Warburg Pincus has gathered more than $12bn for the first close of its new global private equity fund, securing about 70% of its $17bn target within six months of launching the vehicle, according to a report by Bloomberg.

The early momentum puts the fund on track to surpass its goal, despite a slower fundraising environment in which many buyout firms have struggled to reach first-close thresholds. Warburg Pincus’ previous global fund reached a first close with less than half of its target before going on to collect $17.3bn in 2022.

The firm has continued to deploy and return capital despite muted M&A activity, generating almost $11bn in realizations so far this year, compared with $10.3bn for all of 2024. Warburg Pincus manages more than $85bn and holds more than 215 companies in its active portfolio.

Industry fundraising has been weighed down by slower dealmaking and reduced distributions. Private equity funds raised about $340bn in the first three quarters of the year, on track for a 25% decline from 2024, according to EY. A third of funds that closed last year took longer than two years to complete fundraising.

Alongside the flagship vehicle, Warburg Pincus is also raising a secondaries fund focused on backing continuation vehicles, which have become a growing share of private equity liquidity events. These structures accounted for almost a fifth of exits in the first half of 2025, up from 13% for all of 2024.

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