After a protracted period of slower fundraising and heightened selectivity across the broader private equity landscape, there remain solid opportunities for first-time managers, particularly those with deep sector specialization, differentiated strategies, and strong operational track records.
While overall fundraising remains challenging and capital has disproportionately flowed to established firms, a cohort of emerging managers continues to attract commitments. More than 30 first-time funds across buyout, growth, and secondaries reached final close in 2025, collectively raising nearly $20 billion.
We tracked 134 new private equity firm launches last year, and we expect that credible first-time funds will continue to attract capital in 2026.
The 2026 emerging managers to watch list reflects the areas where conviction remains strongest. This year’s cohort spans healthcare, aerospace & defense, financial technology, B2B services, business & industrial services, and secondaries.
Methodology: Firm launch announced/reported in 2025. Region: Global. Asset classes: Buyout/growth equity, secondaries, GP stakes, special situations (no FoF, VC, infra, PERE).
Altair Industries | Michael Livanos, David Waxman | Buyout | New York | Aerospace & defense, mission-critical industrial
Altair Industries was launched in October 2025 by former Stellex Capital Management executives Michael Livanos and David Waxman.
The New York-based firm is currently on the market with its debut vehicle, Altair Industries Fund I, which is seeking up to $550 million in commitments. The fund will pursue control equity investments in middle-market enterprises operating across the aerospace & defense and mission-critical industrial sectors.
Altair is understood to have secured backing from Taproot Capital, a Summit, New Jersey-based private equity seeding firm, currently targeting $400 million for its own debut fund.
Livanos and Waxman were both founding members of Stellex. They each spent over a decade at the industrials-focused private equity firm, where they helped build and manage a range of aerospace & defense and industrial investments.
Since launch, Altair has made several hires, including Eric Chan as CFO and Garrett Spriggs, formerly of Stellex and Portage Point Partners, as a principal.
Aphias Capital | Rob Wolfson | Buyout | San Francisco | Healthcare, essential services
Aphias Capital was set up by Rob Wolfson, former H.I.G. Capital head of healthcare and Advantage Fund lead, in early 2025.
The firm launched its first fund, Aphias Capital Fund I, in April last year. It has set a $900 million target for the vehicle and retained PJT Partners to help with the fundraise. The firm is looking for 15-20 allocators to invest in the strategy and has already picked up a $50 million commitment from Orange County ERS, according to our data.
The San Francisco-based manager will pursue lower middle market buyout deals across the healthcare and essential services sectors.
Wolfson added two further partners: Amanda Kalin, a former Gryphon Investors MD who previously worked at H.I.G, and Aabed Meer, previously a partner at Questa Capital Management.
In January, the firm also brought in former Riverside Partners BD head, Kevin Morro. Morro also worked with Wolfson at H.I.G., where he led BD efforts for its Advantage and LBO strategies.
Aqualis Partners | Cari Lodge | Secondaries | Darien, CT
Cari Lodge departed CF Private Equity, a subsidiary of Commonfund, last year to launch secondaries-focused Aqualis Partners.
Darien-based Aqualis pursues small allocator interests, primarily in the US and Europe, and opportunistic investments in GP-leds, directs, preferreds, seasoned primaries, as well as investments in other geographies.
Lodge spent over 12 years at CF Private Equity and oversaw around $3 billion in AuM. Before that, she spent a similar length of time at Credit Suisse in New York, also focused on secondaries.
Aqualis is understood to be raising an initial SPV, believed to be in the range of $100 million to $200 million, and has plans to launch a debut fund later this year with a target somewhere between $400 million to $750 million, according to sources.
Aspirity Partners | Joe O’Mara, Ralph Choufani | Buyout, Growth Buyout | London | Financial technology & services, enterprise technology & connectivity services
One of Europe’s largest first-time funds, Aspirity Partners was founded by managing partner Joe O’Mara, and co-founder Ralph Choufani.
The firm’s debut vehicle closed on over €875 million in capital in less than six months of fundraising, receiving an anchor commitment from Yale University. It also received a ticket from the Texas Municipal Retirement System, according to our data.
Investors liked the manager’s European-focused buyout and growth buyout strategy, investing in two main verticals, the firm calls financial technology and services (FTS) and enterprise technology and connectivity services (ETS).
Aspirity has been building its pipeline over the past year, spending time with investors to demonstrate the opportunity set. The firm’s first deals are expected in 2026.
Atlas Health Capital | Ben Long | Buyout | London | MedTech, niche pharma, animal health
One of the most keenly watched launches in Europe, Ben Long’s Atlas Health Capital focuses on the mid-market healthcare space, investing in medical technology, niche pharma, and animal health sub-sectors.
The firm is currently fundraising for its debut vehicle, targeting €350 million, alongside placement firm FirstPoint Capital. The fund has seen significant interest from allocators, sources have told us. Investors like the focus on entrepreneurial businesses, as well as Long’s own path to launching a new firm, describing him as someone ‘hard to ignore.’
Long was formerly a partner at Inflexion, where he led healthcare investments.
Atlas Health will recycle the profits from its investments into a philanthropic foundation, aiming to improve patient outcomes globally.
Awani Capital | Daphne Dufresne | Buyout | Washington, DC | Essential business and industrial services
Awani Capital Management was founded by Daphne Dufresne following her departure from a New York-based $1.8 billion middle-market private equity firm in late 2024, where she was a managing partner.
The Washington DC-based manager is seeking $500 million for its debut vehicle, Awani Capital Fund I, and has already passed the halfway mark, raising around $250 million in the first four months at its first close in the summer of 2025, according to sources.
Awani is understood to have received backing from the New York City retirement Systems’ Northbound Emerging Manager Program partner Neuberger Berman.
The firm targets lower-mid- and middle-market companies in the essential business and industrial services sectors, focusing on businesses with enterprise values between $50 million and $500 million and EBITDA of at least $5 million. Equity checks will range from $25 million to $60 million.
Prior to launching Awani, Dufresne spent almost eight years at GenNx360, where she was a member of the investment committee and involved in investment activities, portfolio management, and fundraising. Earlier in her career, she was a founding partner and managing director at RLJ Equity Partners and was a principal at Weston Presidio.
The Awani team includes partner and head of investor relations Renae Griffin, previously a managing director at GCM Grosvenor, and partners Nigel Howard and Otey Smith, both formerly at RLJ Equity Partners.
Featherlight Capital | Tom Rotheram-Winqvist, Eoin Ó hÓgáin, Patrick Lynch, Rowan Finnegan | GP Seeding | London, Montreal, New York | Climate capital
London-based Featherlight Capital aims to grow the climate capital ecosystem and will seek to anchor the next generation of climate-focused managers.
The firm will back experienced investors and entrepreneurs to build institutional-quality private equity firms focused on resource efficiency, industrial decarbonization, energy transition, and economic resilience themes.
Featherlight is looking to raise $1 billion for its debut fund, according to our prior reporting.
The firm is led by four co-founders and managing partners from large institutions: Tom Rotherham-Winqvist in London (Wafra), Eoin Ó hÓgáin (Power Sustainable) and Patrick Lynch (Fiera Comox) in Montreal, and Rowan Finnegan (The Conduit) in New York.
Goldenpeak Private Equity | Mark Williams, Leon Gillespie | Growth Equity | London | B2B services
Goldenpeak Private Equity was founded by former Inflexion senior partner Mark Williams alongside ex-Houlihan Lokey pro Leon Gillespie and previous Inflexion CFO Alistair Hamilton.
The firm raised its debut fund, Goldenpeak Fund I, after only 12 weeks on the market, closing oversubscribed at £375 million and exceeding its £350 million target. The firm targets growth investments in lower middle market B2B services sectors across the UK and Ireland, with ticket sizes expected to range between £25 million and £75 million.
In January, the firm bolstered its partnership team, bringing in ex-Inflexion investment director, Andreas Constantinides, as it begins to deploy capital.
Sigla Capital | Phil Lesjak, Karl Geisel, Christian Harnischfeger | Growth | London | Healthcare, business services
London and Stockholm-based private equity firm, Sigla Capital, was founded last year by exFive Arrows duo Phil Lesjak and Karl Geisel, alongside ex-DIA Management head, Christian Harnischfeger. The firm received a €75 million anchor investment from Swedish investment house Nordstjernan.
Sigla is expecting to close its debut fund, Sigla Fund I, at its €200 million target this year. The firm will look to build a portfolio of around five companies, targeting investments in lower middle market business service and healthcare enterprises in the Benelux and Nordic regions.
In December, the firm bolstered its operations team, bringing in former Vitruvian pro Jake Foster to lead its finance division.
Tayeh Capital Group | Dave Tayeh | Buyout | New York | Professional, industrial services
Tayeh Capital Group (TCG) invests in middle-market professional and industrial service companies. The firm is led by former Investcorp global head of private equity Dave Tayeh. Co-founder Jay Alix serves as a senior advisor and member of the investment committee.
The New York-based manager is targeting $400 million and has line of sight to around half that figure already, according to sources. TCG has secured backing from GCM Grosvenor’s Sponsor Solutions platform.
Tayeh spent approximately two decades at the ~$60 billion alternative asset manager and was a partner at CVC Capital Partners. In addition, Tayeh served as the CFO of Jostens and was an investment banker at Donaldson, Lufkin, & Jenrette.
Alix is the founder of AlixPartners, a global consulting and advisory firm focused on performance improvement, operational transformation, margin expansion, and strategic execution-led value creation across a wide range of industries. Tayeh and Alix have worked closely together for about 15 years across multiple investments on many strategic initiatives, including value creation and succession planning.
TCG’s senior investment team includes partner Jon Ang, who previously held roles at Brentwood Associates and Investcorp, and managing director Yumee Song, who was formerly with RLH Equity and EagleTree Capital.
Ones to watch 2026: Private Equity
| Firm | Founder(s) | Pedigree | Location | Strategy | Sector |
|---|---|---|---|---|---|
|
Altair Industries |
Michael Livanos, David Waxman |
Stellex Capital Management |
New York |
Buyout |
Aerospace & defense, mission-critical industrial |
|
Aphias Capital |
Rob Wolfson |
H.I.G. Capital |
San Francisco |
Buyout |
Healthcare, essential services |
|
Aqualis Partners |
Cari Lodge |
CF Private Equity |
Darien, CT |
Secondaries |
Diversified |
|
Aspirity Partners |
Joe O’Mara, Ralph Choufani |
Vitruvian Partners, Abry Partners |
London |
Buyout, Growth Buyout |
Financial technology & services, enterprise technology & connectivity services |
|
Atlas Health Capital |
Ben Long |
Inflexion |
London |
Buyout |
MedTech, niche pharma, animal health |
|
Awani Capital |
Daphne Dufresne |
GenNx360 |
Washington, DC |
Buyout |
Essential business and industrial services |
|
Featherlight Capital |
Tom Rotheram-Winqvist, Eoin Ó hÓgáin, Patrick Lynch, Rowan Finnegan |
Power Sustainable, Wafra, Fiera Comox Partners |
London, Montreal, New York |
GP Seeding |
Climate capital |
|
Goldenpeak Private Equity |
Mark Williams, Leon Gillespie |
Inflexion |
London |
Growth Equity |
B2B services |
|
Sigla Capital |
Phil Lesjak, Karl Geisel, Christian Harnischfeger |
Five Arrows, DIA Management |
London |
Growth Equity |
Healthcare, business services |
|
Tayeh Capital Group |
Dave Tayeh |
Investcorp |
New York |
Buyout |
Professional, industrial servicesp0 |
Source: With Intelligence
