Apollo Global Management has raised $5.4bn for its first secondaries fund, S3 Equity and Hybrid Solutions, as institutional demand for liquidity continues to grow amid persistent market headwinds. 

Morgan Stanley Investment Management has introduced the North Haven Private Assets Fund, its first evergreen private equity fund designed to provide high-net-worth investors with institutional-quality access to private equity strategies.

The fund will focus on co-investments and secondaries in the lower middle market, where opportunities often present more attractive valuations, potential for both organic and M&A-driven growth, and diversified exit paths. The strategy is structured for individual investors seeking private equity exposure with enhanced liquidity, in contrast to the more traditional closed-end model.

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Corsair Capital has closed a $600m continuation vehicle and secondary fund, marking its first multi-asset transaction of this kind. The fund will anchor high-performing European financial services assets from multiple Corsair funds, including ZEDRA, Redpin, and IDnow.

The deal, led by secondaries specialist Coller Capital, was fully capitalised by a group of new and existing LPs. The continuation fund, Corsair Riva, L.P., is structured to offer existing investors optional liquidity while enabling Corsair to retain ownership of three strategically positioned portfolio companies.

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Mérieux Equity Partners has reached the first close of its €150m Mérieux Innovation 2 (MI2) fund and announced a €6m investment in Spanish diagnostics firm deepull as its first deployment.

The fund, which has already secured nearly 50% of its target, continues MxEP’s strategy of investing in early-stage healthcare companies across diagnostics, therapeutics, medtech, and pharma services. MI2 aims to back around 15 EU-based ventures, targeting scalable platform technologies with proof of concept, scientific strength, and reduced binary risk. Initial investments will typically be around €6m, with follow-ons potentially rising to €15m.

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The European Bank for Reconstruction and Development (EBRD) is considering a €25m ($28m) equity investment in Provectus SEE Fund II, a €200m private equity vehicle managed by Croatian firm Provectus Capital Partners (PCP).

The fund will provide equity and equity-related capital to small and medium-sized enterprises across Southeast Europe, focusing primarily on Croatia, Slovenia, Romania, and Bulgaria. Additional investments may be made in Albania, Bosnia and Herzegovina, Greece, Hungary, Kosovo, Montenegro, North Macedonia, and Serbia.

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