Stonehage Fleming has announced the final close of its Global Private Capital Fund 2025, raising $159m.

The Global Private Capital Fund 2025 was the 10th in a series of annual funds for Stonehage Fleming’s Private Capital Annual Vintage Programme (AVP).

Each fund invests in around eight managers that will provide underlying exposure to approximately 100 to 150 high-quality portfolio companies.

Stonehage Fleming has committed more than $1.5bn to private capital markets since 2001, with the 2025 fund continuing its strategy of focusing on the global small and mid-market segments.

The AVP aims to provide Stonehage Fleming clients with access to top-performing segments of the private equity market through a concentrated portfolio, alongside accelerated capital deployment and minimised administrative burden.

Its portfolio construction also looks to lower the risk profile for clients in comparison to many alternatives.

A ‘significant proportion’ of the fund is deployed at inception, aiming to take advantage of opportunities in private markets immediately, and avoid the initial negative returns and cashflows experienced by many private equity investors in the early stages of their portfolio.

“We are proud to announce the closing of our latest fund at $159m, taking our total private capital assets under management past $1bn,” said Stonehage Fleming partner and head of private capital, Mat Powley.

“This milestone is a powerful validation of our team, our strategy, and the opportunities we continue to capture across private markets. We are excited to build on this momentum alongside leading managers to deliver lasting value for our clients.”

Stonehage Fleming director and Private Capital AVP co-head, Meiping Yap, added: “We are excited to celebrate the AVP’s 10th anniversary this year, with over 100 families in the 2025 fund.

“Since its inception, the AVP has delivered strong and consistent returns through partnering with top performing private equity managers in the small and mid-market segments across North America, Europe and Asia.”

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