March 10, 2026
Truelink Capital Hits $2B Hard Cap for Fund II
Truelink Capital closed its second flagship buyout vehicle, Truelink Capital II, at its $2B hard cap after surpassing its $1.5B target in roughly three months. The Los Angeles-based middle market firm focuses on technology-enabled services and industrials and previously raised $875M for its debut fund.
Separately, Morgan Stanley Real Estate Investing is targeting $4B for North Haven Real Estate Fund XI Global and has raised $2.88B since opening subscriptions in September of last year. In venture debt, London-based Atempo Growth reached a third close of €455M for its second fund and expects a final close by the end of the third quarter, with commitments from investors including the European Investment Fund, British Business Bank Investments, Banco Santander, CDP Venture Capital, and DECALIA.
Turning to allocators, Dakota captured $2.5B of new mandates entering the search pipeline in February alongside $3.5B of pacing plan updates spanning private equity, private credit, real estate, and real assets.
Recent disclosures from public pensions also detailed significant private markets allocations. North Carolina Retirement Systems reported $3.8B of commitments across private equity, real estate, and hedge funds between December and January, including a $1B allocation to AH 2026 Fund Multiplexer II and several individual commitments exceeding $100M, and the Connecticut Retirement Plans and Trust Funds is reviewing staff recommendations totaling $1.7B across several private markets strategies
Meanwhile, industry survey data from Aviva Investors indicates institutional allocators are continuing to expand private markets exposure, with infrastructure, private credit, and asset-based lending attracting growing attention even as direct lending remains the largest destination for incremental allocations.
In people news, Pension Insurance Corporation named Mike Eakins as CIO following Athora’s acquisition of the firm, while Mercer New Zealand appointed former NZ Super Fund executive Del Hart as CIO.
Read on for all the day’s fundraising news headlines.
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INVESTMENTS & SEARCHES
AI Capital Surges, Fundraising Holds Strong, and $460B in Deals Mark February Activity
Private markets momentum continued in February as capital concentrated in AI infrastructure, cybersecurity, and healthcare innovation. OpenAI raised $110B, the largest private technology financing ever, while Anthropic secured $30B to expand frontier AI development.
Large sponsors continued to attract capital, with Veritas Capital closing $15.3B and venture platforms like Thrive Capital raising $10B+. Dakota tracked roughly 1,500 announced deals totaling ~$460B, including CyberArk ($25B), Waymo ($16B), and the $18.8B combination of BD’s Biosciences unit with Waters, signaling continued acceleration in private market activity.
Download the full February 2026 Private Markets Review to see where capital is concentrating and how investors are positioning across private markets.