North America

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.

Managers will seek to tap the secondaries market to keep hold of their prized assets while M&A remains muted – however, the single-asset space remains significantly undercapitalised.

The denominator effect will resurface in 2025, motivating LPs to sell into the secondaries market for active portfolio management, according to a report from PJT.

While the exact size of the portfolio is unclear, Secondaries Investor understands the portfolio could range around the $5bn and $6bn mark.

As traditional exits remain sluggish this year, GPs are getting creative in finding ways to deliver liquidity to limited partners in older funds.

The university will continue to actively seek new relationships with PE firms, a spokesperson told Secondaries Investor.

In this Second Thoughts podcast, Peter Wright, founder of the Diversity in Secondaries Initiative, discusses why he set up the non-profit and notes its key achievements.

The US university that pioneers the ‘endowment model’ is selling its PE investments in the secondaries market for the first time.

The two continuation funds involve four assets from Leonard Green’s 2011-vintage Green Equity Investors VI, which NIC backed in 2011.