PE FORUM

📣 StepStone Group Raises Over $600M for First Credit Opportunities Fund to Target Global Distressed and Opportunistic Credit Markets - StepStone Group Inc. announced the final closing of its StepStone Credit Opportunities Fund I (SCOF I), raising over $600 million in commitments - The fund will invest in both liquid and illiquid credit at stressed, dislocated, distressed, and opportunistic entry points across multiple asset classes, industries, and geographies - A globally diversified group of limited partners participated in the fund - StepStone Private Debt Partner Meinrad Wyser noted that the current environment has created broad-based opportunities across sectors, supporting diversified exposure to private debt as a core strategy - The firm expects a strong pipeline of transactions, including secondary deals and co-investment opportunities, supported by its global network and manager relationships - The strategy leverages StepStone’s market coverage, approved manager expertise, and flexible capital deployment across credit situations to capture attractive valuations - Head of StepStone Private Debt Marcel Schindler highlighted the firm’s global sourcing ability and multi-cycle credit experience as key advantages, positioning private debt as an expanding component of investor portfolios

📣 Apollo Global Management, Inc. Hybrid Value Fund III Raises $6.5 Billion - Apollo announced the final close of Apollo Hybrid Value Fund III (HVF III), raising approximately $6.5 billion in total commitments. - The fund received strong backing from both new and existing investors across a diverse global base, including pension funds, sovereign wealth funds, insurance companies, endowments, institutional investors, and wealth investors. - Apollo’s Hybrid Value strategy focuses on flexible, partnership-oriented capital solutions positioned between traditional debt and equity. - The strategy primarily invests in structured equity opportunities, including preferred and convertible securities. - Jason Scheir said the strong investor support reflects continued confidence in Apollo’s strategy and track record. Scheir added that Apollo has built its Hybrid Value franchise to deliver bespoke partnership capital at scale. - Apollo stated that its broader hybrid ecosystem continues to expand with a growing capital base across hybrid strategies. - Matt Nord said hybrid strategies provide a compelling risk-reward framework amid market cycles and elevated uncertainty. Nord emphasized Apollo’s ability to provide scaled and flexible capital through its integrated platform, positioning the firm as a preferred partner for leading companies and sponsors worldwide. #privateequity #peforum

📣 5th Century Partners Closes Oversubscribed $276 Million Fund II to Expand Healthcare and Business Services Investments - 5th Century Partners (“5CP”) announced the final close of its second fund (“Fund II”) at $276 million in total commitments, exceeding its target. - Fund II is nearly double the size of the firm’s predecessor fund. - Investors include endowments, foundations, corporate and public pension plans, insurance companies, and family offices. - Since launching in 2020, 5CP now manages more than $550 million across its funds and co-investment vehicles. - 5CP focuses on healthcare and business services companies with strong growth potential. - Fund II will continue the firm’s strategy of partnering with founder-owned and operated lower middle market businesses. - The firm often serves as the first institutional capital partner for its portfolio companies. - 5CP supports portfolio companies by scaling operations, strengthening finance functions, developing leadership talent, and driving growth initiatives. - The firm leverages a network of operating executives, industry advisors, and its in-house Portfolio Optimization Practice to support portfolio companies. - Marques Torbert, co-founder and managing partner, said the successful close reflects strong support from existing and new investors. - Bruce Hampton, co-founder and managing partner, said the fundraise highlights the strength of the team and the firm’s disciplined investment approach.

📌 Amulet Capital Partners, LP Acquires TFP Fertility Group from Benefit Street Partners, a Franklin Templeton Company - Financial terms of the transaction were not disclosed - TFP Fertility Group is a leading fertility care provider in the UK and Northern Europe - TFP operates 10 fertility clinics and 21 satellite and referral centres across the UK and Poland - The company is known for high clinical standards, patient-centred care, and scientific leadership - TFP will continue to operate under its existing brand with no changes to clinical leadership or care standards - CEO Jude Fleming and the current management team will remain in place - Amulet Capital Partners is a healthcare-focused private equity firm with experience in scaling healthcare and fertility businesses - The investment aims to support growth, expand access to care, and enhance the patient experience - Jude Fleming said the deal provides a strong platform for continued investment in people, clinics, and patients - Samuel Brinkley of Amulet highlighted TFP’s clinical leadership and strong reputation in fertility care - Franky Lee of Benefit Street Partners stated the repositioning of TFP under its ownership has been successfully completed - Jay Rose of Amulet emphasized plans to expand access to reproductive healthcare and invest in clinical excellence #privateequity

📣 Pantheon Exceeds Target for Inaugural Private Equity CFO at $1 Billion - Pantheon, a global private markets investor with $85 billion AUM, closed its first private equity Collateralized Fund Obligation (CFO) at $1 billion - The transaction exceeded its initial fundraising target of $750 million - The CFO marks a significant milestone in Pantheon’s innovation strategy within private markets - The transaction reflects strong institutional demand for structured private equity exposure - Investors included insurance companies seeking capital-efficient, rated access to private markets - The structure provides professional investors with rated exposure to diversified private equity investments - The portfolio is primarily composed of middle-market private equity secondaries investments - Investments are diversified across sectors, geographies, and vintages - Assets were acquired at attractive entry points alongside leading sponsors Pantheon has invested in private markets secondaries since 1988 - The CFO launch reflects increasing investor demand for tailored private markets solutions - Jeffrey Miller, CFA, CIO and Global Head of Private Equity at Pantheon, highlighted Pantheon’s nearly four decades of experience in private equity secondaries - Florence Dard, Chief Client Officer at Pantheon, emphasized Pantheon’s commitment to innovation and evolving client needs #privateequity

📣 Baird Capital Exceeds Target, Closes Third Global Fund at $450M - Global Fund III is more than 30% larger than its predecessor fund and includes commitments from all prior anchor investors, reflecting strong investor confidence in the firm’s strategy despite a challenging fundraising environment - Although there was additional investor demand, Baird Capital maintained a $450 million fund size to preserve its differentiated approach as a first institutional investor in lower-middle market, founder-led companies in the U.S. and U.K. - The fund focuses on growth equity and buyout investments of $25 million to $75 million in B2B technology and services companies with revenues between $10 million and $100 million - Baird Capital leverages its global platform, with offices in Chicago and London, to support lower-middle market companies seeking international growth and operational improvements - A key differentiator of the fund is its global operational toolkit and ability to provide flexible capital solutions to scaling businesses - Global Fund III has already completed three investments - Gordon Pan, President of Baird Capital, said the fund’s close reflects strong investor trust in the platform and validates its focus on founder-led lower-middle market businesses, supported by an experienced team and flexible investment approach - James Benfield, Partner at Baird Capital in London, said the U.S.-U.K. footprint is a key differentiator in the lower-middle market, and highlighted the firm’s experience in B2B technology and services and its focus on backing founder-led companies seeking flexible capital and partnership-driven support

🎙️ Exclusive Interview | Mark Vassallo | Lightyear Capital In this exclusive PE Forum interview, Mark Vassallo shares his insights on the future of private equity in an era shaped by AI, rising capital costs, evolving LP expectations, and changing exit dynamics. Mark discusses with  Khaled Abou Zahr how Lightyear Capital approaches investing across financial services and healthcare, why deep domain expertise matters more than ever, and how operational value creation has replaced financial engineering as the key driver of long-term performance. Topics covered in this interview include: • AI’s impact on private equity and portfolio companies • Financial services and healthcare investment strategies • Value creation beyond leverage • Competition, valuations, and market repricing • LP expectations, co-investments, and continuation vehicles • Risk management across market cycles • Leadership, mentorship, and investment philosophy • Why people and culture remain central to private equity success Mark Vassallo also reflects on lessons learned through multiple market cycles, the importance of disciplined growth, and why private equity remains fundamentally a people business. Link Youtube: https://lnkd.in/daw-q2H2 Link Spotify: https://lnkd.in/dz_SkZWR #PrivateEquity #PrivateMarkets #AlternativeInvestments

📌 Siris Capital Group to Sell Equiniti to Bullish in $4.2 Billion All-Stock Deal Creating Blockchain-Enabled Transfer Agent Platform - Siris, a private equity firm focused on service companies supporting critical technology infrastructure, has agreed to sell Equiniti to Bullish in an all-stock transaction valued at $4.2 billion. - Bullish is an institutionally focused global digital asset platform providing regulated market infrastructure and information services. - Siris acquired Equiniti in 2021 and combined it with AST (its U.S. counterpart) to build a scaled global transfer agent and shareholder services platform. - Under Siris’ ownership, Equiniti underwent a major transformation. - Today, Equiniti serves as the regulated transfer agent and system of record for nearly 3,000 public companies. - The transaction will combine Bullish’s blockchain-native infrastructure (exchange, liquidity, clearing, custody) with Equiniti’s transfer agent platform. - Frank Baker, Co-Founder and Managing Partner of Siris, stated that Equiniti’s EBITDA more than tripled under Siris’ ownership and highlighted tokenization as a major transformation in market infrastructure since electronic trading. - Dan Kramer, CEO of Equiniti, noted that Siris was an exceptional partner and that Equiniti strengthened its position as a global leader in shareholder services during their ownership.

📣 Apis Partners Closes $1.23 Billion Fund III - Apis Partners Group (UK) Limited, a private equity firm focused on tech-enabled financial infrastructure and services, announced the final close of Apis Global Growth Fund III and Apis Growth Markets Fund III - Combined commitments reached $1.23 billion (excluding co-investments), more than double Fund II at $563 million - Fund III closed 23% above its target size - Strong LP retention, with over 70% of existing limited partners re-upping and increasing commitments - Returning LPs account for around 50% of total capital raised - New investor base expanded to include sovereign and supranational investors, alongside banks, insurers, pension funds, funds of funds, and foundations - Fund III will continue investing in profitable, high-growth financial infrastructure and services companies in Europe and selected global growth markets - Approximately $400 million already deployed across seven investments - Strategy focuses on embedded finance, democratisation of finance, and enabling the digital economy through capital-light, disruptive business models - Co-Founder Matteo Stefanel highlighted strong investor backing and continued focus on connecting capital with high-growth financial infrastructure businesses - Co-Founder Udayan Goyal emphasized validation of a specialist fund strategy over generalist approaches and continued thematic investing in digital finance

📣 Haun Ventures Doubles Down on Crypto and AI-Native Dinance with $1 Billion Dund as “Agentic Economy” Thesis Accelerates - Venture firm Haun Ventures has raised $1 billion in new funds, signaling continued investor conviction in digital assets and blockchain-based financial infrastructure despite ongoing regulatory uncertainty. - The firm, founded by Katie Haun, frames the current period as one of the most transformative it has seen across technology and finance, driven by rapid convergence between crypto, AI, and capital markets. - In a statement accompanying the fund announcement, Haun said: “I’ve been following the flow of assets my entire career, and this is the most dynamic period in technology and finance I’ve ever witnessed.” - The firm argues that foundational systems underpinning money, payments, banking, identity, and capital markets are being rebuilt for a “digital, global, always-on” environment, with crypto acting as one of several enabling technologies rather than the sole driver. - Digital assets have now expanded into a multi-trillion-dollar asset class, while stablecoin transaction volumes are reported to have reached double-digit trillions in 2025, approaching the combined scale of Visa and Mastercard activity. - Tokenization is increasingly being applied beyond currencies to securities, derivatives, and real-world commodities such as gold and oil, with proponents arguing this could unlock global liquidity and 24/7 programmable markets. - The firm highlights prediction markets and perpetual futures as early examples of new financial primitives gaining traction with both retail and institutional participants. - A central thesis emerging from Haun Ventures is the “agentic economy,” where AI agents increasingly act as economic actors capable of transacting, subscribing to services, and optimizing financial decisions autonomously. - Under this model, financial infrastructure would need to evolve to support machine-driven transactions, including new systems for identity, fraud prevention, credit, insurance, and verification designed specifically for non-human agents. - The fund strategy emphasizes backing founders operating at the intersection of technology and regulation, where compliance complexity and infrastructure rebuilding create high-friction but potentially high-impact opportunities. - Haun Ventures says it continues to invest in companies bridging traditional financial systems and emerging decentralized technologies, with prior ecosystem exposure including firms such as Coinbase and Anchorage Digital.