.4 billion from 17 full exits and 15 dividend recaps since 2022, the year the Fed started raising rates.”

Raymond James Private Capital Advisory and HMC Capital were the placement agents for this fundraise, and Kirkland & Ellis provided legal services.

Leeds Equity Partners has held an above target close of Leeds Equity Partners VIII LP (Fund VIII), with total capital commitments of $1.9 billion. Fund VIII is more than $500 million larger than Leeds Equity Partners VII LP, which closed in late 2021 with over $1.4 billion of capital commitments.

New York City-based Leeds Equity makes control investments in the education, training, and information services industries. The firm was founded in 1993 and has raised more than $7 billion across its eight funds.

“The closing of Leeds VIII is a reflection of the extraordinary partnership we have with our investors, and we are honored by the confidence they have in our team and our strategy,” said Jeffrey Leeds, managing partner of the firm. “Many of our limited partners have been with us across multiple funds, over the course of decades, and we are delighted to welcome a new generation of investors who share our conviction in the Knowledge Industries. Their collective support is what makes this work possible, and we are deeply grateful.”

“Leeds VIII provides us with a significant mandate to invest capital at a time of remarkable opportunity across the Knowledge Industries,” said Jacques Galante, a partner at Leeds Equity. “In an environment of rapid change, our strategy remains to invest in dynamic companies with exceptional management teams that leverage innovation – including advanced analytics and artificial intelligence – in an effort to drive best-in-class outcomes for learners, professionals and enterprises.”

While Leeds has not disclosed specific investments from Fund VIII, recent activity in education technology and data-driven platforms indicates a continued focus on software-enabled businesses within its core sectors.

“With Leeds VIII, we remain focused on control buyouts in middle-market companies that are advancing education, workplace access, lifelong learning, and the imperative to better deploy information to drive superior enterprise intelligence,” said Scott VanHoy, a partner at Leeds Equity. “Artificial intelligence is creating significant new opportunities across the Knowledge Industries, and we believe our deep sector expertise, combined with decades of investment experience, positions the Firm to capitalize on compelling investments at the intersection of scale and innovation.”

Leeds Equity Partners was advised by Kirkland & Ellis, which provided legal services for this fundraise.

L Squared Capital Partners has closed its fifth private equity fund, L Squared Capital Partners V LP, at its $2 billion hard cap.

Fund V was significantly oversubscribed and more than doubles the size of the firm’s fourth fund which closed in November 2023 with $840 million in capital. L Squared’s third fund closed in September 2020 with $505 million of capital.

Limited partners in Fund V include state pension funds, family offices, insurance companies, sovereign wealth funds and fund-of-funds, as well as institutional investors in Asia and Europe.

L Squared invests from $50 million to $125 million of equity in North America-based companies that have revenues of $20 million to $125 million and EBITDA of $5 million to $30 million. Sectors of interest include tech-enabled services and software, education technology, and industrial technology and services. L Squared expects to invest Fund V in nine to ten new platform investments alongside additional add-on acquisitions.

“We are deeply appreciative of the enthusiastic support from our longstanding partners and the strong interest from a broad range of new institutional investors,” said Rob Healy, co-founder and managing partner. “The significant oversubscription of Fund V enabled us to execute a first and final close efficiently while remaining disciplined in both fund size and investor selection. This outcome reflects the consistency of our strategy, our focus on partnership, and our ability to invest wisely across market cycles.”

Eaton Partners, a Stifel company, was the exclusive placement agent for this fundraise. “What L Squared has achieved with Fund V is truly exceptional,” said Eric Deyle, managing director and global co-head at Eaton Partners. “In a fundraising environment that remains incredibly challenging, the speed and scale of this first and final closing stand out. The overwhelming demand we saw speaks directly to the market’s confidence in the L Squared team and their unique, long-term approach to value creation.”

In addition to the hard cap close of Fund V, L Squared has also announced the closing of a single-asset continuation fund for BTX Precision led by HarbourVest Partners.

BTX Precision is a maker of components and assemblies used in aerospace and defense, space, medical, automation and robotics, and semiconductor applications. The company’s capabilities include milling, turning, laser micro-machining, advanced 3D metal printing and aluminum vacuum brazing, as well as electrical discharge machining and precision cleaning.

The BTX platform, headquartered near Chicago in Elk Grove Village, was formed in February 2024 by L Squared to consolidate several investments it had made in the highly fragmented North American precision components sector. The platform began in June 2023 with the acquisition of ERA Industries. Numerous other acquisitions followed with the buys of Gen El Mec Associates (August 2023), I3D Manufacturing (October 2023), Numerical Precision Industries (May 2024), Precision Aero (October 2024), Addison Precision Manufacturing (December 2024), A-1 Jay’s group composed of A‑1 Jay’s Machining, A‑1 Jay’s Sheet Metal, Inotech Laser, Bay Area Grinding, and Silicon Valley Precision Cleaning (December 2024), Chandler Industries (January 2025), and High Tech Solutions (August 2025).

“This transaction reflects our strong conviction in BTX’s long-term growth trajectory, and the value creation achieved to date,” said Randall Hunt, a managing partner of L Squared. “The continuation vehicle allows us to deliver liquidity to L Squared Fund III investors while extending our partnership with BTX’s exceptional management team to continue our acquisition-led thesis.”

Newport Beach, California-based L Squared is led by managing partners Rob Healy, Sean Barrette, Randall Hunt, and Adam Kimura, who have worked together for nearly two decades. The firm said it plans to continue expanding its team while incorporating AI-enabled capabilities to improve efficiency and productivity.

Lead Edge Capital has closed its seventh fund with $3.5 billion in oversubscribed commitments. Fund VII is the largest fund the firm has ever raised and brings its total capital raised since founding to more than $9 billion.

Lead Edge Capital makes both control and minority investments of $50 million to $400 million in equity in growth-stage software, internet, and technology-enabled businesses located in North America and Europe. Many of the firm’s target companies have recurring revenue models, demonstrated revenue growth, and high gross margins. Lead Edge is often the first institutional investor in a company.

A key component of the firm’s investment strategy is its network of more than 700 limited partners, composed of senior executives, founders, and operators across a range of industries. These partners support the portfolio companies through customer introductions, recruiting, and management advisory services, and are active across the investment cycle, including transaction sourcing, due diligence, and post-closing growth strategies.

“The interest in Fund VII reflects the limited partner network and track record we have built over 15 years, and our continued commitment to being a helpful partner to every company that we invest in,” said Mitchell Green, the founder and managing partner of Lead Edge. “What has always set us apart is our limited partner network and what makes it truly differentiated is that these are not passive investors, they are active advisors who have run some of the world’s most successful businesses. Everyone says they have a network. Fund VII is what happens when you spend 15 years building one that actually works.”

Lead Edge has backed numerous software and internet businesses, including Asana, a San Francisco-based provider of cloud software that enables teams to manage workflows and collaboration; Toast, a Boston-based platform offering point-of-sale, payments, and operational tools for restaurants; and Duo Security, a Michigan-based cybersecurity company focused on identity verification and multi-factor authentication that was acquired by Cisco Systems in 2018. These investments share important characteristics — they all have scalable, product-driven platforms operating in large and growing end markets.

Additional investments include Grafana Labs, a New York-based developer of open-source monitoring and observability software; Spotify, the Sweden-founded digital audio platform with a global subscription and advertising-supported model; and Wise, a London-based provider of cross-border payments and multi-currency accounts.

“What makes Lead Edge uniquely amazing is their limited partner network and the way they can activate them for us,” said Raj Dutt, a co-founder and CEO of Grafana Labs. “For most founders, limited partners are just an abstract concept, but at Lead Edge they’re a core part of the value. When we’ve needed to move fast on a new customer or candidate, Lead Edge has hustled and come back with multiple angles for us to pursue to get to the right person. That’s been true from our Series A through today.”

New York City-headquartered Lead Edge was founded in 2011 and has additional offices in Santa Barbara and London.

Truelink Capital has held a first and final closing of Truelink Capital Fund II LP with $2.0 billion in capital commitments, exceeding its $1.5 billion target and reaching its hard cap in less than three months. Truelink’s first fund, Truelink Capital I LP, closed with $950 million in total capital in July 2024.

Truelink is headquartered in Los Angeles and invests in business services and industrials companies with EBITDA ranging from $20 million to $75 million. The firm’s targeted service sectors include environmental services, infrastructure services, commercial and industrial services, financial technology, tech-enabled services, and software.

Limited partners in Fund II include pension plans, endowments, foundations, insurance companies, financial institutions, family offices, consultants, and other institutional investors across North America, Europe, Asia, the Middle East, Australia, and South America.

“The close of Fund II is an important milestone for our firm, and we are deeply grateful for the strong support of our limited partners,” said Todd Golditch, co-founder and managing partner of Truelink. “We sincerely thank our investors, many of whom supported us in Fund I, for their trust, partnership, and confidence in our firm. We are proud to partner with such a world-class group of investors as we enter this next phase of Truelink’s growth.”

Two recently closed platform investments for Truelink include SouthernCarlson, a Nebraska-based distributor of fasteners and other specialty building products sold to the residential, industrial, dealer, and commercial end markets, from Kyocera Corporation (January 2026), and Prime Electric, a Washington-based provider of electrical services to technology, healthcare, public sector, industrial, and commercial customers, from WestView Partners (December 2025).

Overall, Truelink’s first fund currently holds 11 platform investments across the industrials and business services sectors.

“We are proud of what our team has built since launching Truelink in 2022, and we believe the current macroeconomic volatility and evolving M&A landscape are creating an attractive environment for our strategy,” said Luke Myers, co-founder and managing partner of Truelink. “The combination of rapid AI-driven change and a mixed economy is creating dislocation that rewards hands-on stewardship and operational excellence. Fund II will target companies with strong fundamentals, where we believe we can invest at attractive entry points and drive meaningful improvement through commercial growth, operational initiatives, and strategic M&A.”

William Blair & Company was Truelink’s placement agent for this fundraise, and Kirkland & Ellis provided legal services.

Mangrove Equity Partners has held a final, oversubscribed, and hard cap close of Mangrove Investors IV LP (Fund IV) with $250 million of capital.

Limited partners in the new fund include a mix of institutional investors in the United States and Europe, including university and nonprofit endowments, funds of funds, family offices, pension plans, advisory firms, and former portfolio partners. Members of the Mangrove team also made personal commitments to invest alongside the fund.

“We’re thankful for the trust our existing and new partners placed in us, which positioned Mangrove for a smooth fund raise in a challenging environment,” said Mark Danzi, a managing director of Mangrove. “We were meaningfully oversubscribed for the third time in a row, which we consider a testament to our consistent and successful approach.”

Mangrove invests in North American-headquartered companies that have revenues from $10 million to $100 million and EBITDA of $3 million to $10 million. Sectors of interest include industrial products manufacturing, consumer products manufacturing, industrial and business services, and specialty rental.

Mangrove’s Fund IV has not yet closed any platform investments. The firm’s recent transactions include new investments made through its third fund and the exit of several portfolio companies during the marketing and fundraising of Fund IV.

In March 2025, Mangrove launched Sphere Investigations, a platform focused on fraud detection and corporate investigations. The platform expanded in September 2025 with the add-on acquisition of Marshall Investigative Group.

Recent exits by Mangrove include PowerParts Group, an Ohio and South Carolina-based manufacturer of aftermarket turbine components used in power generation and industrial energy facilities, acquired through Fund III in November 2020 and sold to JLL Partners in January 2026; Vintage Air, a Texas-based manufacturer of aftermarket air-conditioning systems for classic and performance vehicles, acquired through Fund III in December 2021 and sold to LFM Capital in October 2025; Patrol Protect Secure, an Illinois-based and nationwide provider of contract security services, acquired through Fund II (in partnership with Sunlake Capital) in December 2018 and sold to PalAmerican Security, the U.S. subsidiary of Canada-based, family-owned Paladin Security Group, in October 2025; and Seaside Waste Services, a New Jersey-based provider of non-hazardous waste collection and disposal services, acquired through Fund III in January 2021 and sold to Interstate Waste Services, a portfolio company of Littlejohn, in August 2025.

“I’m so proud of the team we’ve built at Mangrove. We have gathered a group of extremely smart, hardworking, and team-oriented professionals who are poised to carry the firm well into the future. I look forward to working with them to successfully invest Fund IV,” said Matt Young, founder and a managing director of Mangrove.

Mangrove was founded in 2006 and is headquartered in Tampa, Florida.

Ascend Capital Partners has held a final, above-target, and oversubscribed close of Ascend Capital Partners Fund II LP with $791 million in total capital commitments. Ascend’s original target for Fund II was $700 million.

Ascend is an investor in growth-oriented, patient-focused healthcare services companies. The New York City-headquartered firm was founded in 2019 by In Seon Hwang, formerly the global head of healthcare at Warburg Pincus, and Dr. Richard Park, founder and former chief executive of CityMD, an urgent care provider in New York and New Jersey.

“We are grateful for the support from our limited partners for Ascend Fund II, reflecting their confidence in our mission, strategy, and the meaningful progress we have achieved alongside our portfolio companies,” said Mr. Hwang. “We look forward to building on our momentum and remain focused on partnering closely with physicians and management teams to build stronger healthcare organizations that improve patient outcomes while generating durable, long-term value.”

Ascend’s first fund, which closed in December 2021 at its $570 million hard cap, is now fully invested across eight platforms. Fund II has already closed investments in two companies, with investments in Seoul Medical Group, a California-headquartered network of independent practice associations (IPAs) that provide healthcare services to Asian American patients (October 2023), and Unison Therapy Services, a California-headquartered provider of therapies to children with autism and other developmental disabilities (December 2024).

Ascend closed its inaugural fund, Ascend Capital Partners Fund I LP, with $570 million in capital commitments in 2021.

“We invest in and support efforts designed to strengthen healthcare quality, expand access, and improve patient outcomes,” said Dr. Park. “Our differentiated operating expertise and dedicated in-house resources enable us to partner closely with physicians and management teams to strengthen clinical performance, enhance compliance and documentation integrity, and build scaled platforms positioned for sustainable growth and long-term impact.”

Limited partners in the Ascend’s new fund include both existing and new pension funds, foundations, endowments, consultants, family offices, and funds of funds.

William Blair was the placement agent for this fundraise, and Kirkland & Ellis provided legal services.

Soundcore Capital Partners has closed Soundcore Capital Partners Fund III LP with $450 million in capital commitments, exceeding its self-imposed hard cap. The successful close of Fund III follows the firm’s $350 million second fund, which closed in 2018.

Limited partners in the new fund — totaling more than 117 investors across 12 countries — include both existing and new insurance companies, public and corporate pension plans, endowments, foundations, single- and multi-family offices, fund-of-funds, investment consultants, asset managers, and high-net-worth individuals. The general partner committed $25 million to the fund, representing just less than 6% of total commitments.

“We are extremely grateful for the trust and partnership of our investors, both longstanding and new, who supported us from around the world,” said Jarrett Turner, founder and managing partner of Soundcore. “We believe the enthusiasm for Fund III—far exceeding our cap—reflects the durability of our strategy, our commitment to disciplined growth, and the value we strive to deliver to our investors, founders, and management teams.”

Soundcore specializes in North America-based buy-and-build investments in the lower middle market. Target companies typically have EBITDA from $2 million to $14 million and are active in business and outsourced services, industrial services, specialty manufacturing, and value-added distribution sectors.

Fund III will target nine platform investments and, to date, has already formed five platforms through 28 acquisitions, deploying 40% of Fund III’s capital.

The five platforms, with an aggregate $544 million in annual revenue and $95 million in annual EBITDA, include Heartland Paving Partners, a Chicago-based provider of commercial asphalt and concrete maintenance services (initial investment in July 2022 with 10 closed acquisitions); US Dock & Door, an Arlington-based provider of commercial and residential overhead door, dock leveler, and access control installation services (initial investment in August 2023 with 5 closed acquisitions); TreeServe, a Jacksonville-based provider of tree trimming and removal, plant and shrub healthcare, and emergency and storm services (initial investment in March 2025 with 5 closed acquisitions); TrussPoint Roofing & Exterior Renovations, a Nashville-based provider of residential exterior services (initial investment in June 2025 with 3 closed acquisitions); and Reliable Energy Partners, a Tampa-based propane distributor (initial investment in December 2025 with 5 closed acquisitions).“Fund III marks an important milestone in Soundcore’s evolution,” said Arthur Zuckerman, chief operating officer and partner at Soundcore. “We have remained focused on backing founder-owned essential services businesses and building what we view as market-leading platforms through operational enhancements, targeted add-on acquisitions, and scalable infrastructure. We’re proud of what our team and our partners have accomplished to date—and even more excited for what lies ahead.”

New York City-founded Soundcore was founded in 2015 and has completed 113 acquisitions representing $1.8 billion in total enterprise value and has exited eight platforms.

Kirkland & Ellis provided legal services to Soundcore for this fundraise.

HGGC has closed its fifth flagship fund, HGGC Fund V LP, with approximately $3.2 billion in capital commitments, exceeding its $2.5 billion target and original $2.8 billion hard cap. HGGC launched the fundraising for this fund in March 2025.

Limited partners in the new fund include both new and existing public and private pension funds, sovereign wealth funds, insurance companies, family offices, and other institutional investors.

HGGC (formerly Huntsman Gay Global Capital) makes leveraged buyout, recapitalizations, and growth equity investments in middle market companies that have enterprise values up to $1.5 billion. Sectors of interest include technology, business services, financial services, and consumer.

HGGC has already closed four investments for Fund V with the buys of Equity Methods, an Arizona-headquartered provider of equity compensation advisory, financial reporting, and valuation services (April 2025); Sterling Brokers, a Toronto-headquartered provider of third-party administration services for group benefit programs in Canada (October 2025); Inspired, a UK-headquartered provider of energy and sustainability advisory services to corporate and public-sector clients (October 2025); and Centralis Group, a Luxembourg-headquartered provider of treasury, fund, infrastructure, and debt administration services to private equity firms, real estate firms, and other alternative investment managers.“We are grateful for the overwhelming support received for Fund V and thank our new and existing investors for their trust in our team and strategy,” said HGGC in a released statement. “The success of this capital raise in a difficult fundraising environment is a testament to the strength of our franchise and the quality of our team. It also reflects our discipline around capital deployment, the significant distributions we have delivered in a liquidity-scarce market, and the strong relationships we have forged with our limited partners.”

HGGC was founded in 2007 and is headquartered in Palo Alto, California.

Guardian Capital Partners has held an oversubscribed and hard cap close of its fourth flagship fund, Guardian Capital Partners Fund IV LP (Fund IV), with $441 million in total capital commitments. The new fund’s final close was reached seven months after its first close.

Limited partners in Fund IV include both new and long-term investors, some since the firm’s founding in 2008, including university endowments, foundations, fund of funds and family offices. Guardian’s earlier fund, Guardian Capital Partners III LP, closed with $282 million in capital in July 2020.

“Fund IV represents an important milestone for Guardian and reflects the strength of our team and our long-standing relationships with founders, intermediaries, and investors,” said Peter Haabestad, co-founder and managing partner at Guardian. “We are grateful for the continued support of our existing partners and look forward to building new relationships as we continue to help management teams grow enduring, high-quality businesses.”

Guardian makes control investments in lower middle-market private companies primarily located in the United States. The firm targets businesses with annual revenues between $20 million and $120 million and EBITDA between $4 million and $15 million.

Guardian’s investment strategy relies on its Guardian Priority Sectors (GPS) program, which emphasizes sourcing, diligence, and operating initiatives in sectors where the firm has developed experience and market insights, including industrial technology, digital infrastructure, non-discretionary services and food and beverage manufacturing.

“Guardian has had wonderful momentum deploying capital in Fund IV, seeding it with three platform acquisitions aligned with our GPS focus: LINX, Raptor Power Systems, and Heatscape,” said Scott Evans, a co-founder and managing partner at Guardian. “These investments reflect Guardian’s success on its GPS focus and on businesses where hands-on operational support and strategic approach can accelerate capital deployment and value creation.”

Guardian’s buy of LINX, a Denver-based provider of technology-related infrastructure services, closed in December 2025. The company 0is a provider of structured cabling, wireless networks, audiovisual systems, and access control and surveillance systems used by data centers, hospitals, financial institutions and schools. Since its founding in 2003, LINX has completed over 100,000 projects nationwide, with a total contract value exceeding $1 billion.

Since its founding in 2008, Guardian has completed more than 80 transactions representing over $3.5 billion in total enterprise value. The firm is headquartered in the Philadelphia suburb of Wayne, Pennsylvania.

Guardian did not use a placement agent on this fundraise, and Latham & Watkins provided legal services.

Partners Capital has closed Partners Capital Merlin Co-Investment Fund IV (Merlin IV) with more than $1 billion in commitments.

The new fund includes commitments from family offices and institutional investors across North America, Europe, Asia and Africa. Partners Capital said Merlin IV is the largest fund raised under the firm’s co-investment platform.

“This exciting milestone reflects our ability to source distinctive co-investment opportunities for our clients,” said Arjun Raghavan, the CEO of Partners Capital. “Our firm built the Merlin platform by being a trusted, agile partner to leading managers, and this close shows that approach delivers value.”

Merlin IV makes co-investments of $25 million to more than $100 million per transaction in lower-middle-market and middle-market private equity sponsored transactions across a range of transaction types. Since Partners Capital launched its Merlin co-investment strategy in 2019, the platform has invested more than $2 billion across more than 60 transactions.

In November 2025, the Merlin strategy partnered with Macquarie Asset Management to acquire Potters Industries, a Pennsylvania-based maker of glass beads used for road markings to improve visibility at night and in wet weather; reflective materials for airport runway markings; and glass microspheres used in traffic paints, thermoplastics, surface preparation and polymer additives.

Potters operates from 26 manufacturing and logistics sites in North America and Europe, with a presence in South America and Asia. Potters Industries is currently a portfolio company of TJC (The Jordan Company), and the transaction is expected to close in the first half of 2026.

“Merlin IV underscores the scale we bring to the co-investment market and our ability to partner more deeply with sponsors,” said Adam Spence, the head of co-investments at Partners Capital. “By acting as a co-lead investor or co-underwriter, we can support transactions with meaningful, reliable capital and be a scaled partner of choice for high-quality managers.”

“Our recent close will help to deepen our partnerships with existing managers, while also enabling us to build new, long-term relationships with high-quality sponsors that are not yet in our program,” added Jennifer Fox Bensimon, a managing director of co-investments at Partners Capital. “At the core of our approach is being a constructive partner across a private equity manager’s lifecycle, not as a one-time source of capital.”

Founded in 2001, Partners Capital had more than $70 billion in assets under management as of September 2025 and more than 400 employees across offices in Boston, London, New York, Dallas, Hong Kong, Paris, San Francisco and Singapore.

Union Capital Associates has held an oversubscribed close of its fourth flagship fund, Union Capital Equity Partners IV LP, at its $450 million hard cap after just four months in the market.

Fund IV received support from its existing investor base of endowments and foundations, consultants, financial institutions, pension funds, and family offices, and added a select number of new institutional investors.

Union Capital invests $10 million to $60 million in equity in US-based founder-owned businesses that have $20 million to $200 million in revenue and $3 million to $20 million in EBITDA. The firm is typically the first institutional investor in the company. Sectors of interest include specialty manufacturing, business process outsourcing, food manufacturing, marketing services, franchised restaurants, group purchasing organizations, and other nontraditional businesses operating in defensible niches.

“We are pleased to announce the close of Fund IV and are grateful for the strong support of our existing and new investors,” said Bill Ogden, managing partner at Union Capital. “The speed of this fundraise reflects confidence in our team, our approach, and our ability to partner with founder-owned businesses as they pursue their next stage of growth.”

Monument Group was the placement agent for the fund and previously advised Union Capital on its two prior fundraises, both of which closed at their hard caps. Kirkland & Ellis provided legal services.

“It was a pleasure to once again support Union Capital on a highly successful fundraise,” said Chris Webber, partner at Monument Group. “The overwhelming investor interest underscores the firm’s long-standing reputation, disciplined strategy and consistent results in the lower middle market.”

“With Fund IV, we are well positioned to continue executing on a robust pipeline of opportunities across our core sectors,” said Jay Landauer, managing partner at Union Capital. “Our focus remains on working closely with management teams to help build durable, scalable businesses.”

Founded in 1968, Union Capital is the successor to Union Capital Corporation and invests in lower middle market businesses across the United States. The firm is led by its three managing partners, Messrs. Bill Ogden and Jay Landauer, and Mr. Reis Alfond, and operates from offices in Connecticut and Chicago.

Dynamic Core Capital Partners, the rebranded identity of Dubin Clark since January 2026, has closed DC Small Business Fund LP at $240 million, exceeding its original $200 million target. The inaugural SBIC fund was oversubscribed.

Dynamic Core invests in companies that have from $5 million to $100 million in sales, EBITDA of $1 million to $15 million, and adjusted EBITDA margins of greater than 10%.

Sectors of interest include branded consumer, niche industrial manufacturers, and specialty services. Specific subsectors include industrial IoT services, residential and commercial services, infrastructure and wastewater services, event services, facility services, automotive services, industrial services, and specialty niche branded manufacturing.

“We are grateful for the trust and support of our investors and the SBA,” said Brent Paris, managing partner of Dynamic Core. “This milestone reflects the strength of our investment strategy and our operational approach. The SBIC platform allows us to bring both flexible capital and operating expertise to help businesses reach their next stage of growth.”

The new fund has already closed on its first three platform investments with the acquisitions of Sight & Sound Productions, a Florida-based provider of event production and décor services for corporate and social events for high-end clients and national brands (June 2025); Rumble Pest Solutions, an Arkansas-based provider of residential and commercial pest control services (August 2025); and Party Reflections, a North Carolina-based provider of specialty event services including tents, chairs, and linens (September 2025).

“The fund’s oversubscription and early momentum reflect continued attractiveness in the lower middle market and our team’s ability to execute on opportunities poised for growth,” said Thomas Caracciolo, managing partner.

“We are excited about the interest from institutions, banks, and family offices and value these new relationships while we continue to partner with our existing investors,” said Michael Hompesch, managing partner.

Dynamic Core’s SBIC initiative began in January 2025, when the firm announced it had received its first Small Business Investment Company license and completed the first close of DC Small Business Fund at $200 million, structured with a 1:1 ratio of private capital to SBA debentures. That initial close exceeded its target and laid the foundation for the expanded $240 million final close.

Winston & Strawn provided legal services to Dynamic Core for this fundraise. The Winston & Strawn team was led by Chicago-based partner Alan Roth, alongside partners Matthew Brunmeier and Olga Loy, and associates Penelope Hamilton and Franklin Shen.

Founded in 1984, Dynamic Core has offices in Jacksonville Beach and Miami, Florida.