Looking back at September's fund raising

ICG, Goldman Sachs and CVC raised the biggest funds in a busy September.

All three were raising again in strategies they already run. ICG closed its ninth European flagship at €12bn, 20% above target, Goldman Sachs Alternatives gathered $11.7bn across its West Street vehicles, and CVC took its secondaries fund to $10bn.

Audax Private Debt filled its third direct lending fund to its $5.4bn hard cap, above a $4bn target. The other large credit closes had something solid behind them. EIG raised $4bn of senior secured debt against energy and infrastructure, Cheyne Capital £3bn lending against European real estate, and PCCP $5bn split between real estate equity and real estate credit.

Venture followed AI from the first cheque to the last. Bessemer raised $5.75bn across seed and growth vehicles aimed at AI-native companies, Bain Capital Ventures $1.6bn for early-stage AI, and Radical Ventures took a first close of $1bn for later-stage bets.

Below the giants, the briefs were narrow. Rising Point Capital Management closed its first fund at $325m, 30% above target, for founder- and family-led field-services companies. Princeton Equity Group raised $1.3bn for franchisors and multi-location businesses. DTCP took a first close of €455m towards €500m for European defence, security and resilience technology, and it is still raising.

Will DTCP reach its target, and does anyone follow it into defence?

Figures cover raises tracked by AIP and are not a complete count of the market. Amounts are at approximate exchange rates; first and interim closes are shown at the amount raised so far.

The Fundraising Monitor is a proprietary automated review. It records the fund raises AIP has tracked, not a complete count of the market, and nothing in it is investment advice or a recommendation.