The predecessor vehicle closed with the same commitment in 2021, exceeding its initial $4 billion target.
The sequel fund has secured $150 million from a California pension and will back venture and growth managers through GP stakes, fund commitments, and co-investments.
Fund Launch Partners Fund II, which held its first close at $30 million, focuses on smaller and emerging managers at the earliest stages of firm formation.
The oversubscribed fund is the largest investment vehicle raised for Wafra's Capital Constellation platform, which targets minority investments in next-gen alternative asset managers.
Arctos Keystone Partners Fund I, which exceeded its $4 billion target, provides growth capital and financing to leading alternative asset managers.
Since its inception in 2018, the Capital Constellation platform has made strategic investments in 29 alternative asset managers.
Blue Owl GP Stakes VI, which has raised approximately $10 billion, is expected to hold a final close this year.
Blue Owl GP Stakes VI, which expects to wrap up fundraising this year, is roughly 40% committed against its $13 billion target.
The firm's GP Stakes team has completed six investments to date, including minority interests in Hayfin, Monroe, Rivage, and Latour.
The firm's third vehicle is reportedly targeting the same $5.6 billion size as the preceding vintage.
