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.
 United States | |
|---|---|
 United Kingdom | |
 Norway | |
 China |
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 and family offices.
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, 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 with no placement agent and no investor-relations team.
Placement agent fees: success fee, retainer and tail
Success fee: 1.5–2.5% of capital raised, counted on LPs the agent introduced or helped convert. A glossary from Umbrex puts it at 1–2% of total commitments.
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 say the manager should bear placement fees. If the fund pays them, the management fee should be fully offset.
| Term | Typical range | What to negotiate |
|---|---|---|
| Success fee | 1.0–2.5% of commitments | Fee only on LPs the agent introduced; a lower rate on re-ups from existing LPs |
| Retainer | $25,000–100,000 | Credit against the success fee |
| Tail | 12–24 months | A named list of introduced LPs, not everyone the agent emailed |
| Expenses | $10,000–50,000+ | A cap and pre-approval above it |
| Who pays | The manager | A 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
| Igneo, European Diversified Infrastructure | |
|---|---|
 Arctos Keystone Partners Fund I | |
 LS Power Equity Partners VI | |
 Wind Point Fund XI | |
 Kingswood Opportunities Fund IV | |
 Ara Energy Fund I | |
 LLCP Lower Middle Market IV | |
 Capitol Meridian Fund II |
Source: Private Equity List new-funds tracker, size as announced
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. 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 closed Arctos Keystone Partners Fund I at $6.2B, a new strategy backing alternative asset managers. Evercore Private Funds Group was the exclusive global placement agent.
- LS Power raised $6B for its 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 closed Fund XI at $3.2B for middle-market buyouts. Three placement advisers worked on it: Falcom Asset Management, POLARIS Investment Advisory and Thrive Alternatives Capital Advisory.
- Kingswood Capital Management raised $4B across two funds, $3.1B of it in Opportunities Fund IV. Lazard was the exclusive placement agent for both.
- Ara Partners closed its first energy fund at a $2.5B hard cap, with Threadmark as global placement agent.
- Levine Leichtman Capital Partners hit the $2B hard cap on Lower Middle Market IV, up from $1.4B for Fund III. Lazard was lead placement agent.
- Capitol Meridian Partners raised $1.9B for Fund II at its hard cap, about double its first fund. Jefferies acted as adviser and global placement agent.
Consonance Capital Partners closed its third healthcare fund at a $1.35B hard cap. Monument Group was the global placement agent.
Princeton Equity Group raised $1.3B for Fund III at its hard cap to back franchise and multi-location businesses. Lazard was the exclusive placement agent.
TruArc Partners raised $1.2B for Fund V, about $360M more than Fund IV, with Lazard as exclusive global placement agent.
Aphias Capital, founded in 2025 by a team from H.I.G. Capital, closed an oversubscribed $1.05B Fund I. PJT Park Hill was the exclusive placement agent.
BlackSun Private Equity said it raised an initial $1B for Mega Fund I 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 closed its first fund at $900M. Probitas Partners was the exclusive placement adviser.
GEM closed Independent Sponsors Fund II at $685M to back lower middle market deals by independent sponsors. Harris Williams was the exclusive placement agent.
Dominus Capital beat its target with a $640M Fund IV for services and industrial companies. Asante Capital Group was the placement agent.
Broadwing Capital Management raised $440M for its debut fund, with Raymond James as placement agent.
5th Century Partners closed 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 closed its European Diversified Infrastructure strategy at a €6B ($6.6B) hard cap within six months. Lazard CL was the global placement agent.
Bregal Milestone closed Fund III at a €915M ($1.0B) 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 in London closed PCP Fund III at a €877M ($965M) hard cap. Evercore was strategic adviser and global placement agent.
Longship in Oslo closed Fund IV at a NOK 2.4B ($228M) hard cap in 11 weeks. Rede Partners advised on the fundraise.
Placement agents in Asia and the Gulf
BA Capital in Shanghai closed its second US dollar fund at $225M 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 agent | Owner or type | 2026 funds in the tracker | Clients |
|---|---|---|---|
| Lazard / Lazard CL | Lazard; Campbell Lutyens joined in November 2026 | 5 funds, $14.2B | Igneo, Kingswood, LLCP, Princeton Equity, TruArc |
| Evercore Private Funds Group | Evercore | 4 funds, $14.2B | Arctos, LS Power, Bregal Milestone, Preservation Capital |
| Monument Group | Independent | 2 funds, $1.6B | Consonance, 5th Century Partners |
| Threadmark | Advisory firm | 1 fund, $2.5B | Ara Partners |
| Jefferies | Investment bank | 1 fund, $1.9B | Capitol Meridian |
| PJT Park Hill | PJT Partners | 1 fund, $1.05B | Aphias Capital |
| Greenstone Equity Partners | Gulf investor specialist | 1 fund, $1B | BlackSun |
| Probitas Partners | Independent | 1 fund, $900M | Conifer Infrastructure |
| Harris Williams | Investment bank | 1 fund, $685M | GEM |
| Asante Capital Group | Independent | 1 fund, $640M | Dominus Capital |
| Raymond James | Investment bank | 1 fund, $440M | Broadwing |
| Rede Partners | Independent | 1 fund, $228M | Longship |
| Eaton Partners | Stifel | 1 fund, $225M | BA Capital |
| Falcom, POLARIS and Thrive | Placement advisers | 1 fund, $3.2B | Wind Point Partners |
| Leader Capital Markets, Magenta Capital Services | Co-agents with Evercore | 1 fund, $6B | LS Power |
Independent agents: Asante, Probitas, Rede, Monument and Campbell Lutyens were listed as independent or team-owned in a 2026 comparison by spectup. 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 agent | Broker-dealer | In-house investor relations | |
|---|---|---|---|
| What it does | Raises one fund from institutional LPs | Sells securities of many kinds to many clients | Runs LP relationships for the firm, fund after fund |
| How it is paid | Success fee on capital raised, often a retainer | Commissions and fees | Salary and bonus |
| US registration | Registered as, or affiliated with, a broker-dealer | Registered with the SEC and FINRA | Staff of the manager |
| Best for | Funds of $500M+, first funds, new strategies, new regions | Wider private placements and deals | Re-ups from existing LPs |
| 2026 example | Lazard on Kingswood's $3.1B Fund IV | Jefferies and Raymond James also act as placement agents | SEVA 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.
2026 proposal: on 3 September 2026 the SEC proposed rescinding Rule 206(4)-5. FINRA Rule 2030 and pension procurement policies would still apply.
Check an agent: look up the firm and its people on FINRA BrokerCheck 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 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, add a family office list and reach investment teams through an investor email list. The capital raise guide covers the process step by step.
Search the catalogue: filter private equity firms, funds of funds and family offices by country and cheque size; contacts come with the Pro plan.
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.
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