Fundraising of the Year – Mid Cap
(Fund size - below USD3bn)

Advantage Partners VIII (Advantage Partners)

Advantage Partners closed its eighth Japan buyout fund at the institutional hard cap of JPY 300bn (USD 1.9bn) in May 2026. Including the GP commitment, it is the largest fund ever raised for Japan by an independent local manager. The fund, which launched in October 2025 with a target of JPY 250bn, eclipses the JPY 130bn raised for Fund VII and the previous high of JPY 215bn reached for Fund IV. Most participating LPs were re-ups. Newcomers typically made commitments not only to the Japan buyout strategy but also to Advantage’s Asia ex-Japan, private solutions, and hydrogen energy funds.

ChrysCapital X (ChrysCapital Partners)

ChrysCapital Partners closed its 10th India fund on USD 2.2bn in November 2025, having reached the institutional hard cap of USD 2bn. It is the largest pool of private equity capital ever raised for deployment in the country. The fund launched in April 2024 and a first close of USD 1.4bn came in March 2025. The final close was pushed out by ChrysCapital raising money from onshore LPs for the first time. About 85% of the capital was committed by global investors, including 30 names that didn’t feature in the firm’s ninth fund, which closed on USD 1.35bn in 2022.

Crescent Capital Partners VII (Crescent Capital Partners)

Crescent Capital Partners closed its eighth flagship Australia and New Zealand-focused buyout fund at the hard cap of AUD 1.3bn (USD 900m) in July 2026. The fund was registered in late 2025, according to a US regulatory filing. Crescent has scaled up from AUD 1bn and AUD 800m in its past two vintages under the strategy. The firm has a strong track record in healthcare, with that sector accounting for 45% of its more than 50 investments completed since inception. It is also active in industrials, industrial technology, financial services, business services, social infrastructure, logistics, and consumer products.

NSSK 4 Investment (NSSK)

NSSK closed its fourth flagship Japan mid-market fund at the JPY 250bn (USD 1.57bn) hard cap in March 2026. The fund launched in mid-2025 with a target of JPY 200bn, twice what NSSK raised for Fund III. There are over 100 LPs, with a 60-40 split between offshore and onshore and a 40-40-20 split between Japan, North America, and rest of world. By the final close, 20% of the corpus was accounted for across three transactions – underscoring the expectation of more large-cap deals. NSSK claims a 3.6x return on realised exits from its flagship funds, mainly driven by larger investments.

TPG Emerging Companies Asia (TPG)

TPG closed its first Asia mid-market fund in August 2026 with commitments of USD 1.3bn, beating the USD 1bn target. The fund launched in May 2024 and a USD 500m first close came in February 2025. The strategy addresses a perceived structural disconnect between the size of the mid-market opportunity and the capital available to pursue it. There are three core geographies – Australia and New Zealand, Southeast Asia, and South Korea – and three core verticals – healthcare, new economy, and consumer – selected to leverage TPG’s broader competencies. The fund had reportedly completed five investments by the time of the final close.