# PE firms backing Fitness (2026 list)

> 26 PE firms backing Fitness, 100% active in the last 12 months. Led by Gaingels, Pioneer Fund, Morgan Stanley Investment Management. Ranked by what they funded.

Source: https://millionrounds.com/lists/pe-firms-fitness (Millionrounds; every figure on the page links to its filing or article)

[Investor Lists](https://millionrounds.com/lists)

# PE firms backing Fitness

Updated 7 November 2026

PE firms we have observed in a fitness round in the last two years.

[See all 26 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fpe-firms-fitness)The top 25

**26** investors on the list No change this week

**542** cheques in 12 months *-5%* against the market

**$100M** median round they joined *+1150%* against the market median

**100%** wrote a cheque in 12 months

**54%** have led a round

## The Top 25

Ordered by cheques observed, never by anything anyone paid for

Deploying now (25)

- 1 [Gaingels](https://millionrounds.com/fund/gaingels) *Deploying now* Private equity · United States **1,010** **$8M** median round **Oct 2026** last seen
- 2 [Pioneer Fund](https://millionrounds.com/fund/pioneer-fund-2) *Deploying now* Private equity · United States **551** **$2.9M** median round **Nov 2026** last seen
- 3 [Morgan Stanley Investment Management](https://millionrounds.com/fund/morgan-stanley-investment-management) *Deploying now* Private equity · United States **288** **$56M** median round **Oct 2026** last seen
- 4 [TCV](https://millionrounds.com/fund/tcv) *Deploying now* Private equity · United States **200** **$100M** median round **Oct 2026** last seen
- 5 [K5 Global](https://millionrounds.com/fund/k5-global) *Deploying now* Private equity · United States **199** **$11M** median round **Oct 2026** last seen
- 6 [Maven Capital Partners](https://millionrounds.com/fund/maven-capital-partners) *Deploying now* Private equity · United Kingdom **129** **$3.5M** median round **Oct 2026** last seen
- 7 [TCG](https://millionrounds.com/fund/tcg) *Deploying now* Private equity · United States **109** **$75M** median round **Sept 2026** last seen
- 8 [Catalyst Fund](https://millionrounds.com/fund/catalyst-fund-2) *Deploying now* Growth equity · United States **96** **$3M** median round **Oct 2026** last seen
- 9 [Mubadala](https://millionrounds.com/fund/mubadala) *Deploying now* Private equity · United Arab Emirates **91** **$80M** median round **Sept 2026** last seen
- 10 [Fortress Investment](https://millionrounds.com/fund/fortress-investment-group) *Deploying now* Private equity · United States **61** **$100M** median round **Sept 2026** last seen
- 11 [UI Investissement](https://millionrounds.com/fund/ui-investissement) *Deploying now* Private equity · France **52** **$5.6M** median round **Jul 2026** last seen
- 12 [Qatar Ban](https://millionrounds.com/fund/qatar-ban) *Deploying now* Growth equity · Qatar **33** **$548M** median round **Sept 2026** last seen
- 13 [Spring Mountain Capital](https://millionrounds.com/fund/spring-mountain-capital) *Deploying now* Private equity · United States **23** **$13M** median round **Jun 2026** last seen
- 14 [Glade Brook](https://millionrounds.com/fund/glade-brook) *Deploying now* Private equity · United States **6** **$265M** median round **Jul 2026** last seen
- 15 [Abbott](https://millionrounds.com/fund/abbott) *Deploying now* Private equity · United States **3** **$140M** median round **May 2026** last seen
- 16 [Bharat Value Fund](https://millionrounds.com/fund/bharat-value-fund) *Deploying now* Growth equity **3** **$42M** median round **Oct 2026** last seen
- 17 [B-FLEXION](https://millionrounds.com/fund/b-flexion) *Deploying now* Private equity · Switzerland **2** **$297M** median round **Mar 2026** last seen
- 18 [Affinity Partners](https://millionrounds.com/fund/affinity-partners) *Deploying now* Growth equity **1** **$575M** median round **Mar 2026** last seen
- 19 [Walter Capital Partners](https://millionrounds.com/fund/walter-capital-partners) *Deploying now* Private equity · Canada **1** **-** median round **Jun 2026** last seen
- 20 [Karen Wazen](https://millionrounds.com/fund/karen-wazen) *Deploying now* Growth equity **1** **$575M** median round **Mar 2026** last seen
- 21 [Mathieu van der Poel](https://millionrounds.com/fund/mathieu-van-der-poel) *Deploying now* Growth equity **1** **$575M** median round **Mar 2026** last seen
- 22 [Niall Horan](https://millionrounds.com/fund/niall-horan) *Deploying now* Growth equity **1** **$575M** median round **Mar 2026** last seen
- 23 [Reggie Miller](https://millionrounds.com/fund/reggie-miller) *Deploying now* Growth equity **1** **$575M** median round **Mar 2026** last seen
- 24 [Shane Lowry](https://millionrounds.com/fund/shane-lowry) *Deploying now* Growth equity **1** **$575M** median round **Mar 2026** last seen
- 25 [The Wealth Company Alternates](https://millionrounds.com/fund/the-wealth-company-alternates) *Deploying now* Growth equity **1** **$42M** median round **Oct 2026** last seen

**1 more on this list**

All 26 are in the app, with filters for stage, sector and market. A free account shows 10 per search, Pro up to 1,000.

[See the whole list *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fpe-firms-fitness)

## The Newest Cheques

Rounds this list's investors joined most recently

- **5** Nov **[Nyquis](https://millionrounds.com/company/nyquis)** Seed · $6.3M *With* [Pioneer Fund](https://millionrounds.com/fund/pioneer-fund-2)
- **29** Oct **[Upwind](https://millionrounds.com/company/upwind)** Series C · $400M *With* [TCV](https://millionrounds.com/fund/tcv)
- **28** Oct **[Noor Nation](https://millionrounds.com/company/noor-nation)** Seed · $1.1M *With* [Catalyst Fund](https://millionrounds.com/fund/catalyst-fund-2)
- **26** Oct **[Medikea](https://millionrounds.com/company/medikea)** Pre-seed · $1.2M *With* [Catalyst Fund](https://millionrounds.com/fund/catalyst-fund-2)
- **26** Oct **[Paradev](https://millionrounds.com/company/paradev)** Seed · $12M *With* [Pioneer Fund](https://millionrounds.com/fund/pioneer-fund-2)
- **26** Oct **[Mochatrade](https://millionrounds.com/company/mochatrade)** Seed · $5.5M *With* [Pioneer Fund](https://millionrounds.com/fund/pioneer-fund-2)

## Stages This Year

516 rounds

- Venture **23%**
- Seed **13%**
- Series A **12%**
- Debt **10%**
- Series B **9%**
- Other **32%**

## What They Backed

Sectors, last 12 months

- AI **189**
- Biotech **47**
- Fintech **40**
- Aerospace & Space **37**
- Financial Services **26**
- Healthcare **26**

## Cheques by Quarter

Led Joined

162 Q1 25

113 Q2 25

176 Q3 25

185 Q4 25

191 Q1 26

154 Q2 26

94 Q3 26

20 Q4 26

The last bar is the quarter still running.

## Lists Like This

- [VC firms backing AI 4,329](https://millionrounds.com/lists/vc-firms-ai)
- [VC firms backing Fintech 1,856](https://millionrounds.com/lists/vc-firms-fintech)
- [VC firms backing Big Data & Analytics 1,248](https://millionrounds.com/lists/vc-firms-big-data)
- [VC firms backing Biotech 1,207](https://millionrounds.com/lists/vc-firms-biotech)
- [VC firms backing Robotics 1,098](https://millionrounds.com/lists/vc-firms-robotics)
- [VC firms backing Construction 1,025](https://millionrounds.com/lists/vc-firms-construction)
- [VC firms backing Energy 998](https://millionrounds.com/lists/vc-firms-energy)
- [PE firms backing AI 956](https://millionrounds.com/lists/pe-firms-ai)
- [VC firms backing Cybersecurity 950](https://millionrounds.com/lists/vc-firms-cybersecurity)

[All investor lists *→*](https://millionrounds.com/lists)

## Quick answers about PE firms backing Fitness

### Who are the most active PE firms backing Fitness?

By cheques observed, the most active are Gaingels, Pioneer Fund, Morgan Stanley Investment Management, TCV and K5 Global.

### How many PE firms backing Fitness are there?

26 are on record. 100% made an investment in the last 12 months and 54% have led a round.

### Which stages do PE firms backing Fitness back?

Of the rounds with a named stage in the last 12 months, mostly Seed (20%) and Series A (18%).

### How big are the rounds PE firms backing Fitness join?

The typical (median) round among the leading investors here is $100M.

### Which sectors do PE firms backing Fitness back most?

In the last 12 months, mostly AI, Biotech and Fintech.

### Which PE firms backing Fitness lead the most rounds?

TCV (17 led), Morgan Stanley Investment Management (10 led) and Qatar Ban (6 led).

### Where are PE firms backing Fitness based?

Among the most active, most are based in the United States (11), the United Kingdom (1) and the United Arab Emirates (1).

### What have PE firms backing Fitness invested in recently?

Recent rounds include Nyquis (Seed, Nov 2026, with Pioneer Fund), Upwind (Series C, Oct 2026, with TCV) and Noor Nation (Seed, Oct 2026, with Catalyst Fund).

Built from the rounds we watched, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections)