Secondaries

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.

Strategic Partners has held an initial close of $5bn for Strategic Partners Fund X with ‘another major close’ expected in the coming weeks, Blackstone’s president and COO Jon Gray said on the firm’s earnings call. Its $22.2bn Fund IX had committed $19.7bn by year-end 2025.

The new questionnaire asks GPs to disclose details including transaction terms and asset returns.

Secondaries account for an average of 13% of private wealth client portfolios, according to a report from Hamilton Lane.

The largest average commitment sizes to GP-led deals ranged between $300m and $500m last year, managing director Darren Schluter tells Secondaries Investor.

EQT has set up an open ended structure for EdgeConnex to support the data centre platform’s long-term growth opportunity, head of business development Gustav Segerberg said on the firm’s full-year 2025 earnings call.

LP-led volume saw a 54% year-on-year increase in 2025, reaching $121bn as LPs traded a wider mix of fund quality and accepted larger discounts, a report shows.

GP-led buyers are ’embracing concentration and able to speak for larger portions of transactions than ever before’, global co-head of secondary advisory Scott Beckelman tells Secondaries Investor.

Nearly one-quarter of LPs have seen evidence of CV-on-CVs, according to Coller Capital’s latest investor survey.

Traditional buyout firms are taking advantage of what is widely considered a deficit of capital available for the growing number of opportunities in the secondary market, as GPs and LPs seek ways to monetise assets in older funds.