26North Raises $4.3B Debut PE Fund, AUM Soars to $31.8B Amid Alt-Assets Push

26North Partners, founded by Josh Harris in 2022, has made a strong entry into the private equity and alternative assets market. Its first fund, raised in December 2023, targeted $4 billion but has now amassed around $4.3 billion according to the latest SEC Form D filings [inspiration],. The Amended Form D dated January 6, 2025 reports total amount sold of $4,332,009,900 for 26N Private Equity Partners I LP and its parallel funds.

Asset Under Management (AUM) growth has been rapid. In September 2023, 26North reported more than $12.7 billion in AUM; by year-end 2024, its AUM stood at approximately $25 billion across Private Equity, Direct Lending, Insurance & Reinsurance strategies with over 120 professionals; as of September 2025, the firm claimed $31.8 billion AUM in industry reporting,,[inspiration]. This pace demonstrates both fundraising success and likely ongoing deploying or committed capital.

Strategically, the firm has differentiated by pursuing multiple complementary strategies: in addition to private equity buyouts and corporate carve-outs, it runs direct lending and insurance/reinsurance arms. Its fund speaks of targeting “sectors where 26North sees an unambiguous edge” — suggesting selective allocation rather than broad industry coverage [inspiration]. Sectors cited include industrials and services, financial institutions, TMT (technology, media & telecom), and opportunistic segments. The breadth gives both optionality and risk diversification, though executing across such domains demands deep operational know-how and sector specialization.

The leadership pedigree is clearly one of 26North’s strengths. Josh Harris brings decades of experience from Apollo. Mark Weinberg, formerly with Brookfield, runs the private equity platform. Other senior investment professionals include Larry Berg, Gary Freilich, Lance West, Derek Whang, and Evan Zemsky. This track record aids not just fundraising but sourcing proprietary deal flow and driving value creation — particularly important in spaces like carve-outs or structured transactions [inspiration],.

However, several open questions and risks emerge. First, timing and strategy for deploying the new capital—whether 26North will move aggressively or selectively—is critical in the current late-cycle and macro-uncertain environment. Second, how the firm will manage risk across its diversified strategies (private equity, credit, insurance) given varying return profiles, regulatory exposure (especially for insurance/insurance asset management), and capital intensity. Third, competition is intense: many firms now offer “multi-asset” or “hybrid” alternatives platforms. The differentiation claim of “edge” will need to be supported by operational track record, especially as 26North’s private equity fund begins to realize exits.

Strategic implications for LPs and competitors are notable. For LPs, 26North offers exposure to a firm pairing substantial initial scale with ambitious cross-strategy ambitions. Yet LPs should seek clarity on fee structures across segments, governance (especially allocation among strategies), benchmarking against peers, and expected realization timelines. For competitors, 26North represents a rising peer, particularly in blended strategies: its rapid scale across PE, credit, and insurance may pressure firms specialized only in PE or debt to broaden scope or double down on specialization.

In sum, 26North has delivered a polished launch and fast growth, but its performance in executing strategy, deploying capital wisely, and managing across varied lines will be key. Monitoring early investments, exit pacing, risk controls (especially in credit and insurance), and sector focus will be critical gauges of its long-term success.