Sands Capital Closes $1.1B Growth Fund with CPP, Hamilton Lane
Sands Capital closed Global Innovation Fund III at $1.1B, oversubscribed with backing from anchor investors CPP and Hamilton Lane. The fund targets mid- to late-stage technology companies approaching public market transitions and adds to the firm’s broader $51B growth platform. Alongside this, CBRE Investment Management raised $1.87B for its latest Asia-Pacific value add real estate fund, reaching $2.12B including co-investment capital and surpassing its $1.5B target.
Additional GP fundraising activity includes Kotak Alternate Asset Managers launching its third private credit fund targeting up to $2B, with a $1.5B first close expected shortly, and Ariel Investments advancing its inaugural women’s sports fund toward a $1B target following a $250M initial close.
Allocator activity remained steady across commitments and searches. LACERA approved $416M in private equity allocations, including $350M to AE Industrial Partners IV and co-investments alongside Kingswood and Primary. Tennessee CRS committed roughly $415M across Hayfin, Inflexion, and Bregal Sagemount strategies. Taiwan’s Bureau of Labor Funds launched a $1.6B global passive bond manager search, while Memphis Light, Gas & Water shortlisted three managers for a $52M real estate allocation across pension and OPEB portfolios.
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Where Private Markets Fundraising Is Actually Happening
Private markets fundraising remains concentrated at the top.
Many of the largest managers continue to dominate capital formation, launching multi-billion-dollar successor funds while also expanding into adjacent strategies like secondaries, GP stakes, and thematic vehicles. At the same time, emerging managers and middle-market firms are still bringing new funds to market across buyout, credit, infrastructure, and venture.
Dakota’s latest research report breaks down new private fund launches and notable closes from February 2026, highlighting where capital is flowing across the private markets landscape.
The report tracks Form D activity, major fundraising milestones, and emerging strategy trends — giving allocators, fundraisers, and advisors a quick, signal-driven view of the market.