Several private debt and equity firms, including AS Birch Grove, FSN Capital Partners, Summit Partners and TPG, are expected to be in the market with new funds this year.
Look for fundraises from, among others, private debt fund Ascribe Opportunities Fund V, European mid-market fund FSN Capital VII, Summit Partners Growth Equity Fund XII; and growth equity fund TPG Tech Adjacencies III LP.
Money manager Hamilton Lane identified 10 funds altogether in a 2024 forward calendar of launches appearing in a strategic plan it prepared for the Santa Barbara County Employees’ Retirement System.
The Conshohocken, Pennsylvania-based firm also included on the list its own venture capital fund. Regulatory filings from last year show the firm had raised at least $85 million for the Hamilton Lane Venture Access Fund I LP and at least $46.3 million for a related offshore fund. The money is earmarked for secondaries, primaries and co-investments.
Why It Matters: Bigger war chests mean more management fees coming into firms, and that often translates into bigger payrolls. More money to deploy also means there’s more work to do, whether it’s finding deals, executing on transactions, or improving the performance of portfolio companies. We were unable to reach executives at the firms by press-time to learn more about hiring plans. Here is a closer look at most of the funds included in the strategic plan’s forward calendar:
- Ascribe Opportunities Fund V, an opportunistic debt fund from New York City-based credit specialist AS Birch Grove, a firmed formed via the merger of American Securities’s Ascribe Capital and Birch Grove Capital. Ascribe Capital closed its Ascribe Opportunities Fund IV LP at about $825 million, according to a 2019 announcement.
- Bridgepoint Development Capital V LP, a mid-market buyout fund from London-based Bridgepoint. The middle-market firm has been investing from its £1.56 billion (about $1.9 billion) Bridgepoint Development Capital IV fund closed in 2021.
- FSN Capital VII, a mid-market buyout fund from Oslo, Norway-based FSN Capital Partners. The firm, which makes control investments in growth-oriented companies across northern Europe, closed its FSN Capital VI fund at €1.8 billion (about $1.9 billion), according to a 2021 announcement.
- Sterling Group Partners VI LP, a mid-market buyout fund from Houston-based The Sterling Group. The manufacturing, distribution and industrial services investor recently announced it had closed the fund and a parallel fund with $3.5 billion.
- STG Allegro II LP, a small-cap buyout fund from Symphony Technology Group. The Menlo Park, California-based software, data and analytics specialist closed its inaugural STG Allegro fund and related funds in 2021 with more than $860 million.
- Summit Partners Growth Equity Fund XII from Boston-based Summit Partners. The firm, which invests in growth equity, fixed income and public equity, closed its Summit Partners Growth Equity Fund XI at $8.35 billion in 2021, the company announced.
- Thoma Bravo Fund XVI LP, a mega-buyout-fund from Chicago-based Thoma Bravo. The software and technology specialist closed its Thoma Bravo Fund XV in 2022 with $24.3 billion.
- TPG Tech Adjacencies III LP fund, a growth equity fund from San Francisco-based and Fort Worth, Texas-based TPG. The firm, which targets business services, consumers, healthcare, the Internet and software, announced in 2023 it had closed it TPG Tech Adjacencies II fund and related funds with $3.4 billion. The forward calendar also included the TPG Growth VI fund, for which TPG already has raised at least $1.11 billion, according to a regulatory filing from earlier this year.
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