Fundraising

Strategic Partners Fund X is seeking $22.5bn, documents prepared for a US pension’s meeting this week show.

The small buyout specialist’s latest secondaries vehicle surpassed its $1bn target and will invest in both LP- and GP-leds.

The fundraise is the private credit and real asset manager’s first private equity secondaries endeavour.

Investors from German insurer Munich Re to Lithuanian family office Willgrow are jumping into the nascent asset class or considering doing so.

In conjunction with the transaction, StepStone has increased its record-breaking SREP V secondaries fundraise to €5.3bn.

More capital was raised for the strategy between Q1 and Q3 than the $118bn gathered in 2023.

The programme is one of the largest infrastructure secondaries platforms raised and follows Blackstone Strategic Partners’ $5.5bn fund close in August.

The fund will target an even split of LP- and GP-leds, primarily in North America.

The Siguler Guff spin-out launched the fund earlier this year and is eyeing an end-of-year close, Secondaries Investor has learned.

After more than three years on the road, the asset manager is already looking to launch a successor vehicle.