Fundraising

A North American pension fund is exploring commitments to six funds managed by Ares, Blackstone, HarbourVest, Macquarie, Pantheon and Partners Group.

Fund VIII is over 50% committed, with the firm expecting a final close in the middle of the year, CFO John Redett says on Carlyle’s Q1 2025 earnings call.

SQ Capital’s fundraising could benefit from recent momentum in secondaries dealmaking, as GPs and LPs both seek a remedy to persistent illiquidity.

While Lexington’s owner Franklin Templeton had previously forecasted a September first close for Fund XI, it has now extended its expectations out to later in fiscal year 2025 or early 2026.

Ares expects to hold a final close on its infrastructure secondaries fund this summer, chief executive Michael Arougheti said on the firm’s earnings call.

Compared with some of its peers, Apollo opted to grow its secondaries business S3 organically, formally launching the strategy in late 2022.

The separately managed account will invest into two Lexington funds, as well as co-investment opportunities.

The record fundraise bests a previous mark set by Goldman Sachs as the manager aims to take advantage of tariff turmoil.

The joint venture is structured as a RAIF and will look to acquire mainly senior-secured direct lending stakes.

Five Arrows’ Secondary Opportunities VI launched in 2023 and will focus on mid-market opportunities.