Triton Closes €5.5B Fund VI as Orion Raises $2.2B for Mine Finance Fund IV
Triton Partners led the day’s fundraising slate with a €5.5B close for Triton Fund VI, its largest flagship middle-market fund to date. Orion Resource Partners also closed above the billion-dollar mark, raising $2.2B for Orion Mine Finance Fund IV, its largest fund yet for metals and critical minerals financing.
In other GP activity, PX3 Partners has reportedly formally begun preparations for its second fund, hiring Lazard after closing its €500M debut fund at its hard cap in May 2025. Former Peak XV managing directors Shailesh Lakhani, Harshjit Sethi, and Mayank Porwal are also in early LP talks for Ambition Capital, a planned $250M India-focused early-stage vehicle targeting consumer, AI, deep tech, and fintech deals. And Lightrock is targeting $150M to $200M for Africa Fund II as it returns to market for a second Africa-focused vehicle, with IFC considering a commitment of up to $20M, plus a $5M co-investment envelope.
On the allocator side, North Dakota’s State Investment Board committed $85M to PRISA III, split between its pension and legacy pools, and separately shifted about $407M in public equities to Principal International. And in a recent episode of the Dakota Live! podcast, university endowment investors described continued appetite for private equity commitments but with heavier emphasis on manager integrity, operational diligence, portfolio fit, and liquidity planning.
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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.
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