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.
Dover Street XII is targeting $20 billion in capital commitments, with a final close expected in December 2027.
The New York-based manager is also planning a successor to its GP-led secondaries fund in 2027 and is targeting an H1 first close for its debut credit secondaries offering.
Blackstone Strategic Partners X has secured approximately 73% of its $22 billion target.
The strategy, anchored by a Korean institutional investor, has adopted an evergreen semi-liquid structure aimed at capturing emerging credit secondary opportunities throughout the cycle.
The reported capital pool forms part of the firm's broader $920 million fundraise across its venture investment strategies.
Industry Ventures Secondary XI, which remains in the market, received a $150 million commitment from the South Carolina Retirement System in July.
Industry Ventures Secondary XI is the first fund launched since Goldman Sachs acquired the San Francisco-based manager last year.
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.
