Secondaries

The manager’s latest report estimates RE secondaries saw more than $24bn in volume last year.

While the firm missed its $1bn target, the vehicle was almost double the size of its predecessor which closed on $456m in 2019.

The sovereign wealth fund deployed significant capital into secondaries opportunities across private equity and infra last year.

The firm, which was founded by former Cinven dealmaker Caspar Berendsen, will seek to acquire interests in funds that have underlying investments in mid- and large-cap PE buyout vehicles.

While more buyers are coming into the smaller end of the CV market, there remains less competition compared with larger deals creating room for steeper discounts, according to a report.

The fund is over half the size of its predecessor, which closed on $14.2bn in 2023.

The semi-liquid fund aims to provide ‘diversified access to high-quality private growth companies’ through direct and secondaries, per a statement affiliate title PEI has seen exclusively.

Buyers on the deal include Coller Capital, Apollo S3, CVC Secondary Partners and Hollyport Capital.

The fund, which is already larger than its predecessor, is expected to close in 2026 and exceed its $7bn target.

The fund has collected $365m, which is nearly double its launch target.