Fundraising

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

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.

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

Credit secondaries ranked second only to PE in deal volume across both LP-led and GP-led transactions in 2025.

While the list of the largest known LP commitments remains dominated by US-based investors, it also reflects a growing presence of non-US institutions from Asia and the UK.

Auldbrass acquires secondaries interests through LP-led and GP-led opportunities in mid-market buyout, global buyout and growth equity.

Marc Smid, who oversees the German insurance giant’s private debt fund of funds, sets out his expectations and concerns with respect to GPs.

While fundraising continues to skyrocket, the amount of dry powder available has remained ‘fairly flat’, and more capital is needed for the market to keep pace with demand, Evercore’s Nigel Dawn tells Secondaries Investor.

SISF V is the largest infrastructure vehicle that Stafford has raised to date and brings its total infra AUM to $2.7bn.

The firm is seeking to raise $300m for the strategy, head of private equity partnerships Nicolas Muller tells NPM.