# Placement Agents in Private Equity 2026: 18 Agents Behind 22 New Funds > 22 private equity and venture funds named a placement agent in 2026, raising $42.8B between them, and Lazard and Evercore led. What placement agents do, what they charge and which managers hired which agent. Guides · 11 November 2026 · by Giorgio Fenancio · https://privateequitylist.com/intelligence/placement-agents **Key takeaways** - **The short answer:** a placement agent is a firm a fund manager hires to raise money from limited partners. It is usually paid a success fee of 1.5–2.5% of the capital it brings in, often plus a retainer. In 2026, Lazard and Evercore were named on the most funds. - **2026 so far:** 22 private equity and venture funds in the Private Equity List tracker named a placement agent in their announcement. Together they raised $42.8B. - **Who leads:** Lazard worked on 5 of those funds ($14.2B) and Evercore on 4 ($14.2B). Monument Group had 2; 15 other agents had one each. - **Big funds use them:** the typical agent-backed fund was $1.1B, against $198M for all 668 new funds with a size in the tracker. - **Hard caps:** 9 of the 22 funds closed at their hard cap, including Igneo's €6B ($6.6B) infrastructure fund in six months. - **Rule change:** on 3 September 2026 the SEC proposed scrapping its pay-to-play rule, which limits which placement agents US advisers can pay to approach public pensions. - **22**: funds named a placement agent (2026, as of November) - **$42.8B**: raised by those funds (as announced) - **$1.1B**: typical agent-backed fund (the median) - **18**: placement agents named (Lazard and Evercore lead) **Capital in 2026 funds that named each placement agent** | | Value | |---|---:| | Lazard (incl. Lazard CL) | $14.2B | | Evercore Private Funds Group | $14.2B | | Falcom, POLARIS and Thrive | $3.2B | | Threadmark | $2.5B | | Jefferies | $1.9B | | Monument Group | $1.6B | | PJT Park Hill | $1.05B | | Greenstone Equity Partners | $1.0B | | Probitas Partners | $0.9B | | Harris Williams | $0.69B | Source: Private Equity List new-funds tracker, size as announced **Funds raised with a placement agent by manager headquarters** | | Value | |---|---:| | United States | 17 | | United Kingdom | 3 | | Norway | 1 | | China | 1 | Source: Private Equity List new-funds tracker, 2026 ## What is a placement agent in private equity **Placement agent:** a firm hired by a general partner (GP) to find and sign up limited partners (LPs) for a new fund.\ **Who it pitches:** pension funds, insurers, endowments, sovereign wealth funds, [funds of funds](https://privateequitylist.com/investors/fund-of-funds) and [family offices](https://privateequitylist.com/investors/family-office).\ **What it does:** positions the fund, prepares the deck and data room, books LP meetings and runs the process to a final close.\ **How it is regulated in the US:** placement agents are [registered as, or affiliated with, a broker-dealer](https://www.northcapital.com/blog/broker-dealer-vs-placement-agent), because they are paid on the money raised. **Who uses one:** private equity funds of $500M and more, first-time managers with a strong team but no LP base, and established firms launching a new strategy.\ **Who often skips one:** small venture funds. [SEVA Growth closed its $160M Fund II in under a month](https://fundmomentum.vc/blog/seva-growth-160m-fund-ii-growth-equity-2026) with no placement agent and no investor-relations team. ## Placement agent fees: success fee, retainer and tail - **1.5–2.5%**: success fee (of capital the agent brings in) - **$25–100K**: retainer (upfront, sometimes credited to the fee) - **12–24 months**: tail (fees on introduced LPs after the mandate ends) - **100%**: fee offset (if the fund pays, per ILPA) **Success fee:** [1.5–2.5% of capital raised](https://pipelineroad.com/blog/placement-agent-fees-2026), counted on LPs the agent introduced or helped convert. A glossary from Umbrex puts it at [1–2% of total commitments](https://umbrex.com/resources/private-equity-glossary/placement-agent/).\ **Bigger raises pay less:** the same 2026 guide gives 2.0–2.5% under $100M, 1.5–2.0% for $100–500M and 1.0–1.5% above $500M.\ **Retainer:** most agents charge $25,000–100,000 upfront; some credit it against the success fee, others do not.\ **Expenses:** travel, events and materials can add $10,000–50,000 or more.\ **Who pays:** [ILPA Principles 3.0](https://ilpa.org/wp-content/flash/ILPA%20Principles%203.0/inc/html/16.html) say the manager should bear placement fees. If the fund pays them, the management fee should be fully offset.
TermTypical rangeWhat to negotiate
Success fee1.0–2.5% of commitmentsFee only on LPs the agent introduced; a lower rate on re-ups from existing LPs
Retainer$25,000–100,000Credit against the success fee
Tail12–24 monthsA named list of introduced LPs, not everyone the agent emailed
Expenses$10,000–50,000+A cap and pre-approval above it
Who paysThe managerA 100% management fee offset if any fee hits the fund
**Illustrative example, not data:** a manager raises a $300M fund and the agent brings in $150M of it. At 2%, the success fee is $3M, plus a $50,000 retainer. ## Placement agents behind 2026 funds: Lazard, Evercore and 16 more **Biggest 2026 funds raised with a placement agent** | | Value | |---|---:| | Igneo, European Diversified Infrastructure | $6.6B | | Arctos Keystone Partners Fund I | $6.2B | | LS Power Equity Partners VI | $6.0B | | Wind Point Fund XI | $3.2B | | Kingswood Opportunities Fund IV | $3.1B | | Ara Energy Fund I | $2.5B | | LLCP Lower Middle Market IV | $2.0B | | Capitol Meridian Fund II | $1.9B | Source: Private Equity List new-funds tracker, size as announced **Typical new fund size, 2026** | | Value | |---|---:| | Funds that named a placement agent | $1,125M | | All new private equity funds | $770M | | All new funds | $198M | Source: Private Equity List new-funds tracker, the median **At least 14 of the 123 funds of $1B or more** in the tracker this year named a placement agent. Many press releases leave the agent out, so the real share is higher.\ **Lazard CL:** Lazard [completed its purchase of Campbell Lutyens on 4 November 2026](https://www.dealstreetasia.com/?p=500004). The new unit, Lazard CL, has more than 300 advisory professionals in 19 offices and reaches about 4,000 institutional investors.\ **Evercore's group** ran the two largest US mandates in the tracker: Arctos ($6.2B) and LS Power ($6B, shared with two other agents). ### Placement agents for US funds 17 of the 22 funds are run from the United States, with $33.7B between them. - **[Arctos](https://privateequitylist.com/investors/arctos)** [closed Arctos Keystone Partners Fund I at $6.2B](https://pulse2.com/arctos-keystone-partners-fund-i-closes-at-6-2-billion/), a new strategy backing alternative asset managers. Evercore Private Funds Group was the exclusive global placement agent. - **[LS Power](https://privateequitylist.com/investors/ls-power)** [raised $6B for its oversubscribed Fund VI](https://pulse2.com/ls-power-raises-6-billion-for-oversubscribed-fund-vi/) for power and energy infrastructure. Evercore Private Funds Group, Leader Capital Markets and Magenta Capital Services shared the mandate. - **[Wind Point Partners](https://privateequitylist.com/investors/wind-point-partners)** [closed Fund XI at $3.2B](https://pulse2.com/wind-point-partners-closes-oversubscribed-3-2-billion-fund-xi-for-middle-market-investments/) for middle-market buyouts. Three placement advisers worked on it: Falcom Asset Management, POLARIS Investment Advisory and Thrive Alternatives Capital Advisory. - **[Kingswood Capital Management](https://privateequitylist.com/investors/kingswood-capital-management-lp)** [raised $4B across two funds](https://pulse2.com/kingswood-capital-management-raises-4-billion-across-two-oversubscribed-funds/), $3.1B of it in Opportunities Fund IV. Lazard was the exclusive placement agent for both. - **[Ara Partners](https://privateequitylist.com/investors/ara-partners)** [closed its first energy fund at a $2.5B hard cap](https://pulse2.com/ara-partners-closes-2-5-billion-inaugural-energy-fund-at-hard-cap/), with Threadmark as global placement agent. - **[Levine Leichtman Capital Partners](https://privateequitylist.com/investors/levine-leichtman-capital-partners)** [hit the $2B hard cap on Lower Middle Market IV](https://pulse2.com/llcp-closes-lower-middle-market-iv-at-2-billion-hard-cap/), up from $1.4B for Fund III. Lazard was lead placement agent. - **[Capitol Meridian Partners](https://privateequitylist.com/investors/capitol-meridian-partners)** [raised $1.9B for Fund II at its hard cap](https://pulse2.com/capitol-meridian-partners-raises-1-9-billion-for-second-fund-at-hard-cap/), about double its first fund. Jefferies acted as adviser and global placement agent. - **[Consonance Capital Partners](https://privateequitylist.com/investors/consonance-capital-partners)** [closed its third healthcare fund at a $1.35B hard cap](https://pulse2.com/consonance-capital-partners-closes-oversubscribed-1-35-billion-third-fund/). Monument Group was the global placement agent. - **[Princeton Equity Group](https://privateequitylist.com/investors/princeton-ventures)** [raised $1.3B for Fund III at its hard cap](https://pulse2.com/princeton-equity-group-raises-1-3-billion-fund-iii-at-hard-cap/) to back franchise and multi-location businesses. Lazard was the exclusive placement agent. - **[TruArc Partners](https://privateequitylist.com/investors/truarc-partners)** [raised $1.2B for Fund V](https://pulse2.com/truarc-partners-raises-1-2-billion-for-fund-v/), about $360M more than Fund IV, with Lazard as exclusive global placement agent. - **[Aphias Capital](https://privateequitylist.com/investors/aphias-capital)**, founded in 2025 by a team from H.I.G. Capital, [closed an oversubscribed $1.05B Fund I](https://pulse2.com/aphias-capital-closes-oversubscribed-1-05-billion-fund-i/). PJT Park Hill was the exclusive placement agent. - **[BlackSun Private Equity](https://privateequitylist.com/investors/blacksun-private-equity)** [said it raised an initial $1B for Mega Fund I](https://pulse2.com/blacksun-raises-1-billion-for-mega-fund-i-targets-7-billion-across-sports-media-and-technology/) and targets $7B. It appointed Greenstone Equity Partners, which raises money from investors in Saudi Arabia, Kuwait, Oman, Qatar and the UAE. - **[Conifer Infrastructure Partners](https://privateequitylist.com/investors/conifer-infrastructure-partners)** [closed its first fund at $900M](https://vcwire.tech/2026/06/17/conifer-infrastructure-partners-closes-inaugural-fund-at-900m/). Probitas Partners was the exclusive placement adviser. - **[GEM](https://privateequitylist.com/investors/gem)** [closed Independent Sponsors Fund II at $685M](https://pulse2.com/gem-closes-685-million-independent-sponsors-fund-ii-to-expand-lower-middle-market-private-equity-investments/) to back lower middle market deals by [independent sponsors](https://privateequitylist.com/intelligence/independent-sponsors). Harris Williams was the exclusive placement agent. - **[Dominus Capital](https://privateequitylist.com/investors/dominus-capital)** [beat its target with a $640M Fund IV](https://peprofessional.com/2026/04/dominus-surpasses-target-in-640-million-fund-iv-close/) for services and industrial companies. Asante Capital Group was the placement agent. - **[Broadwing Capital Management](https://privateequitylist.com/investors/broadwing-capital-management)** [raised $440M for its debut fund](https://peprofessional.com/2026/08/broadwing-capital-takes-flight-with-a-440-million-debut-fund/), with Raymond James as placement agent. - **[5th Century Partners](https://privateequitylist.com/investors/5th-century-partners)** [closed Fund II at $276M](https://vcwire.tech/2026/05/07/5th-century-partners-closes-fund-ii-at-276m/) with Monument Group as exclusive placement agent. ### Placement agents in the UK and Europe Four European managers named an agent, with $8.8B between them. All four closed at their hard cap. - **[Igneo Infrastructure Partners](https://privateequitylist.com/investors/igneo-infrastructure-partners)** [closed its European Diversified Infrastructure strategy at a €6B ($6.6B) hard cap](https://pulse2.com/igneo-infrastructure-partners-closes-e6-billion-european-diversified-infrastructure-strategy-at-hard-cap/) within six months. Lazard CL was the global placement agent. - **[Bregal Milestone](https://privateequitylist.com/investors/bregal-milestone)** [closed Fund III at a €915M ($1.0B) hard cap](https://pulse2.com/bregal-milestone-closes-fund-iii-at-e915-million-hard-cap/) for European software. Its LPs came from Europe, North America, South America and Asia; Evercore Private Funds Group was the global placement agent. - **[Preservation Capital Partners](https://privateequitylist.com/investors/preservation-capital-partners)** in London [closed PCP Fund III at a €877M ($965M) hard cap](https://pulse2.com/preservation-capital-partners-closes-pcp-fund-iii-at-e877-million-hard-cap/). Evercore was strategic adviser and global placement agent. - **[Longship](https://privateequitylist.com/investors/longship-as)** in Oslo [closed Fund IV at a NOK 2.4B ($228M) hard cap in 11 weeks](https://pulse2.com/longship-closes-fourth-fund-at-nok-2-4-billion-hard-cap-in-11-weeks/). Rede Partners advised on the fundraise. ### Placement agents in Asia and the Gulf - **[BA Capital](https://privateequitylist.com/investors/ba-capital)** in Shanghai [closed its second US dollar fund at $225M](https://www.dealstreetasia.com/stories/ba-capital-second-usd-fund-489841) for consumer brands. Eaton Partners, a Stifel company, was the exclusive global placement agent. - **Gulf LPs:** BlackSun hired Greenstone Equity Partners for investors in Saudi Arabia, Kuwait, Oman, Qatar and the UAE (see above). ## Placement agents to know in 2026
Placement agentOwner or type2026 funds in the trackerClients
Lazard / Lazard CLLazard; Campbell Lutyens joined in November 20265 funds, $14.2BIgneo, Kingswood, LLCP, Princeton Equity, TruArc
Evercore Private Funds GroupEvercore4 funds, $14.2BArctos, LS Power, Bregal Milestone, Preservation Capital
Monument GroupIndependent2 funds, $1.6BConsonance, 5th Century Partners
ThreadmarkAdvisory firm1 fund, $2.5BAra Partners
JefferiesInvestment bank1 fund, $1.9BCapitol Meridian
PJT Park HillPJT Partners1 fund, $1.05BAphias Capital
Greenstone Equity PartnersGulf investor specialist1 fund, $1BBlackSun
Probitas PartnersIndependent1 fund, $900MConifer Infrastructure
Harris WilliamsInvestment bank1 fund, $685MGEM
Asante Capital GroupIndependent1 fund, $640MDominus Capital
Raymond JamesInvestment bank1 fund, $440MBroadwing
Rede PartnersIndependent1 fund, $228MLongship
Eaton PartnersStifel1 fund, $225MBA Capital
Falcom, POLARIS and ThrivePlacement advisers1 fund, $3.2BWind Point Partners
Leader Capital Markets, Magenta Capital ServicesCo-agents with Evercore1 fund, $6BLS Power
**Independent agents:** Asante, Probitas, Rede, Monument and Campbell Lutyens were listed as [independent or team-owned in a 2026 comparison by spectup](https://www.spectup.com/comparison/best-private-placement-agency). Campbell Lutyens is now part of Lazard.\ **Bank-owned groups:** the same comparison places Eaton Partners (Stifel), Lazard, PJT Park Hill and Evercore inside a bank or listed group. ## Placement agent vs broker-dealer vs in-house investor relations
Placement agentBroker-dealerIn-house investor relations
What it doesRaises one fund from institutional LPsSells securities of many kinds to many clientsRuns LP relationships for the firm, fund after fund
How it is paidSuccess fee on capital raised, often a retainerCommissions and feesSalary and bonus
US registrationRegistered as, or affiliated with, a broker-dealerRegistered with the SEC and FINRAStaff of the manager
Best forFunds of $500M+, first funds, new strategies, new regionsWider private placements and dealsRe-ups from existing LPs
2026 exampleLazard on Kingswood's $3.1B Fund IVJefferies and Raymond James also act as placement agentsSEVA Growth's $160M Fund II, no agent
**Pay-to-play:** the SEC's Rule 206(4)-5 bars US advisers from paying a third party to solicit a government client unless that party is a "regulated person", such as a broker-dealer under [FINRA Rule 2030](https://www.finra.org/rules-guidance/rulebooks/finra-rules/2030).\ **2026 proposal:** on 3 September 2026 the SEC [proposed rescinding Rule 206(4)-5](https://www.sidley.com/en/insights/newsupdates/2026/09/sec-proposes-to-rescind-investment-adviser-pay-to-play-rule). FINRA Rule 2030 and pension procurement policies would still apply.\ **Check an agent:** look up the firm and its people on [FINRA BrokerCheck](https://brokercheck.finra.org/) before you sign. ## When fund managers hire a placement agent **First funds:** Conifer ($900M), Aphias ($1.05B) and Broadwing ($440M) all used an agent for their first fund.\ **New strategies:** Arctos used Evercore for its first Keystone fund; Ara used Threadmark for its first energy fund.\ **New regions:** BlackSun hired a Gulf specialist; BA Capital used Eaton Partners for a US dollar fund run from Shanghai.\ **Very large raises:** LS Power split its $6B Fund VI between three agents; Kingswood used Lazard for two funds at once.\ **Speed:** Longship reached its hard cap in 11 weeks and Igneo in six months, both with an agent.\ **When not to:** a manager with a short LP list and strong re-ups can skip it, as SEVA Growth did. ## How to find a placement agent, or raise without one **Read fund announcements:** the agent is named near the end of most press releases. Our [new VC funds](https://privateequitylist.com/new-vc-funds) tracker lists fresh closes with links to each one.\ **Match on size and strategy:** Lazard and Evercore worked on funds of $965M and up in 2026; Asante, Raymond James, Rede and Eaton on $225–640M funds.\ **Ask peers and LPs:** managers whose last fund closed at hard cap are the best reference.\ **Interview three:** ask how many LPs they will actually bring, the fee by tier and the exact tail list.\ **Raise it yourself:** build the target list in an [LP database](https://privateequitylist.com/intelligence/lp-database), add a [family office list](https://privateequitylist.com/intelligence/family-office-list) and reach investment teams through an [investor email list](https://privateequitylist.com/intelligence/investor-email-list). The [capital raise](https://privateequitylist.com/intelligence/capital-raise) guide covers the process step by step.\ **Search the catalogue:** filter [private equity firms](https://privateequitylist.com/investors/private-equity), [funds of funds](https://privateequitylist.com/investors/fund-of-funds) and [family offices](https://privateequitylist.com/investors/family-office) by country and cheque size; contacts come with the [Pro plan](https://privateequitylist.com/pricing). ## Data and methodology **Funds:** 22 funds from the Private Equity List new-funds tracker, announced 1 January–11 November 2026, whose announcement names a placement agent or placement adviser. Data as of 11 November 2026.\ **Checks:** each fund manager has a published Private Equity List profile; duplicate announcements were merged, a manager acting as its own agent and a continuation-vehicle adviser were left out.\ **Sizes:** as announced, converted to US dollars by the tracker; "typical" is the median of 668 verified 2026 funds with a size.\ **External figures:** fees, ILPA guidance, SEC and FINRA rules and the Lazard CL deal are linked to their sources in the text. ## FAQ ### What is the role of a placement agent? A placement agent raises money for a fund manager from limited partners such as pension funds, insurers, funds of funds and family offices. It positions the fund, books LP meetings and runs the process to a final close. In 2026, 22 funds in the Private Equity List tracker named one, with $42.8B between them. ### How do placement agents get paid? Mostly through a success fee on the capital they bring in, often with an upfront retainer of $25,000–100,000 and expenses on top. A tail of 12–24 months lets the agent earn fees on LPs it introduced after the mandate ends. ILPA guidance says the fund manager, not the fund, should pay the fee. ### What is the typical fee for a placement agent? Usually 1.5–2.5% of the capital the agent raises, with lower rates on bigger funds: about 2.0–2.5% under $100M and 1.0–1.5% above $500M. On a $300M fund where the agent brings in $150M, a 2% fee comes to $3M. ### Who are the largest placement agents in private equity? In 2026 fund announcements tracked by Private Equity List, Lazard (including Lazard CL, formerly Campbell Lutyens) was named on 5 funds worth $14.2B and Evercore Private Funds Group on 4 worth $14.2B. Monument Group had 2; PJT Park Hill, Jefferies, Threadmark, Probitas, Asante, Rede and Eaton Partners had one each. ### Do emerging managers need a placement agent? Not always. Conifer ($900M), Aphias ($1.05B) and Broadwing ($440M) used agents for their first funds, while SEVA Growth closed a $160M fund in under a month without one. Managers raising smaller funds often build their own LP list from an LP database and family office lists instead.