Key Takeaways
- • 50 South Capital, Northern Trust Asset Management's global alternatives manager, closed Private Equity Strategic Opportunities Fund V (PESOF V) with $1.2 billion in commitments, according to a Business Wire announcement.
- • Private Equity Core Fund XI (PECF XI) closed with $893 million in commitments, bringing the two funds' combined total to roughly $2.09 billion.
- • Both funds were described as significantly oversubscribed relative to their fundraising targets, with investors spanning wealth, family offices, intermediaries, consultants and institutions.
- • PESOF V is the firm's fifth dedicated secondaries fund, targeting LP-led deals, GP-led continuation vehicles and structured/preferred equity solutions.
- • PECF XI, the eleventh core flagship PE fund, invests across primary, secondary and co-investment opportunities with a focus on U.S. and European small and middle-market buyouts and seed/early-stage venture.
Summary
50 South Capital Advisors, LLC, the alternatives manager wholly owned by Northern Trust Corporation, announced the final closings of two flagship private equity funds on July 28, 2025, both of which significantly exceeded their fundraising targets, according to a Business Wire release. PESOF V closed with $1.2 billion in commitments and PECF XI closed with $893 million, together totaling just over $2 billion.
PESOF V is the firm's fifth dedicated secondaries fund and extends its multi-strategy approach to the secondaries market. The fund targets LP-led transactions, GP-led single- and multi-asset continuation vehicles, and structured and preferred equity solutions. Adam Freda, managing director and head of the secondaries business, said the fund reflects more than 15 years of secondaries investing and focuses on less competitive, more complex market segments to acquire high-quality assets at attractive valuations. He cited a proprietary sourcing ecosystem built over close to 25 years of manager relationships.
PECF XI is the firm's eleventh core flagship private equity fund. It invests across primary, secondary and co-investment opportunities globally, with a focus on U.S. and European small and middle-market buyouts as well as seed and early-stage venture capital. Brad Dorchinecz, co-founder of 50 South Capital and managing director of its private equity group, said the fund reflects commitment to diversification across geography, vintage, sector and strategy, and to acting as a value-added limited partner. Bob Morgan, co-founder and head of 50 South Capital, said the closings reflect the strength of the platform and the enduring partnerships built over nearly 25 years.
The firm describes its investor focus as providing access primarily to small-to-mid-sized managers offering differentiated sources of return. Northern Trust Asset Management reported $1.3 trillion in assets under management as of June 30, 2025, and Northern Trust Corporation reported $1.7 trillion in AUM and $18.1 trillion in assets under custody/administration over the same date.
PESOF V is the firm's fifth dedicated secondaries fund and extends its multi-strategy approach to the secondaries market. The fund targets LP-led transactions, GP-led single- and multi-asset continuation vehicles, and structured and preferred equity solutions. Adam Freda, managing director and head of the secondaries business, said the fund reflects more than 15 years of secondaries investing and focuses on less competitive, more complex market segments to acquire high-quality assets at attractive valuations. He cited a proprietary sourcing ecosystem built over close to 25 years of manager relationships.
PECF XI is the firm's eleventh core flagship private equity fund. It invests across primary, secondary and co-investment opportunities globally, with a focus on U.S. and European small and middle-market buyouts as well as seed and early-stage venture capital. Brad Dorchinecz, co-founder of 50 South Capital and managing director of its private equity group, said the fund reflects commitment to diversification across geography, vintage, sector and strategy, and to acting as a value-added limited partner. Bob Morgan, co-founder and head of 50 South Capital, said the closings reflect the strength of the platform and the enduring partnerships built over nearly 25 years.
The firm describes its investor focus as providing access primarily to small-to-mid-sized managers offering differentiated sources of return. Northern Trust Asset Management reported $1.3 trillion in assets under management as of June 30, 2025, and Northern Trust Corporation reported $1.7 trillion in AUM and $18.1 trillion in assets under custody/administration over the same date.
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