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Welcome to the Dakota Fund Spotlight Report, your curated snapshot of the top 10 most compelling funds coming soon or currently in the market.
Each month, we will spotlight funds that stand out for their strategy, structure, or sponsor pedigree. Alongside each fund, you’ll find insightful commentary that decodes what these funds invest in, why it matters, and how it fits into broader industry trends.
Khosla Ventures is in talks to raise as much as $5.5 billion across its latest set of venture funds, which would mark its largest fundraising event in its two-decade history. The Menlo Park, CA-based firm is reportedly considering roughly $1 billion for a seed-stage fund, $2 billion for an early-stage venture fund, and $2.5 billion for an opportunity fund targeting more mature startups, though fund sizes could still change as talks continue. The firm's most recent set of funds, Khosla Ventures IX and Khosla Ventures Opportunity III, raised approximately $4 billion last year, with the Illinois Municipal Retirement Fund committing $75 million to each vehicle in 2025, according to Dakota data. Founder Vinod Khosla was an early backer of OpenAI.
TCV, the Menlo Park, CA-based growth equity and venture capital firm, has filed a Form D for TCV Global Growth XIII without disclosing a target amount. The vehicle follows TCV XII, which the firm closed in 2024 at $3 billion to target high-growth, late-stage technology companies across North America and Europe. A successor fund of similar scale would keep TCV among the largest dedicated growth equity pools currently being raised.
Houston-based Five Point Infrastructure, formerly known as Five Point Energy, has begun marketing Five Point Infrastructure Fund V with a $2.5 billion target, nearly double the $1.4 billion raised for its predecessor. Fund V will invest in assets including water management projects, natural gas treatment systems, and data center locations, reflecting the firm's broadening shift from a pure energy focus toward digital and industrial infrastructure.
ECP is raising the hard cap on its sixth flagship infrastructure fund to $7.8 billion, up from $7.5 billion, after the vehicle passed $7 billion in commitments against an original $5 billion target, putting ECP VI on track for a final close of up to $8 billion. The fund invests across energy transition, electrification, and decarbonization infrastructure, including power generation, renewables, storage, and environmental infrastructure assets. Per Dakota data, the Rhode Island State Pension committed $32 million to the fund in 2026. ECP's predecessor closed in 2024 at $6.7 billion, and ECP VI is now managed as part of Bridgepoint Group's infrastructure platform following Bridgepoint's 2024 acquisition of the firm.
Round Hill Capital is approaching a first close of €200 million to €300 million ($228.8 million to $343.2 million) in equity commitments for European Residential Income Fund III (ERIF III), a core-plus vehicle targeting €1 billion ($1.2 billion). The London-based residential specialist invests in European multifamily assets. ERIF III follows European Residential Income Fund II (ERIF II), Round Hill's prior core/core-plus vehicle, which held its final close in June 2023 at approximately €440 million ($503.4 million), backed by institutional investors including state pension funds, insurers, and family offices from North America, Asia, and Europe.
Watching these funds raise is only half the picture. Joe, powered by Dakota, tracks Net IRR, TVPI, DPI, and RVPI across 18,000+ private funds, so once a fund like ECP VI or ERIF III starts deploying capital, you can benchmark its performance against true vintage-year and strategy peers, not just its fundraising headlines. Request access to follow these funds from launch through track record.
Odyssey Investment Partners has filed a Form D for Odyssey Investment Partners Fund VII without disclosing a target amount, and no capital had been raised as of the filing date. The fund will succeed Odyssey Investment Partners Fund VI, which closed in February 2020 at its $3.25 billion hard cap, above its predecessor's $2 billion close in 2014. Odyssey pursues control-oriented investments and buyouts of middle-market industrial and business services companies, with focus areas including aerospace, defense, insurance services, and equipment rental.
New York-based Mavik Capital Management is seeking $1 billion for VS3, a new fund targeting distressed commercial real estate assets ranging from hard assets to commercial mortgage-backed securities. CEO Vik Uppal said the strategy targets dislocation in a market still adjusting to high borrowing costs following the Federal Reserve's 4.25-percentage-point rate increase in 2022, and the fund will avoid AI-related investments for now given stretched sector valuations. VS3 follows two prior Mavik vehicles: VS1, which closed in 2023 with $335 million in commitments, and VS2, which closed in December 2025 with $685 million, above its $515 million target.
Isogon Ventures I, L.P. is an early-stage venture capital fund managed by Isogon Ventures, investing in innovative technology companies across the United States. The fund backs founders building scalable digital businesses with strong commercial growth potential. New York-based Isogon Ventures is targeting $150 million for the debut vehicle, according to a Form D filed with the SEC. Paco Riberas and Daniel Abelon serve as general partners of the firm. Abelon spent more than 10 years at Two Sigma Ventures investing in AI, machine learning, and infrastructure companies and co-led the firm's emerging manager strategy, while Riberas previously served as a venture capital lead at Spain-based single family office Orilla.
VC is preparing to launch a fifth vehicle in its European direct lending strategy, incorporating 23 Luxembourg-based entities on July 21 to form the legal structure for CVC Credit Partners European Direct Lending Fund V, according to Delano. The vehicle follows the October close of CVC Credit Partners European Direct Lending Fund IV, which raised €10.4 billion ($11.83 billion), up from €6.3 billion ($7.17 billion) for Fund III in 2022. The new fund forms part of CVC's broader credit expansion following its July 1 acquisition of Marathon Asset Management, which added capabilities across private credit and alternative strategies.
San Francisco-based early-stage venture firm Chemistry Ventures is raising $500 million for its second fund, according to a Form D filing with the SEC. The filing for Chemistry Ventures Fund II, LP lists Mark Goldberg, Ethan Kurzweil, and Kristina Shen as managing directors of the GP. The Wall Street Journal reported the fund is oversubscribed, with the bulk of its capital already committed and a final close expected shortly. Chemistry launched in 2024 with a $350 million debut fund that invests in seed- and Series A-stage software startups across fintech, infrastructure, and developer tools.
Once these funds close and start deploying capital, performance is where the real story begins. Joe, powered by Dakota, tracks Net IRR, TVPI, DPI, and RVPI across 18,000+ private funds, so you can benchmark funds like these against true vintage-year and strategy peers as their track records develop.
Request access to Joe to follow these funds' performance once they're in market.