Hotly-tipped startups seek over $7 billion despite headwinds
The 10 most hotly-tipped first time private equity managers in 2025 are seeking to raise over $7.5 billion amidst a challenging fundraising market.
The firms, which featured on our 2025 list of “emerging managers to watch” have already secured a large chunk of that, pulling in a combined $3.25 billion (43%) so far.
Despite headwinds – overall buyout fundraising was down 23% year-over-year in H1 2025 – the fundraising by emerging managers shows there is still capital for highly experienced investors looking for a fresh start.
Two firms, Agellus Capital and RenWave Kore, have already closed their debut funds. Niobrara Capital has exceeded its $750 million target and is continuing to fundraise.
And several others, including A3/C Partners, Invidia Capital, Solvo Capital, and SQ Capital, are understood to have received strong interest and are nearing various interim fund closes.
Seed capital has been a key catalyst for startup managers with firms drawing commitments from GCM Grosvenor, TPG Next, and Petershill Partners. The Howard Hughes Medical Institute has also committed to one firm from its new emerging manager bucket.
The fundraising target is slightly below that set by the top 10 “ones to watch” from 2024, which were seeking a combined $8.6 billion. However, almost half of that figure was the $4 billion target set by secondaries specialist Clipway.
Firm launch numbers have been slightly lower in 2025 year-over-year. With tracked 95 new managers coming to market through September, compared to 102 over the same period in 2024.
Managers to watch: Where are they now?
| Firm | Founder(s) | Pedigree | Location | Strategies | Status | Target |
|---|---|---|---|---|---|---|
|
A3/C Partners |
Edward Lynch, Adarsh Sarma |
Warburg Pincus |
London |
Buyout |
Fundraising |
$700m |
|
Agellus Capital |
Jeff Aiello, Beau Thomas |
Audax Private Equity, Thompson Street Partners |
Clayton, MO |
Buyout |
Deploying Fund I |
$400m* |
|
Emblem Group |
Patrick Cook, Ryan Duffy |
Baupost Group |
Boston |
Buyout, growth-for-control |
Fundraising |
$1,000m |
|
Invidia Capital |
Jo Natauri |
Goldman Sachs |
New York |
Buyout |
Fundraising |
$850m |
|
New Catalyst Strategic Partners |
Jason Howard |
GCM Grosvenor |
McLean, VA |
GP Stakes |
Fundraising |
$750m |
|
Niobrara Capital |
Chip Schorr |
Blackstone |
New York |
Buyout |
Fundraising |
$815m+ |
|
Palm Peak Capital |
Daniel Florian, Steven Liff, Jeremy Stone |
Sun Capital Partners |
Miami |
Buyout |
Fundraising |
$350m |
|
RenWave Kore |
Cody Kittle |
Elliott Management |
Greenwich |
Secondaries |
Deploying Fund I |
$1,260m* |
|
Solvo Capital |
Christophe Lenouvel, Arnaud Martin |
BNP Paribas |
Paris |
Secondaries |
Fundraising |
€400m ($440m) |
|
SQ Capital |
Mustafa Siddiqui |
Blackstone |
New York |
Secondaries |
Fundraising |
$1,000m |
A3/C Partners | Edward Lynch, Adarsh Sarma | Buyout | London | Technology
Launched by Warburg Pincus’ former head of Europe Adarsh Sarma, alongside former Inflexion partner Ed Lynch, A3/C registered its debut technology-focused fund in May this year.
The London-based private equity firm has raised £300 million ($403 million) for its debut fund and is halfway to its target. PJT Partners is the firm’s placement agent.
The fund received backing from Petershill Partners’ Seeding Fund II, and counts several friends and family investors, notably Hg senior partner Nic Humphries.
Agellus Capital | Jeff Aiello, Beau Thomas | Buyout | Clayton, MO | B2B, nondiscretionary consumer, supply chain and infrastructure services
Agellus Capital has been busy deploying its debut fund and has created two new platforms: Texas-based Bluejack Fire & Life Safety, and IT/cybersecurity rollup CompassMSP.
The $400 million oversubscribed fund, which was closed in just five months, is now 25% deployed.
The Missouri-based manager was founded by former Audax Private Equity and Thompson Street Partners pros Beau Thomas and Jeff Aiello.
The firm received a major anchor commitment from the Howard Hughes Medical Institute as part of its newly created emerging manager program.
Emblem Group | Patrick Cook, Ryan Duffy | Special Situations | Boston | Diversified
Emblem Group was co-founded by former Baupost Group managing directors Ryan Duffy and Patrick Cook. The firm pursues a special situations strategy, focused on control and minority investments in North American consumer, industrial, technology, real assets, and financial services businesses.
In 2025, the firm has continued to bolster its investment team, bringing in investment professionals Thomas Orr and Atharva Marathe from SVPGlobal and Crestview, respectively. It also added Cary Devore as a partner from Utz Brands where he led M&A and capital market activity.
The Boston-based asset manager remains on the market with its debut hybrid investment vehicle, Emblem Investments Fund I, which is seeking up to $1 billion. The fund has retained Lincoln International as placement agent.
Earlier this year the firm also launched a co-investment vehicle, Emblem Co-Invest GP I, to invest alongside the flagship strategy. The firm manages more than $248 million in regulatory AuM.
Invidia Capital | Jo Natauri | Buyout | New York | Healthcare
Invidia Capital Management has spent 2025 building out its leadership team with the addition of partners Matt Bennett, Terry Hyman, Shaunak Parikh. The trio bring experience from New Mountain Capital, THL Partners, and EW Healthcare Partners.
Based in New York, Invidia is a healthcare-focused middle-market buyout firm founded by Jo Natauri, former global head of healthcare private investing at Goldman Sachs.
The firm received a strategic investment from GCM Grosvenor, alongside several major public pension funds, and is targeting $850m for its inaugural fund, Invidia Curie Fund I.
New Catalyst Strategic Partners | Jason Howard | GP Stakes | McLean, VA | Diversified
Former GCM Grosvenor managing director Jason Howard launched New Catalyst Strategic Partners with backing from Apollo Global Management.
The firm is seeking $750 million for its debut vehicle, New Catalyst Strategic Partners Fund I, which aims to partner with next-generation fund managers to help launch and scale private market platforms raising $250+ million, with an emphasis on private equity strategies.
New Catalyst has completed several co-investments and is progressing multiple seed partnerships targeted for completion by year-end. The firm is also continuing to expand, hiring an investment associate, head of finance, and COO, with hires expected to finalize over the next quarter.
Niobrara Capital | Chip Schorr | Buyout | New York | Technology
Chip Schorr’s Niobrara has surpassed the $750 million target for its debut fund, raising $815 million according to filings in the US. The vehicle will reportedly continue fundraising.
The firm, which focuses on mid-market tech-enabled services investments, has received backing and seed capital from Wafra’s Capital Constellation platform.
Schorr, who has held leadership roles at Blackstone, CVC, and One Equity, has built a team of eight people so far, including former US Secretary of State Mike Pompeo as partner.
Niobrara has already sealed three deals: Polar Semiconductor, which manufactures silicon wafers for auto, aerospace, and defense markets; digital transformation-focused Noventiq; and cybersecurity services firm Merlin Cyber.
Palm Peak Capital | Daniel Florian, Steven Liff, Jeremy Stone | Buyout | Miami | Industrial, services
Palm Peak Capital was spun out from Sun Capital Partners in April 2024 by senior partner and head of North American PE, Steven Liff, and partners, Daniel Florian and Jeremy Stone.
In August, the firm officially launched its debut fund offering, Palm Peak Capital Fund I, and has set a $350 million target.
Palm Peak focuses on making majority investments in North America-based industrial manufacturing and related service companies with annual revenues of at least $25 million and enterprise values of up to $300 million.
The firm will look for corporate carve-out, founder or family owned, management-backed buyout as well as sponsor to sponsor opportunities, investing between $10 million and $100 million per deal.
RenWave Kore | Cody Kittle | Secondaries | Greenwich
RenWave Kore was launched in January 2024 by ex-Elliott Management portfolio manager Cody Kittle and is backed by Sequoia Heritage.
The Greenwich-based firm’s debut fund, Ren Fund I, held a final close in April 2025 with a committed capital of $1.26 billion. The fund invests primarily in continuation fund vehicles.
Other firm investors include Liberty Mutual Insurance and the University of Chicago Endowment.
Solvo Capital | Christophe Lenouvel, Arnaud Martin | Secondaries | Paris
Founded in 2024 by BNP Paribas veterans Christophe Lenouvel and Arnaud Martin, Solvo Capital is nearing a first close for its debut €400 million ($465 million) fund, sources told us.
The Paris-based firm will pursue GP-led secondaries investments Europe and intends to make between five to seven deals with its inaugural fund.
Lenouvel spent over 25 years at BNP Paribas and was the head of principal investments across private equity, private debt, and venture capital before he departed.
Arnaud similarly joined BNP in 1999 and was the investment director and deputy general manager for Agility Capital and the principal investments division.
SQ Capital | Mustafa Siddiqui | Secondaries | New York
One of the biggest secondaries launches of this year, Mustafa Siddiqui’s SQ Capital launched with $125 million in start-up capital from early backers, with fundraising well underway. The firm will invest in GP-led and LP secondaries, with a focus on the middle market.
Siddiqui, who previously led Blackstone’s GP stakes unit, has already built a team of 16 people.
New arrivals include Andew Curry, who will lead the firm’s capital formation efforts, joining from Carlyle, and former Permira partner Henry Minello, who joined in a leadership role focused on the evaluation and execution of investment opportunities.
SQ this month also made its first transaction, becoming the lead investor in a single-asset continuation fund led by K1 Investment Management. The vehicle raised $160 million for software provider TeamDynamix.
