Fundraising

More capital was raised for secondaries in H1 2025 than during any other first half since the strategy’s inception.

Secondaries use is soaring as the search for liquidity intensifies.

The illiquidity of many institutional LPs is ‘scary,’ MacArthur said in a recent podcast. 'We’re not even in a recession and yet we’re hitting a number that is correlating to the worst recession in 75 years.'

There is an often-overlooked $17trn market where the mid-market and smaller managers can compete within their own weight class for retirement capital, writes Eric Satz, founder and CEO of self-directed IRA platform Alto.

Fundraising pressures, shifting fund terms and the rise of co-investments are reshaping the private funds landscape, says law firm Barnes & Thornburg.

Recent pension documents indicate the target for Adams Street Growth Equity Fund VIII has been set at $325m.

Centre Partners’ capital raising might get a lift from the initial performance of Fund VIII, which as of March was earning a 54.8% net IRR, according to pension documents.

Leonard Green launched Sage Equity Investors last year with a target of $1.5bn.

The fund was raised in a single closing and completed less than five months after launch.

PPC’s previous fund closed at $2.7 billion in 2021.