Big debut PE raise—26North
Josh Harris’s 26North Partners reportedly raised nearly $6 billion for its debut private‑equity strategy, marking a record‑sized first fund in the U.S. according to social coverage. At the same time, other social posts note deal activity including Leonard Green’s near‑$3 billion Cumming buy and moves by Ping An to trim PE exposure, pointing to heavy capital rotation and strategic repositioning in the market. ( )
Josh Harris’s 26North Partners has raised almost $6 billion for its first private equity fund, setting a U.S. record for a debut buyout vehicle. (bloomberg.com) Bloomberg reported the fund closed above its original target, with the firm collecting nearly $6 billion as investors kept committing despite a slower market for private equity exits and buyouts. (bloomberg.com) 26North was founded in 2022 by Harris, an Apollo Global Management co-founder, and the firm had $31.8 billion in assets under management as of September 2025, according to Buyouts. Its private equity strategy has focused on corporate partnerships, carveouts, structured equity and opportunistic buyouts. (buyoutsinsider.com) A first fund is the first pool of money a new buyout firm asks investors to lock up for years, usually with little or no realized track record under that brand. Raising this much on a debut suggests large pensions, endowments and other institutions still have room for selected managers even after two years of slower distributions. (bloomberg.com) (fa-mag.com) The backdrop is uneven dealmaking rather than a full rebound. Bloomberg reported on April 12 that Leonard Green & Partners was nearing a deal for Cumming Group that valued the construction consultancy at about $3 billion including debt. (bloomberg.com) Cumming advises on large infrastructure projects worldwide, including the redevelopment of Terminal One at John F. Kennedy International Airport, and the prospective sale would come from New Mountain Capital. Bloomberg said the transaction could be announced in the coming weeks. (bloomberg.com) At the same time, some investors are trying to cut exposure rather than add it. Bloomberg reported on April 13 that Ping An Insurance Group was seeking to sell stakes in software-focused private equity funds worth about $1 billion. (bloomberg.com) That sale process began in March and is being advised by Campbell Lutyens, according to reports picked up from Bloomberg. Secondaries Investor reported Ping An completed an $850 million portfolio transaction in 2024, also using private equity stakes as part of a reshuffling. (secondariesinvestor.com) (bloomberg.com) Put together, the moves show a market where money is still flowing, but not evenly: a new firm with a well-known founder can raise at record scale, a sponsor can still line up a multibillion-dollar acquisition, and a large insurer can simultaneously head for the secondary market to lighten old positions. (bloomberg.com 1) (bloomberg.com 2) (bloomberg.com 3)
