26North $6bn First Fund
Understand that Josh Harris is notorious in the industry for being hard to work with, but how would people think about 26North as a firm after this $6bn first fund? It's the new largest first time fund ever and it's already larger than a lot of older JAMMBO UMM's like AmSec/THL/BC Partners/AEA etc.
26North's $6bn first fund is indeed a significant milestone, marking it as the largest first-time fund ever raised. This achievement positions the firm as a major player right out of the gate, surpassing many established upper middle-market (UMM) firms like AmSec, THL, BC Partners, and AEA in terms of fund size.
Josh Harris's reputation for being difficult to work with might raise concerns about the firm's internal culture and long-term talent retention. However, the sheer scale of the fund and the resources it brings to the table will likely attract top-tier talent and deal flow. Additionally, the size of the fund suggests strong confidence from limited partners (LPs) in Harris's track record and ability to deliver returns, despite any personal reputation challenges.
In the broader context of private equity, this fund's size and the firm's debut could signal a shift in LP preferences toward backing high-profile names with proven histories, even in new ventures. It will be interesting to see how 26North performs in terms of deal execution and returns, as this will ultimately shape its reputation and standing in the industry.
Sources: Megafunds starting associates 6 months earlier, Former PE associate's perspective on these "megafunds", Most Active / Top Distressed Hedge Funds
I'd like to see how much is Josh and friends' money. It's not really a "first time fund" in the sense that we usually mean (even though they rly want to sell it that way in their marketing).
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