Western Europe

The oversubscribed vehicle is more than $300m larger than its predecessor.

Ardian has previously backed single-asset continuation funds out of its co-investment programme and via an SMA with a US public pension.

LP portfolio transactions deals don’t ‘play to the strengths’ of the Northern European powerhouse’s active ownership model, according to CFO Kim Henriksson.

The firm’s 2024 Global Fund Program raised just over $1bn.

Secondaries are carving out a greater share of the private real estate fundraising market following successive record fund closures in the past 18 months.

Backed by LPs including family office Infinitas Capital, Opportuna plans to target $30m once investors are satisfied with its initial five-company portfolio.

Pantheon Senior Debt Secondaries III has raised nearly $2.4bn after launching in October last year.

The sector’s rapid growth has impacted pricing in the secondaries market and shifted some large buyers’ behaviour.

Secondaries volumes in Q1-Q3 2024 match the full-year total for 2023, according to PJT’s Q3 2024 Secondary Market Insight report.

TPG GP Solutions has been an active backer of GP-led continuation funds across North America and Europe following its launch in January 2022.