General Catalyst in Early Talks for $10B Multi Fund Raise

General Catalyst is reportedly in early discussions with investors on a potential $10B capital raise spanning multiple funds, including new vintages of its growth and early stage venture strategies. 

Elsewhere, I Squared Capital is nearing a first close for its latest flagship infrastructure fund that is expected to exceed $10B, putting the vehicle on track toward a $15B target roughly nine months after launch. In Europe, RGreen Invest closed its fifth energy transition vehicle with €900M in commitments, and in the secondaries market, Glade Brook Capital Partners raised more than $1B for a GP-led continuation vehicle backed by investors including StepStone- and BlackRock-linked funds. 

Fund launches also continued across strategies, including Griffis Residential beginning fundraising for Griffis Premium Apartment Fund VII with a $550M target. Separately, Dakota’s roundup of February new fund launches shows managers are continuing to launch new vehicles despite widely cited capital raising challenges. The report also highlighted several themes shaping current launches, including growing adoption of ELTIF structures in Europe following updated regulations, product diversification as managers seek to manage idiosyncratic risks in illiquid portfolios, and continued momentum for continuation vehicles, which remain one of the fastest growing segments of the secondaries market. 

On the allocator side, activity included several concrete commitments and portfolio decisions. The New Hampshire Retirement System approved a $100M commitment to Jefferies Credit Partners Direct Lending Fund III as part of a broader three year private markets plan that prioritizes larger commitments to fewer core managers, expanded co investments and secondaries, and greater exposure to private credit. The Teachers Retirement System of Louisiana approved a $125M commitment to Bell Partners Growth and Income Fund, while Illinois’ State Universities Retirement System allocated $400M to AQR’s Helix strategy within its crisis risk offset program. 

In people news, San Bernardino County Employees’ Retirement Association appointed Thomas Kim as deputy CIO, a newly created role overseeing manager relationships and investment evaluation.

Read on for all the day’s fundraising news headlines.

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