Neuberger Berman has held the final close of NB Strategic Co-Investment Partners V at $2.8bn, surpassing its $2.25bn target and highlighting growing appetite for GP-aligned co-investment strategies.

The oversubscribed fund will target a globally diversified portfolio of direct equity co-investments alongside leading private equity sponsors. Backers include public and private pension funds, insurers, foundations, family offices, and high-net-worth individuals from across the globe.

The close brings Neuberger Berman’s total capital raised for co-investments and customised accounts to nearly $6bn since the beginning of 2024. The firm now manages over $40bn in committed co-investment capital and $140bn in total private markets assets.

Stone Point Capital has closed its tenth flagship fund, Trident X, with $11.5bn in total commitments, marking the firm’s largest fundraise to date and surpassing its $9bn target and hard cap.

Trident X, which began deploying capital in May 2025, has already completed its first investment in Ultimus Fund Solutions, a provider of fund administration services. The fund is approximately $2.5bn larger than its predecessor, Trident IX, which closed in 2022 at $9bn.

The fund attracted strong support from returning investors as well as new global institutions. Stone Point and its affiliated entities contributed approximately $750m to the vehicle.

Read more here.

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 mandate, confirmed via Singapore’s government procurement portal, places Apollo at the centre of the city-state’s latest push to position itself as Asia’s private debt capital.

Launched in March 2025 by the Ministry of Trade and Industry and Enterprise Singapore, the Private Credit Growth Fund targets mid- and late-stage companies with bespoke financing solutions that preserve founder equity.

Read more here. 

Haveli Investments has raised $4.5bn for its first software buyout fund, marking a major milestone for the private equity firm founded by Vista Equity Partners co-founder Brian Sheth, according to a report by the Wall Street Journal.

The fund, which closed at its hard cap in March, targets both minority and control stakes in enterprise software businesses.

Based in Austin, Haveli was established in 2021 and focuses on software, data, gaming, and adjacent sectors. Its investment strategy includes a mix of structured equity and debt offerings.

Read more here. 

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