Aurelius closed Aurelius Opportunities V at €830m, following a five-month fundraising process. The fund will focus on corporate carve-outs, platform build-ups, and operationally intensive buyouts across Europe and North America, with a target investment size of up to €150m per deal.

The vehicle follows the firm’s €540m 2021 co-investment structure, Aurelius European Opportunities Fund IV, which is currently ranked in the top 5% across industry benchmarks. More than 90% of Fund V commitments came from existing LPs, with new capital also secured from leading institutional investors, including US and European endowments, pension funds, insurers, family offices, and foundations.

“We are delighted to have seen such strong demand for our new Fund V, especially considering the challenging economic and geopolitical environment,” said Fabian Steger, Managing Director for Fund IV and Fund V. “This is testament to the success of its predecessor fund.”

Aurelius will continue to back mid-sized companies with at least €100m in annual revenues, particularly those with potential for hands-on operational transformation. The firm’s operations advisory team, Aurelius WaterRise, will work with each portfolio company to drive value creation through active ownership and strategic guidance. The unit now consists of more than 180 global specialists.

“Many investors are calling for a return to operational fundamentals,” said co-founder Dirk Markus. “Aurelius has no need to go back—we have been all about operational excellence since our inception in 2005.”

The fund close coincides with the firm’s 20-year anniversary and underscores its positioning as a specialist in complex transactions and value creation through operational improvement.

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