Western Europe

Two new secondaries-focused firms have already launched in 2025.

After more than two years in the market, the group is already eyeing a launch for its next secondaries programme.

Executives from Coller Capital, HSBC, Lazard, PJT Park Hill and more opine on likely drivers of dealflow in the region this year.

While fundraising figures are down from record-breaking numbers in 2024, it would be remiss not to consider the impact of evergreen capital on the market.

Fundraising for secondaries strategies last year reached just under $100bn, falling short of 2023’s record haul for the sub-sector.

There have been cases when continuation funds have been ‘misused and overused’, according to Teia Merring, senior investment director at USS and chair of ILPA.

Mid-Market Secondaries III, the successor to co-investment and secondaries-focused vehicle Select Opportunities Fund II, reached its target.

Secondaries professionals and LPs dust off their crystal balls to give their views on what will drive the market over the next 12 months.

The Paris-headquartered firm aims to hold the final close for the fund in 2025.