The new flagship will set off a flurry of additional fundraising. Under General Atlantic’s complex capital structure, commingled funds are matched with five-year managed accounts and evergreen managed accounts.
It will be bigger, bolder and deliver significant networking time in the Florida sunshine.
Established firms with ancillary strategies have at times struggled to attract capital for those funds outside of their core vehicles, and some have chosen to put parallel strategies on hold.
Inovia Growth Fund III held the close this month and will now focus on raising the rest of its $450m target, CEO Chris Arsenault told Buyouts, with a final close expected before the fall.
Fund of funds sales represented the majority of LP transactions by asset managers in 2023, according to a recent full-year 2023 volume report.
In a way, the 'exit' challenge gives emerging firms, smaller buyout shops and even first-timers an advantage over more established GPs.
Summit is targeting slightly more for Fund XII compared to its predecessor, wrapped up three years ago at $8.35bn.
The Point Investment sale is part of a wave of LP secondaries driving activity in the market this year.
Raymond James, Evercore, Jefferies and Campbell Lutyens are in the wings for the pension fund’s secondary sales route.
Court hands big victory to private funds. Rifts in LP community may have aided the downfall of the regulatory package.