February 27, 2026
Novacap Closes $3.8B Tech Fund VII Above Target
Novacap closed its seventh technology-focused buyout fund at nearly $3.8B, exceeding its $2.75B target and marking the firm’s largest vehicle to date. Fund VII, which targets middle-market B2B software and technology-enabled services across North America, received a $32M commitment from the Rhode Island State Pension and brings the firm’s total AUM above $12B.
In other private fund milestones, Arcmont Asset Management closed Arcmont Capital Solutions II at €1.5B across the main fund and related vehicles, nearly doubling its predecessor as it continues to scale its European private credit capital solutions strategy. In venture, Deutsche Telekom’s DTCP launched a new €200M early-stage deep tech fund focused on AI, quantum computing, connectivity, cybersecurity, and space technologies. In emerging markets infrastructure, Eversource Capital began marketing a $700M second green infrastructure fund targeting India and South Asia.
Allocator activity was active across public pensions. The Florida State Board of Administration disclosed roughly $2.3B in new private markets commitments across 19 funds in the fourth quarter, including $300M to Systematica BBS Feeder Fund and multiple $200M allocations spanning private equity, natural resources, and market access strategies. The Montana Board of Investments committed $200M across tactical credit, real estate debt, and a debut fund commitment to Highland Rim Capital.
In people news, CPP Investments named David Colla global head of credit investments, while Star Mountain Capital and Adams Street Partners announced senior investor-facing appointments as firms continue to position teams for ongoing capital formation efforts.
Read on for all the day’s fundraising news headlines.
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INVESTMENTS & SEARCHES
Europe’s MFO Market Has Institutionalized — Fast.
In a new overview by our Head of International, James Goodman, we break down how the $430B merger of Stanhope Capital Group x Stonehage Fleming x Corient reshaped the European multi-family office landscape.
2026 platforms to watch:
• Stanhope Capital Group / Corient ($430B, London) – Institutional-scale allocator; $29–$59M pooled tickets; structured co-invest as standard.
• Marcuard Family Office ($6.8B, Zurich) – Swiss fiduciary model; $18–$35M commitments.
• Crescendo Group ($3B, Geneva) – Endowment-style; $12–$29M tickets.
European MFOs now deploy larger pools, tighter underwriting, and long-term capital partnerships.