North America

Strategic Partners will soon begin fundraising for the successor to Strategic Partners Fund IX, which closed on $22.2bn in January 2023.

The New York State Common Retirement Fund made the two largest commitments last year to funds managed by TPG and Blue Owl.

LP-led deals saw a record $87bn volume last year as pricing continued to increase, according to a report from Jefferies.

The strategy will include raising a separate fund from New Mountain’s flagship vehicle.

The LP is exploring the proposition of offloading the stakes amid a secondaries market with record activity.

No matter how successful the build out of a secondaries team has been, senior talent staying put is not a given.

Kosters will oversee the expansion of Antares’ credit secondaries strategy with the credit shop completing ‘multiple transactions’ last year.

The SMA would include a commitment to StepStone’s flagship real estate secondaries fund, which has surpassed the size of its $1.4bn predecessor.

The process comes at a time of increased momentum for GP-led credit deals with a number $1bn-plus transactions closing last year.

Over 75% of manager respondents say it is likely or highly likely they’ll look to the secondaries market across 2025 and 2026 compared with 45% in PJT’s 2023 survey.