26North Secures Record Fund Close
26North Partners, led by Apollo Global Management co-founder Josh Harris, has raised nearly $6bn for its inaugural private equity fund, marking the largest first-time buyout vehicle on record in the United States, according to a report by Bloomberg as cited in Private Equity Wire. The final close exceeded the firm’s original $4bn target set in 2023 and attracted backing from institutional investors including pension funds, sovereign wealth funds, and family offices.
Fund Strategy and Operations
Harris committed his own capital as part of the fund’s seeding strategy, and the fund has already begun returning capital to investors while offering co-investment opportunities alongside its core deals. 26North, which was launched in 2022, appointed Mark Weinberg, formerly a senior executive at Brookfield Asset Management, to lead its private equity platform. Harris, who is also the principal owner of the NFL’s Washington Commanders, oversees roughly $35bn in assets across private equity, credit, and insurance strategies at 26North.
Investment Focus and Activities
The firm is focused on opportunities linked to artificial intelligence, particularly businesses tied to enabling infrastructure, as well as investments in the sports sector. 26North has acquired stakes in two mid-market data centre businesses, which Harris described as benefiting from strong commercial expansion potential and attractive returns. The fund has completed or signed seven investments to date, including ArchKey Solutions, an electrical and technology infrastructure contractor serving data centres, Bruin Capital, a sports-focused investment platform, and Composition Brands, which produces premium kitchen appliances such as Viking and La Cornue.
Future Opportunities and Positioning
Harris said the firm is evaluating potential opportunities emerging from global market disruption linked to the conflict in Iran, pointing to sustained higher energy prices as a key consideration. He noted that the firm is assessing the impact on areas such as aviation fuel, automotive demand, and consumer behaviour, with 26North positioning itself to respond quickly to macroeconomic shifts in search of attractive risk-adjusted returns, according to Private Equity Wire.
