Private equity emerging managers to watch in 2025
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Fundraising challenges and operational complexities continue to hamper the environment for private equity emerging managers, yet times of volatility can still spur high quality spinouts and launches.
Despite an uptick in M&A, distributions to investors fell to the lowest level in over a decade in 2024, according to Bain & Company’s Global Private Equity Report 2025. This is squeezing investors’ ability to put fresh capital to work and many allocators continue to stick with known names and top performers.
Despite this, structural challenges at established firms will undoubtedly cause some star dealmakers to head for the exit. While joining another firm will be the route for many, striking out on one’s own is also an option for those that think they have enough momentum to raise assets independently.
With Intelligence tracked 142 new firm launches in 2024 across strategies including buyout, growth equity, special situations, GP stakes, and secondaries. And, while constrained, there is still capital available for startup managers, With Intelligence found that the top 10 debut fund closes in 2024 pulled in just under $6bn combined.
The 2025 emerging managers to watch list reflects the headwinds facing the industry with three secondaries firms, a GP stakes manager, and a special situations startup on the list.
Methodology: Firm launch announced/reported in 2024. Region: Global.
Assets classes: Buyout/growth equity, secondaries, GP stakes, special situations (no FoF, VC, infra, PERE).
A3/C Partners | Edward Lynch, Adarsh Sarma | Buyout | London | Tech
Adarsh Sarma, formerly co-head of Europe at Warburg Pincus, is launching a tech-focused private equity firm in London.
It is understood that Sarma has teamed up with ex-Inflexion partner Edward Lynch to work on a new venture called A3/C Partners. The new firm is looking to raise up to $700m for its debut fund, sources told With Intelligence.
The vehicle, which will be domiciled in Jersey, will primarily target US investors with some exposure to Europe and the UK.
A third partner, whose name could not be ascertained yet, is set to join the new entity in the coming months, With understands.
Agellus Capital | Jeff Aiello, Beau Thomas | Buyout | Clayton, MO | B2B, nondiscretionary consumer, supply chain & infra services
Agellus Capital, was founded by former Audax Private Equity and Thompson Street Partners pros Beau Thomas and Jeff Aiello.
The firm closed its debut fund, Agellus Private Equity Fund I, at $400m in July 2024, just five months after With Intelligence first broke news of the launch. The fund was one of the top 10 largest debut fund closes in 2024.
Agellus used Aviditi Advisors (now a part of Piper Sandler) as placement agent and is understood to have received an anchor commitment from the Howard Hughes Medical Institute.
Emblem Group | Patrick Cook, Ryan Duffy | Special Situations | Boston | Diversified
Emblem Group is a hybrid investment firm founded by former Baupost Group managing directors, Ryan Duffy and Patrick Cook.
The Boston-based firm is working with Chicago-headquartered placement agent Lincoln International and is seeking to raise up to $1bn for Emblem Investments Fund I, according to regulatory filings.
Emblem pursues a special situations strategy, focused on control and minority investments in North American consumer, industrial, technology, real assets, and financial services businesses.
Transaction types can include both common, preferred or structured equity, as well as convertible debt and debt with warrants.
Invidia Capital | Jo Natauri | Buyout | New York | Healthcare
With Intelligence first broke the news of Jo Natauri’s plans to launch Invidia Capital Management in February 2024. The firm officially announced its launch in May with a strategic investment from GCM Grosvenor‘s Elevate strategy.
Before Invidia, Natauri was the global head of private healthcare investing at Goldman Sachs. She was also the lead investor for Launch with GS, a $500m initiative to narrow the gender gap in investing.
Invidia is currently on the market with its debut fund, Invidia Curie Fund I, which is seeking $850m.
Natauri has built a team of almost 10 and is set to announce another senior partner, who previously worked alongside Natauri, very soon. The firm is about to make its first investment, sources said.
New Catalyst Strategic Partners | Jason Howard | GP Stakes | McLean, VA | Diversified
Former GCM Grosvenor MD Jason Howard launched New Catalyst Strategic Partners (NCSP) with backing from Apollo Global Management.
The firm was one of eight new GP stakes entrants to the market in 2024. While still a small segment of the overall industry, GP stakes investing will play a significant role in shaping which managers emerge stronger from the current period of illiquidity.
NCSP is seeking $750m for its debut fund, New Catalyst Strategic Partners Fund I. The fund will provide seed and growth capital to emerging, developing, and diverse private markets GPs. Equity checks range between $50m to $75m and the firm expects to make seven to 10 transactions from its first fund, according to sources.
The firm primarily focuses on buyouts, special situations, and growth-oriented managers. It will also opportunistically invest in other private markets asset classes. Specifically, NCSP is looking for GPs raising at least $250m, who are on Funds I through V.
Niobrara Capital | Chip Schorr | Buyout | New York | Tech
Chip Schorr, a private equity veteran with a career spanning Blackstone, One Equity Partners and CVC, launched Niobrara Capital in July 2024.
The firm counts former US Secretary of State Mike Pompeo and seasoned operator Todd Bradley as partners.
The mix of investment and operating experience together with political connections led the firm to snag a strategic investment from Wafra’s Capital Constellation platform. The firm is well on the way to hitting the $750m target set for its debut fund, Niobrara Founders Fund, which had pulled in $485m as of early January, according to regulatory filings.
Niobrara’s focus on tech and hardware is aligned with Schorr’s background while its approach also fits into the broader theme of investors looking for sector specialists for seed stage investments.
Niobrara focuses on middle market technology and technology-enabled services businesses in North America and Europe. The firm will make both control and minority investments in companies with EBITDA between $15m and $100m.
Palm Peak Capital | Daniel Florian, Steven Liff, Jeremy Stone | Buyout | Miami | Industrial, services
Palm Peak Capital was spun-out from Sun Capital Partners in April 2024 by senior partner and head of North American PE, Steven Liff, and partners, Daniel Florian and Jeremy Stone.
Sun Capital co-founder and co-CEO Marc Leder said at the time, “My partner Rodger (Krouse) and I congratulate Daniel, Steven and Jeremy on the launch of Palm Peak, which we will fully support in our capacity as limited partners.”
Industry sources told With that the trio have a strong reputation and positive momentum. The firm is currently seeking $350m for its debut fund, Palm Peak Capital I.
Palm Peak will focus on making majority investments in North America-based industrial manufacturing and business services companies with annual revenues of at least $25m and enterprise values of up to $300m.
The firm will look for corporate carve-out, founder or family owned, management-backed buyout as well as sponsor to sponsor opportunities, investing between $10m and $100m per deal.
RenWave Kore | Cody Kittle | Secondaries | Greenwich
RenWave Kore, a Greenwich-based secondaries firm, was launched in January 2024 by ex-Elliott Management portfolio manager Cody Kittle.
Kittle spent around 10 years at Elliott where he was responsible for managing both private and public investments.
The firm received a $200m investment from Sequoia Heritage for its debut fund, which will mainly focus on continuation-fund deals, and secondaries opportunities most other investors pass up.
According to reports, the firm has gathered over $700m in capital.
Harry Fackelmayer, the former head of business development at L Catterton joins Kittle as a fellow partner.
Solvo Capital | Christophe Lenouvel, Arnaud Martin | Secondaries | Paris
Solvo Capital is a Paris-based secondaries investment firm launched in September 2024 by BNP Paribas vets Christophe Lenouvel and Arnaud Martin.
The firm is looking to raise around $440m (€400m) for its debut fund, Solvo Capital Secondaries Fund, which targets GP-led secondaries across Europe. Solvo intends to make between five to seven investments with its inaugural fund.
Lenouvel spent over 25 years at BNP Paribas and was the head of principal investments across private equity, private debt, and venture capital before he departed.
Arnaud similarly joined BNP in 1999 and was the investment director and deputy general manager for Agility Capital and the principal investments division.
SQ Capital | Mustafa Siddiqui | Secondaries | New York
With Intelligence first broke the news about Blackstone’s former global head of GP stakes Mustafa Siddiqui’s plans to launch SQ Capital in December 2024, the New York-based firm was officially unveiled in January.
SQ Capital will target LP-led transactions and GP-led middle-market continuation fund vehicles across Europe and North America.
Siddiqui, who spent 15 years at Blackstone, has also tapped Michael Petryczenko as CFO/CCO. Petryczenko previously worked alongside Siddiqui at Blackstone as the CFO of Blackstone Strategic Partners. Overall, the firm has at least nine employees.
The firm has registered a debut fund, SQ Capital Fund I, and is expected to begin fundraising sometime this year.
Ones to watch 2025: Private Equity
| Firm | Founder(s) | Pedigree | Location | Sector | Asset Class |
|---|---|---|---|---|---|
| A3/C Partners | Edward Lynch, Adarsh Sarma | Warburg Pincus | London | Tech | Buyout |
| Agellus Capital | Jeff Aiello, Beau Thomas | Audax Private Equity, Thompson Street Partners | Clayton, MO | B2B, nondiscretionary consumer, supply chain & infra services | Buyout |
| Emblem Group | Patrick Cook, Ryan Duffy | Baupost Group | Boston | Special Situations | Diversified |
| Invidia Capital | Jo Natauri | Goldman Sachs | New York | Healthcare | Buyout |
| New Catalyst Strategic Partners | Jason Howard | GCM Grosvenor | McLean, VA | GP Stakes | Diversified |
| Niobrara Capital | Chip Schorr | Blackstone | New York | Tech | Buyout |
| Palm Peak Capital | Daniel Florian, Steven Liff, Jeremy Stone | Sun Capital Partners | Miami | Industrial, services | Buyout |
| RenWave Kore | Cody Kittle | Elliott Management | Greenwich | - | Secondaries |
| Solvo Capital | Christophe Lenouvel, Arnaud Martin | BNP Paribas | Paris | - | Secondaries |
| SQ Capital | Mustafa Siddiqui | Blackstone | New York | - | Secondaries |
Source: With Intelligence