– PCCP closed Equity X and Credit XI with a combined $5 billion in capital commitments, its largest fundraising milestone to date.
– PCCP Equity X raised $2.7 billion, up from $1.8 billion for its predecessor, Equity IX; the fund closed in January 2026.
– PCCP Credit XI raised $2.3 billion, up from $1.7 billion for Credit X; the fund reached final close in June 2026.
– Both funds exceeded their hard caps and target U.S. middle-market investments across residential for rent, industrial, retail and office.
– As of September 2026, PCCP had deployed about half of Equity X and more than one-third of Credit XI.
– William Lindsay, Co-Founder and Senior Managing Partner, said investors responded to PCCP’s integrated model: “We have both a credit business and an equity business, and we have one investment team and one investment committee that services both.”
– Bryan Thornton, Co-Manager of the Equity Platform, said PCCP is focused on acquiring quality assets at attractive bases, underwriting to asset basis rather than relying on market appreciation.
– Brian Heafey, Co-Manager of the Debt Platform, said the firm continues to see an active lending environment and expects new loan originations to remain active into 2027.
