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Fund III, like other Glendon funds, will have a delayed-draw, meaning it will have three years to activate based on market conditions.

At least nine firms involved in the secondaries market have been acquired or are in talks to be bought this year.

China's fundraising environment looks even more bleak moving into 2022, as wary investors pause commitments to the market.

Fund II’s rollout comes about two years after the close of RiverGlade’s inaugural fund. It secured $325m, ahead of an original target size of $300m.

GP-led secondaries, especially single-asset deals like Belron, have driven the market to what is expected to be record volume levels this year.

About 90% of Penfund’s deals involve mid-market companies backed by sponsors like Leonard Green & Partners, Hellman & Friedman, Genstar Capital and OMERS Private Equity.

The fund-of-funds will generally target lower-mid-market to mid-market buyout and growth funds, with a preference for debuts to Fund III.

Fund I held an initial closing in August, securing $140m, and is expected to hold additional closings in early and mid-2022.

Thanks to this year’s strong fund and direct investing, IMCO is already two-thirds of the way to reaching its goal of C$6 billion-plus of PE portfolio assets by 2025.

More than one-third of the top 50 biggest GPs in private equity have used continuation funds on their assets – a trend that's likely to continue into 2022.