Fund Friday: Top fundraising news in private equity

Tikehau Capital has closed its second private debt secondaries fund above target, securing more than $1bn in LP equity commitments.

The vehicle, Tikehau Private Debt Secondaries II (TPDS II), exceeded its original $750m target and more than doubles the size of the firm’s inaugural vintage. Approximately 50% of committed capital has already been deployed, signalling immediate transaction flow in the market.

Private debt secondaries have emerged as a structural solution as the global private credit market matures. As portfolios season and fund durations extend, both LPs and GPs increasingly seek structured liquidity mechanisms.

Veritas Capital has secured $15.3bn across its Fund IX strategy and related vehicles, delivering one of the largest fund closes in a market defined by extended timelines and tighter LP allocations.

The raise represents a 40% increase compared to Fund VIII, which itself was 68% larger than Fund VII. In an environment where fundraising momentum has stalled for many managers, the scale of the close stands out.

New York-based Veritas invests in companies providing essential software, data, and technology-enabled services across aerospace & defense, national security, healthcare, education, infrastructure, energy, and financial technology.

Moonfare has closed Moonfare Co-Investment Fund II at $83m, surpassing its target within 12 months and marking a 43% increase on its prior vintage.

The second-generation vehicle builds on Moonfare Co-Investment Fund I and reflects sustained appetite for curated private equity co-investments among private wealth investors and smaller institutions.

MCF II attracted commitments from investors across more than 20 markets, including individuals, single family offices, and smaller institutional investors. Demand was particularly strong in Germany, the UK, the Netherlands, and the US.