26North raises near $6B

Josh Harris’s 26North Partners has closed its first private-equity fund with about $5.9 billion, the biggest first-time United States haul on record. (bloomberg.com) 26North said the fund’s final close came in above its $4 billion target, with commitments from institutional investors, family offices and insurance capital. The firm announced the close on April 13. (morningstar.com) PitchBook said the total topped the previous first-time United States private-equity fundraising record of $4.5 billion set by Haveli Investments. A 26North spokesperson also said Harris seeded the vehicle with his own capital. (pitchbook.com) The fund gives 26North a much larger pool of buyout money as many smaller firms are still struggling to raise new vehicles. PitchBook said the firm’s fundraising stood out against a market that has been difficult for newer managers. (finance.yahoo.com) Private equity funds buy companies with investor money and borrowed money, then try to sell them later at a higher value. 26North has said this fund will pursue corporate partnerships, carveouts, structured equity and debt, and opportunistic buyouts in the middle market. (buyoutsinsider.com) Harris founded 26North in 2022 after leaving Apollo Global Management, the alternative-asset giant he co-founded. 26North launched that year with more than $5 billion in assets under management. (prnewswire.com) The firm now says it manages more than $35 billion across private equity, private credit, insurance and reinsurance strategies. Its recent deals include an agreement announced on March 31 to acquire cloud-communications company Intermedia. (morningstar.com) (intermedia.com) Harris is also managing partner of the National Football League’s Washington Commanders and a co-founder of Harris Blitzer Sports & Entertainment, which owns the Philadelphia 76ers and New Jersey Devils. The new fund shows investors were willing to back his next firm at scale less than four years after 26North launched. (commanders.com) (hbse.com)