Fundraising

The transactional nature of semi-liquid fund structures can place a lower importance on relationship building between investors and their managers, says Nicole Musicco.

Fund VIII is over 50% committed, with the firm expecting a final close in the middle of the year, CFO John Redett says on Carlyle’s Q1 2025 earnings call.

SQ Capital’s fundraising could benefit from recent momentum in secondaries dealmaking, as GPs and LPs both seek a remedy to persistent illiquidity.

While Lexington’s owner Franklin Templeton had previously forecasted a September first close for Fund XI, it has now extended its expectations out to later in fiscal year 2025 or early 2026.

Ares expects to hold a final close on its infrastructure secondaries fund this summer, chief executive Michael Arougheti said on the firm’s earnings call.

Compared with some of its peers, Apollo opted to grow its secondaries business S3 organically, formally launching the strategy in late 2022.

The separately managed account will invest into two Lexington funds, as well as co-investment opportunities.

The record fundraise bests a previous mark set by Goldman Sachs as the manager aims to take advantage of tariff turmoil.

Opinions vary over whether the asset class will outstrip 2024’s record-breaking deal volume total, or whether recent uncertainty will cause it to miss the mark.

The joint venture is structured as a RAIF and will look to acquire mainly senior-secured direct lending stakes.