Truelink Capital Defies Market, Closes Oversubscribed $2 Billion Fund

LOS ANGELES, CA – March 10, 2026 – In a striking display of investor confidence that cuts against the grain of a challenging private equity landscape, Truelink Capital today announced the final closing of its second fund at a hard cap of $2.0 billion. The fund, Truelink Capital Fund II, L.P., was significantly oversubscribed, surpassing its initial $1.5 billion target and completing its fundraising in a single closing that took less than three months—a stark contrast to the prolonged timelines currently plaguing the industry.

This rapid and successful fundraising effort more than doubles the size of the firm's $950 million predecessor fund and elevates its total assets under management to $4.2 billion. The achievement is particularly notable given the broader market context, where many firms are struggling to attract capital amid investor liquidity constraints and economic uncertainty.

A Signal of Confidence in a Challenging Climate

Truelink's success stands out in what has been widely described as a difficult fundraising environment. Over the past two years, the private equity industry has seen a slowdown, with global fundraising totals declining and the average time to close a fund extending to over 16 months by the end of 2024. Limited Partners (LPs) have become increasingly selective, consolidating their capital with fewer, more trusted managers who have a demonstrated track record.

Truelink, founded in 2022 by former Platinum Equity managing directors Todd Golditch and Luke Myers, appears to be a primary beneficiary of this flight to quality. The firm's ability to secure $2.0 billion from a diverse global base of pension plans, endowments, foundations, and other institutional investors—many of whom also backed its first fund—points to a deep-seated belief in its leadership and its operationally focused investment thesis.

"The close of Fund II is an important milestone for our firm, and we are deeply grateful for the strong support of our limited partners," said Todd Golditch, Co-Founder and Managing Partner of Truelink. "We sincerely thank our investors, many of whom supported us in Fund I, for their trust, partnership, and confidence in our firm."

Doubling Down on Industrials and Business Services

Fund II will continue the strategy that brought Truelink its initial success: partnering with businesses in the industrials and business services sectors. The firm’s approach goes beyond simple financial engineering, focusing on hands-on operational improvements, commercial growth acceleration, and strategic add-on acquisitions to create long-term value.

The performance of its inaugural fund provides a compelling case study. Truelink's Fund I portfolio comprises 11 platform investments, including notable names like Trulite, a fabricator of architectural glass, and Air Distribution Technologies, a manufacturer of HVAC products acquired from Johnson Controls. The firm has been active, adding five new platform companies in 2025 alone and executing several add-on acquisitions.

This strategy has already begun to yield tangible results. In late 2025, Truelink announced the sale of Koch Filter, an affiliate of its portfolio company Air Distribution Technologies, to Atmus Filtration Technologies for $450 million. The deal represented a significant and relatively quick realization for Fund I investors, reportedly generating a strong return and validating the firm’s value-creation model.

Capitalizing on Dislocation and Transformation

Truelink’s leadership sees the current economic climate not as a headwind, but as an environment ripe with opportunity for its specialized approach. The firm intends to deploy its new capital into a market defined by what it calls “dislocation,” driven by a combination of technological disruption and macroeconomic volatility.

"We believe the current macroeconomic volatility and evolving M&A landscape are creating an attractive environment for our strategy," added Luke Myers, Co-Founder and Managing Partner. "The combination of rapid AI-driven change and a mixed economy is creating dislocation that rewards hands-on stewardship and operational excellence."

This perspective aligns with major trends in Truelink’s target sectors. The industrials space, which saw a surge in PE deals in 2024, is undergoing a significant transformation. Companies are grappling with the need to modernize antiquated operations, build resilient supply chains, and integrate new technologies like AI to stay competitive. This creates a fertile ground for operationally-focused investors to acquire businesses, often through corporate carve-outs, and drive meaningful change.

Similarly, the business services sector continues to attract private equity interest due to its stable revenue streams and opportunities for tech-enabled consolidation. Truelink's strategy is well-positioned to help these companies scale, improve efficiency, and navigate the disruptive impact of artificial intelligence.

With a new $2.0 billion war chest, a team of over 20 professionals, and a strategy tailored for today’s market, Truelink Capital has positioned itself as a formidable player in the middle-market. The firm’s rapid ascent underscores a key dynamic in modern private equity: in a world of uncertainty, capital flows not just to the biggest players, but to those with a clear, executable plan for creating value where it matters most—inside the operations of the companies they own.