According to Yahoo News, 26North Partners, the investment firm founded by Apollo Global Management Inc. co-founder Josh Harris, is seeking to raise $3 billion to $4 billion for its first private equity fund, according to sources familiar with the matter. The firm plans to make up to 20 investments through the new fund in sectors such as industrials, financials, technology, media, and telecommunications. The sources requested anonymity due to the confidential nature of the information.
A spokesperson for New York-based 26North declined to comment on the matter. Last year, the firm hired Mark Weinberg, who previously led US private equity at Brookfield Asset Management, to oversee buyouts. With $12.7 billion of assets under management, 26North has recently been on a hiring spree, adding three former managing directors from Goldman Sachs Group Inc. to expand the direct-lending business under Brendan McGovern.
Alternative asset managers are currently facing a challenging fundraising environment, as institutional investors allocate less capital to private assets and deals slow down in a higher interest rate climate. Harris established 26North in September last year, focusing on investments in private equity, credit, and insurance.
XingChi
