Weekend Update: Leading Private Equity Fundraising Headlines
In the bustling world of alternative asset management, some of the industry's heavyweights have recently made significant strides in their fundraising efforts. Here's a round-up of the latest developments in energy transition, infrastructure debt, real estate secondaries, software investments, and special opportunities funds.
Blackstone, a leading name in infrastructure and energy transition, has been particularly active. The firm recently proposed an $11.5 billion buyout of TXNM Energy, New Mexico’s largest electric utility, signalling strong fundraising and deployment within energy infrastructure [2]. Blackstone also made a majority growth investment in NetBrain Technologies, a network automation and AI software company, demonstrating strength in software investments and special opportunities [4].
Brookfield Asset Management continues to demonstrate robust fundraising momentum, particularly in infrastructure and renewable energy funds. The firm expects to close new flagship funds in the back half of 2025, potentially pushing their assets under management beyond $1 trillion [3]. Brookfield’s performance as a real estate-focused alternative asset manager remains strong amid volatile market conditions [1].
Neuberger Berman and Thoma Bravo were not specifically mentioned in the search results, indicating no publicly reported major fund closes or fundraising milestones related to the specified sectors at this time.
Northern Trust, however, has strengthened its partnership with Alchemy Partners, providing expanded asset servicing solutions for the newly launched Alchemy Special Opportunities Fund V (ASOF V). Since 2006, Northern Trust has supported Alchemy's Special Opportunities funds, reinforcing its role in Alchemy's alternative investment strategies [5]. Northern Trust will deliver fund administration, depositary, banking, custody, and credit services from its Guernsey office for ASOF V [6].
ASOF V raised €1bn ($1.03bn) in total commitments, surpassing its target. This partnership between Northern Trust and Alchemy Partners dates back to 1997 [7]. Thoma Bravo's first Europe-focused fund, a software investment firm, closed at approximately €1.8bn ($2bn) in capital commitments [8].
In the realm of real estate secondaries, Neuberger Berman successfully closed its NB Real Estate Secondary Opportunities Fund II LP (RESOF II) at $1.05 billion, surpassing its $800 million target [9]. The fund focuses on acquiring stakes in mature funds, providing liquidity to limited partners, and recapitalizing existing assets. The investor base for RESOF II includes corporate and public pension funds, endowments, foundations, insurance companies, family offices, and high-net-worth individuals from North America, Europe, and Asia [10].
Meanwhile, Blackstone Energy Transition Partners IV, a private equity fund focused on energy transition, has completed fundraising at a hard cap of $5.6 billion [11]. The fund targets innovative middle-market software companies across Europe.
Brookfield's previous infrastructure debt fund, which closed in November 2023 with more than $6 billion in investor commitments, is now largely deployed, with a significant portion allocated to data and renewable energy assets [12].
In the words of David Foley, Global Head of Blackstone Energy Transition Partners, "The investment potential in energy transition is significant due to growing demand for electricity, grid reliability, and energy efficiency" [13].
The sustained strong activity in energy and infrastructure sectors, with global private equity investment in energy reaching $110.8 billion by mid-2025 and infrastructure investments sustained at $74.4 billion, reflects an overall favorable environment for fundraising in these areas [2].
In conclusion, Blackstone and Brookfield are leading among the firms mentioned in recent fundraising and investment actions related to energy transition, infrastructure, real estate, and software, while Neuberger Berman, Thoma Bravo, and Northern Trust have no notable reported activity in the search results as of mid-2025.
- Blackstone, a notable player in infrastructure and energy transition, has proposed an $11.5 billion buyout of TXNM Energy and made a majority growth investment in NetBrain Technologies, showcasing their strength in energy infrastructure, software investments, and special opportunities.
- Brookfield Asset Management, with a focus on infrastructure and renewable energy, anticipates closing new flagship funds by the end of 2025, potentially raising their assets under management beyond $1 trillion.
- Blackstone Energy Transition Partners IV, a private equity fund focused on energy transition, has completed fundraising at $5.6 billion, targeting innovative middle-market software companies across Europe.
- Neuberger Berman's NB Real Estate Secondary Opportunities Fund II LP closed at $1.05 billion, surpassing its target, and focuses on acquiring stakes in mature funds, providing liquidity to limited partners, and recapitalizing existing assets.
- Thoma Bravo's first Europe-focused fund closed at approximately €1.8 billion in capital commitments, highlighting software investments as a sector of interest.
- Northern Trust and Alchemy Partners' partnership has grown over the years, with Northern Trust providing expanded asset servicing solutions for Alchemy's Special Opportunities Fund V, which raised €1bn in total commitments.
