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Fundraising of the Year – Mid Cap
(Fund size - below USD2bn)

Creador VI (Creador)

Creador closed its sixth Southeast Asia and India-focused fund on USD 930m in March 2025, with USD 300m coming from new investors in four continents. The fund was fully subscribed a few months after launching in March 2024 with a target of USD 750m. Japan Development Bank was the sole Japanese participant in Fund V, which closed on USD 700m. Re-upping for Fund VI, it was joined by Japan Post Bank, an insurer, and an endowment. Development finance institutions are also well-represented through the International Finance Corporation, Asian Development Bank, DEG, and FinDev Canada. Creador represents FinDev’s Southeast Asia debut.

Five V Frontier Fund I (Five V Capital)

Five V Capital closed its debut Australia and New Zealand-focused lower mid-market fund in May 2025 at the hard cap of AUD 325m (USD 220m). The fundraising process took approximately eight months. The new strategy sits in between Five V’s existing mid-cap buyout and venture capital offerings. As the mid-cap funds increased in size – from AUD 250m to AUD 550m to USD 770m across the three most recent vintages – the firm wanted to continue backing smaller high-growth companies. The new fund, which makes commitments of less than AUD 40m, has already backed the likes of DyFlex Solutions and CriticalArc.

Genesis Capital Fund II (Genesis Capital)

Genesis Capital closed its second Australia and New Zealand-focused healthcare fund in January 2025 at the hard cap of AUD 350m (USD 229m), beating the AUD 300m target. The fundraising process took approximately six months. The firm’s debut fund, which closed on AUD 190m in 2021, was underpinned by 200-plus domestic family offices and high net worth individuals. Many re-upped for Fund II, but international LPs account for three-quarters of the corpus compared to less than one-quarter in Fund I. International backers include fund-of-funds, insurance companies, and asset managers. On the domestic side, Genesis added fund-of-funds and one superannuation fund.

Glenwood Private Equity Fund No.3 (Glenwood Private Equity)

Glenwood Private Equity closed its third South Korea-focused fund at the hard cap of USD 1.1bn in July 2025, having secured international LP money for the first time. The fundraising process formally launched in late 2024 with a target of USD 1bn. Glenwood, which specialises in corporate carve-outs, raised KRW 450bn (USD 325m) and KRW 900bn for its first two blind pool funds, relying solely on domestic LPs, including Korea’s National Pension Service. International investors account for about USD 450m of Fund III. Canada Pension Plan Investment Board, Manulife Asset Management, Pavilion Capital, and AlpInvest Partners feature among the participants.

Quadria Capital Fund III (Quadria Capital)

Quadria Capital closed its third India and Southeast Asia-focused healthcare fund on USD 1.07bn in May 2025, exceeding the USD 800m target. The process took over two years. New LPs include institutional investors across the Gulf Cooperation Council (GCC) as well as from major banks, insurance companies, and family offices in India. Institutional investors account for more than three-quarters of the corpus, a marked increase on Fund II, which closed on USD 595m in 2020. LPs that have disclosed their participation include the International Finance Corporation, Asian Development Bank, Asian Infrastructure Investment Bank, Proparco, and the US Development Finance Corporation.