Western Europe

Coller launched a platform targeting high-net-worth investors last year, led by UBS veteran Jake Elmhirst.

Ares Management data, shared with Secondaries Investor, shows deal volume for the asset class fell 21% in 2023 from the record $12.4bn clocked the year prior.

A record one-in-five investors are planning to invest in the strategy, according to affiliate title Private Debt Investor’s latest LP Perspectives Study.

Lazard expects deal volume this year to approach or exceed 2021 levels as LPs and sponsors seek innovative liquidity options in the secondaries market.

Lexington Partners, Strategic Partners and Goldman Sachs Asset Management played a pivotal role in driving fundraising in the secondaries space last year.

A growing number of semi-liquid funds have a heavy allocation to secondaries.

The EIF began backing LP-led transactions in buyout funds and hybrid debt-equity funds before investing in GP-leds in 2017, head of secondaries Joaquín Alexandre Ruiz Tarré tells Secondaries Investor.

The firm has previously tapped the secondaries market to run a €1.3bn single-asset process on investor administration group IQ-EQ.

Secondaries capital that comes with deep sector expertise may define the next iteration of the GP-led market.

The firm raised $945m across its secondaries and carbon strategies in 2023.