News & Analysis

CBRE IM: Platform-level real estate secondaries enter the mainstream

Global real estate secondaries transaction volume increased last year, with larger-scale liquidity structures a growing feature of the market, per the manager’s latest research.

ICG delays launch of mid-market Strategic Equity fund

The firm’s current fund, Strategic Equity Fund V, raised $11bn last year and is the biggest dedicated fund for backing continuation vehicles.

StepStone to adjust fee rates in flagship secondaries funds

The firm will lower fees during funds’ investment periods and then increase them after the period, according to head of strategy Michael McCabe.

Project Ember: Ardian and Blackstone buy in on CPPIB’s large portfolio sale

The Canadian pension giant will sell its exposure in 33 funds having brought a portfolio of 56 lines to market.

Pantheon’s Hassanally: Debut CFO unlocks secondaries for constricted investors

The manager’s $1bn CFO created access for insurance investors that had lost the ability to back PE, while offering a compelling capital raising strategy for the firm itself.

The ‘tremendous tailwind’ behind infra secondaries’ growth

In this edition of Secondaries Investor’s Second Thoughts podcast, Macquarie Asset Management’s Wandy Hoh and Baird’s Jeremy Duksin discuss the rapid evolution of infra secondaries and share their expectations for future growth across both the LP-led and GP-led markets.

Investec’s Callum Bell: Secondaries an ‘excellent way’ to speed up platform growth

The firm’s inaugural European senior debt fund was launched through an innovative secondaries process backed by Carlyle AlpInvest.

Cari Lodge’s Aqualis sets target for debut secondaries fund

Aqualis’ offering will focus on what the firm sees as an underserved part of the secondaries market: smaller transactions.

Secondaries Investor Q1 2026 CV Deal Log

Q1 saw 27 CVs close, with nine involving asset classes beyond private equity.

CPP Investments unloads European non-performing loan portfolio

The portfolio is being sold to a newly formed joint venture established between funds managed by Arrow Global Group and Fortress Investment Group.