February 23, 2026
Petershill Targets $5B for Fifth GP Stakes Fund
Petershill, part of Goldman Sachs Alternatives, is targeting $5B for its fifth flagship GP stakes fund, matching the size of Petershill IV. The vehicle will continue its strategy of acquiring minority stakes in private equity, private credit, and real estate managers, adding another large pool of capital to the GP stakes market.
In other fund-related news, Ares Management is preparing to launch a European sports, media, and entertainment opportunities fund, expanding a strategy first established in the US. Costanoa Ventures is targeting $300M for Costanoa Ventures VI and $150M for Costanoa Ascent Fund IV. Thompson Thrift closed its 2026 Multifamily Development fund with $222M in commitments from more than 350 investors to back seven Class A projects across growth markets.
Allocator activity was active across public pensions. Oklahoma Police Pension & Retirement System committed $85M across Francisco Partners VIII, Warburg Pincus Global Growth 15, TrueBridge Secondaries II, and L Squared Capital Partners V, along with $5M to Francisco Partners Agility IV, and it authorized an RFP for an open-end infrastructure strategy. Alaska Permanent executed roughly $817M in commitments and portfolio actions across private equity, real estate, private income, and absolute return, and transferred $1B from public equities to fixed income.
Texas County & District Retirement System committed €40M to Lexar Partners Fund II, while Ontario Teachers’ Pension Plan set a goal to double climate-aligned private markets investments to $70B over four years under a revised climate strategy.
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.