Key takeaways
- Small vs big: most new funds were small, but a few giant ones took most of the money.
- Where: US managers launched the most funds. Europe had the most money, thanks to CVC and ICG.
- AI: almost half of the new funds focus on AI.
- First funds: 23 managers raised their first fund.
87new fundsfrom 87 managers
$98.5Btotal fund size85 funds with a size
$133Mtypical fundthe median
21countrieswhere the managers are based
| 77 | 123 | 94 | 80 | 81 | +7.4% on Aug87 |
| Apr | May | Jun | Jul | Aug | Sep |
|---|
Source: Private Equity List database
87 funds
| North America | 36 | 41.4% |
|---|---|---|
| Europe | 28 | 32.2% |
| Asia | 18 | 20.7% |
| Other | 5 | 5.7% |
Source: Private Equity List database
| Apr | 20.8% |
|---|---|
| May | 21.1% |
| Jun | 37.2% |
| Jul | 45.0% |
| Aug | 48.1% |
| Sep | 44.8% |
Source: Private Equity List database
Fund sizes: many small funds, a few giant ones
Takeaways
- 14 funds of $1B or more hold 86% of the money.
- 36 funds are under $100M. Together they hold less than 2%.
Biggest fund: CVC's Europe / Americas Fund X. Its €26B ($28.6B) is a target, not money already raised. Without it, the month's total is $69.9B instead of $98.5B.
Second biggest: ICG Europe Fund IX, which closed at €12B ($13.2B). Together, these two make up 42% of the total.
Smallest funds: all 18 funds under $50M are venture funds.
Geography: the US leads on count, Europe on money
Takeaways
- US managers launched 32 funds, more than any other country.
- Europe launched 28 funds, up from 11 in August.
- Europe holds 58% of the money, mostly because of CVC and ICG.
 United States | |
|---|---|
 United Kingdom | |
 India | |
 Singapore | |
 Germany | |
 Canada | |
 Italy | |
 Israel | |
 Switzerland | |
 South Africa | |
 Luxembourg | |
 France |
Source: Private Equity List database
One fund each: 
Taiwan, 
Japan, 
Poland, 
Hong Kong, 
Finland, 
Denmark, 
Vietnam, 
Belgium and 
Thailand.
Fund size by country: the typical UK fund was $255M, against $156M in the US and $79M in India.
Investing in Asia: 18 funds come from Asia, but 38 plan to invest there.
AI share: almost half of new funds
Takeaways
- 45% of new funds focus on AI.
- Among venture funds it is 60%. Among private equity funds, 12%.
Not a one-off: the AI share has been above 37% every month since June.
Private equity: financial services is on 39% of these funds and real estate on 15%.
- Energy and climate: 19 funds, such as Airnergize Capital's $239M Clean Energy Fund in Johannesburg.
- Robotics: 13 funds, almost all venture.
- Defence and aerospace: 9 funds, such as DTCP Defence Fund I ($500M) and Protego Ventures Fund I ($125M).
- Cybersecurity: 7 funds.
Top 10 biggest funds of September 2026
Takeaways
- The top 10 range from $1.6B to $28.6B. Six come from US managers.
- Two are pure venture funds, Bessemer's and Bain Capital Ventures', and both focus on AI.
- CVC set a €26B ($28.6B) initial target for Europe / Americas Fund X, the month's largest fund. The firm works across private equity, secondaries, credit and infrastructure from 29 offices.
- Intermediate Capital Group (ICG) closed ICG Europe Fund IX at a record €12B ($13.2B). The London firm, founded in 1989, gives companies flexible capital.
- CVC Secondary Partners raised $10B for Secondary Opportunities Fund VI. It is CVC's arm for buying stakes in existing buyout funds.
- Goldman Sachs ESSG raised $9.6B for West Street Capital Partners IX, part of $11.7B across three private equity funds. The money goes to late-stage companies in business services, medical devices and cybersecurity.
- Bessemer Venture Partners raised $5.75B for its AI Era Early and Growth Stage Fund, with cheques from seed to growth in AI, SaaS and developer tools. The firm dates back to 1911.
- Ares Private Equity Group held the final close of Japan Logistics Development Partners V at $4.0B, a real estate fund that develops logistics property in Japan.
- Siguler Guff raised a record $3.0B for Small Buyout Opportunities Fund VI. Its target is founder-owned US businesses in business and financial services.
- HarbourVest Partners reportedly raised $2.4B for its Private Credit Secondaries Strategy Fund. The firm has invested in other funds, secondaries and co-investments for more than 40 years.
- Brookfield is aiming for a $1.8B first close for the Brookfield China Renewable Fund, its first renminbi fund for energy and cleantech in China.
- Bain Capital Ventures raised about $1.6B for the Life After AGI Fund, investing from seed to growth in AI, fintech and security.
First funds: meet the newcomers
Takeaways
- 23 managers raised a first fund. The typical size was $76M.
- 47 of the 87 managers were new to PEL.
Big firms too: Morgan Stanley ($1.3B growth fund) and DTCP ($500M defence fund) also launched first funds.
- Bramble Partners is raising a $127M Fund I for Series A to late-stage foodtech, with Tesco as an anchor investor. Founder Henry Dimbleby co-founded the Leon restaurant chain.
- Protego Ventures closed a $125M debut fund for Israeli defence tech at Series B and later. Ares Management is one of its investors.
- Cosmos Ventures launched a $77.6M Fund I for pre-seed and seed AI founders. It grew out of the Cosmos Institute, which brings philosophers and AI builders together.
- Enable Ventures closed a $50.3M debut fund for disability-focused tech at seed and Series A. Founder Gina Kline is a former civil rights lawyer.
- Rohati Capital closed its $50M inaugural fund. The former Amazon executives who built Amazon Lending back fintech and AI from seed to Series B.
- NewSchool VC closed a €10M ($11M) debut fund for Belgian B2B tech, run by one GP who writes small pre-seed and seed cheques.
Young managers: of September's managers with a known founding year, 40% started in 2020 or later.
FAQ
How many new private equity and venture capital funds launched in September 2026?
Private Equity List recorded 87 new funds from 87 managers with a September 2026 launch date, as of 1 October 2026. 72% carry a venture capital tag and 38% a private equity tag; some carry both.
What was the largest fund launched in September 2026?
By recorded size, CVC's Europe / Americas Fund X, which set an initial target of €26B ($28.6B). The largest fund that announced a close was ICG Europe Fund IX at €12B ($13.2B), followed by CVC Secondary Partners' $10B Secondary Opportunities Fund VI.
How big was a typical new fund in September 2026?
The median recorded size across the 85 funds with a size was $133M. The median VC-tagged fund was $87M and the median PE-tagged fund $415M. 36 funds were below $100M, while 14 were $1B or larger and held 86% of recorded capital.
Which countries launched the most new funds in September 2026?
Managers based in the United States launched 32 of the 87 funds, followed by the United Kingdom with 11, India with 9, and Singapore, Germany and Canada with 4 each. Managers in 21 countries launched at least one fund.
How many September 2026 funds focus on AI?
39 of the 87 funds (45%) carry an AI tag, including 38 of the 63 VC funds. Over the previous 11 months the share was 29%, while July and August 2026 were at 45% and 48%.
How many of the new funds were first funds?
23 of the 87 (26%) were first funds, named Fund I or described as a debut, inaugural or maiden fund. Their median size was $76M. Examples include Rising Point Capital Management Fund I at $325M and Protego Ventures Fund I at $125M.
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