26North founder Josh Harris.
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26North has closed its debut private equity fund with nearly $5.9 billion of investor commitments, a success that defies the fundraising fatigue that has weighed most heavily on smaller buyout firms and emerging managers.
The New York-based alternative investment firm, launched in 2022 by Apollo Global Management co-founder Josh Harris, surpassed its $4 billion target for 26N Private Equity Partners I by nearly 50%.
It is the largest first-time US private equity fund yet raised, topping the $4.5 billion collected by Haveli Investments, started by Vista Equity Partners co-founder Brian Sheth, for its software-focused debt in 2025.
26North manages over $35 billion in assets across private equity, private credit and insurance investments, according to a statement.
Harris seeded the fund with his own capital, according to a firm spokesperson. The vehicle also drew commitments from institutional LPs and family offices, including Indiana Public Retirement System, Eagle Life Insurance Company and the Rutgers University Endowment.
The fortunes of new firms founded by industry heavyweights, such as Harris and Sheth, stand in stark contrast to those of the average younger fund manager. LP capital is increasingly gravitating toward the largest, more established firms amid sluggish exits, slower distributions and uneven performance across the industry.
First-time funds amassed $5.7 billion in all of 2025—down roughly 35% from the previous year and two-thirds below the 2023 peak—with only 18 vehicles reaching final closes, the lowest since 2020.
This mirrors a downward trend for fundraising across the middle market. US midsized PE funds, those raising between $100 million and $5 billion, collected $94.8 billion in 2025, down 43.3% from the previous year and the lowest annual tally since 2018. Only 120 mid-market vehicles crossed the finish line, a 41.5% year-over-year decline and the lowest count in a decade, according to PitchBook data.
Still, Harris and head of PE Mark Weinberg described the middle market as “large, under-resourced and typically overlooked by firms that prioritize scale.”
26North’s new fund targets sectors including industrials, technology, media and telecommunications, and services.
It has already made seven investments through buyouts, carveouts and structured equity strategies. Among them are Bruin Capital, a sports investment firm; Intermedia Intelligent Communications, an AI-powered cloud communications provider; and Composition Brands, a kitchen appliances manufacturer formed from 26North’s acquisition of the consumer brands division of cooking equipment manufacturer Middleby.
This article originally appeared on PitchBook News