Secondaries

The return of the zombie fund

Pressures in private equity continued in 2025, with fundraising dipping by 17% year on year in 2025.

Private credit secondaries could reach $80bn by 2030

Private credit is one of the fastest-growing segments in the secondaries market, reaching at least $20bn in deal volume last year.

DW Healthcare runs process to extend hold over animal pharmaceuticals business

While some participants have described secondaries activity as somewhat subdued in the early part of the year, numerous deals continue to work through their processes that had been launched last year.

Lexington and Partners Group among buyers on CalPERS’ latest LP-led sale

The original size of the portfolio CalPERS brought to the market is understood to be between $2.3bn and $3bn.

Secondaries a key focus for CAZ Investments’ latest GP stake evergreen fund

The semi-liquid fund will participate in GP stakes investments through a wide range of transaction types, with the largest share earmarked for secondaries investments.

GP-led specialist Timber Bay closes third flagship fund on $281m

The GP-led-focused fund is more than a quarter invested and will target lower mid-market deals in North America.

Seed assets propel Hamilton Lane’s second infra fund to $1.5bn close

Hamilton Lane’s Infrastructure Opportunities Fund II exceeded its $1.25bn target and tripled the size of its predecessor.

Eurazeo and Pantheon complete €480m credit CV

The deal is the second between the two firms to provide liquidity to Eurazeo’s LPs while maintaining continuity for borrowers.

Managers increasingly look to fill secondaries gaps with GP acquisitions – Campbell Lutyens

As more high-profile secondaries managers get snapped up, there is a ‘scarcity value’ in the strategy, managing director Hannah Gore-Randall tells Secondaries Investor.

Netley on why investors are increasingly turning to the tertiary market

Sovereign funds and insurers are using third-time-round fund stake transactions as part of their portfolio management processes, write Caspar Berendsen, Álvaro Rosado and Robert Perry.