North America

The firm will take a ‘very opportunistic’ approach to expanding further into secondaries, CEO Connor Teskey said in its Q4 2025 earnings call.

Around two-thirds of the over 300 family offices surveyed by JPMorgan have no exposure to secondaries.

The firm’s inaugural credit secondaries closed-end fund reached $4bn with the programme totalling $7.1bn, marking it the firm’s largest inaugural fundraise, CEO Michael Arougheti says.

‘We really like the idea of building a secondary platform with a blank sheet of paper,’ KKR CFO Rob Lewin said on the firm’s Q4 2025 earnings call.

While some participants have described secondaries activity as somewhat subdued in the early part of the year, numerous deals continue to work through their processes that had been launched last year.

The original size of the portfolio CalPERS brought to the market is understood to be between $2.3bn and $3bn.

The semi-liquid fund will participate in GP stakes investments through a wide range of transaction types, with the largest share earmarked for secondaries investments.

The GP-led-focused fund is more than a quarter invested and will target lower mid-market deals in North America.

Strategic Partners has held an initial close of $5bn for Strategic Partners Fund X with ‘another major close’ expected in the coming weeks, Blackstone’s president and COO Jon Gray said on the firm’s earnings call. Its $22.2bn Fund IX had committed $19.7bn by year-end 2025.

The largest average commitment sizes to GP-led deals ranged between $300m and $500m last year, managing director Darren Schluter tells Secondaries Investor.