Hannah Zhang

A new name at the top of SI 50 shows how consolidation is changing the competitive landscape in the buyer universe.

Scale has become a competitive edge in a rapidly expanding secondaries market.

Providence Equity Partners has closed a $1bn+ CV for 365 Retail Markets, a company it acquired nearly six years ago, PEI Secondaries Investor has learned.

New market entrants are seeking to pre-empt auction processes to 'differentiate themselves', according to Lazard’s Kevan Comstock.

The process comes three years after Onex first moved the tax services provider into a single-asset continuation fund.

Fund IV, which is targeting $1.25bn, has recently been activated and has closed on its first deal, Secondaries Investor has learned.

The transaction values engineering services company H&MV at €1.4bn.

Market volatility only tells part of the story of the GP-led market’s domination in the first six months of the year, with fundraising and expansion into new asset classes also driving growth.

The Switzerland-headquartered manager will seek to invest in LP-led, GP-led and opportunistic deals with an emphasis on senior lending, Secondaries Investor understands.

The firm, which is also planning to launch its first infra secondaries vehicle, has raised $9.3bn to date for Fund VI, according to its H1 2026 results.