The transaction represents the largest infrastructure services-focused CV raised to date, according to a statement.
The single-asset vehicle extends the firm's ownership of a German adult-education platform which it first backed in 2020.
Founded in 1999, the Washington, DC-based firm focuses on lower mid-market businesses through management buyouts, carve-outs, and shareholder succession structures.
The deal would reportedly shift the vehicle's assets into a closed-end structure and trigger a delisting.
The 15-asset vehicle, among the largest GP-led infrastructure deals to date, drew more than $7 billion of demand and included around $2.5 billion of new capital.
The CV would reportedly acquire ByteDance and Ant Group stakes at a roughly 30% discount to their combined $1.5 billion NAV.
Founded in 2006, Excellere is a private equity firm focused on growth-oriented investments across healthcare, industrial growth, and business services.
GCM Grosvenor, Ardian, StepStone, North Hudson Resource Partners, and Phoenix Insurance anchored the single-asset vehicle for energy infrastructure company Next Wave.
New details have emerged regarding the continuation fund for Azuria Water Solutions, which was co-led by HarbourVest Partners.
The New York-based firm was reported to be considering a $1 billion CV for a water infrastructure company last year.
