GP-Leds

The vehicle, named Andantino AV, has some CV components and houses Vitruvian’s ownership in four assets, Secondaries Investor understands.

The deal marks the latest $1bn-plus CV the Luxembourg-headquartered firm has been involved in over the last several months.

Will we finally see a wave of IPOs this year, or will VC GPs have to turn to the secondaries market to deliver liquidity to their investors?

Narrow discounts mean infrastructure remains a first port of call for secondaries sellers.

Spanish manager Alantra has closed a continuation vehicle for its portfolio company Health in Code, with 25% of the capital earmarked for follow on investment.

The platform’s close marks the second notable debut GP-led strategy to close this year after Leonard Green closed on more than $3.6bn last month.

The firm, which EQT recently agreed to acquire, has led on multiple multibillion-dollar credit CVs over the past several months.

StepStone’s live secondaries fundraising also includes vehicles dedicated to infra and VC, executives said on the firm’s recent earnings call.

Buyers became more selective and ultimately bid on LP-led deals for GPs and funds they knew best, according to Greenhill’s Bernhard Engelien.

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