Private Equity

Secondaries

Affinity resumes CV on South Korea’s ServeOne

The firm reportedly paused a multi-asset CV involving this asset in 2023.

2 min read · 25 November 2025

Side Letter: 'Not zero' targets

In today's edition: The SEC commissioner makes the case for PE allocations in retail portfolios; Another mega-CV closes; ESG, DEI become less of an operational priority on both sides of the aisle.

5 min read · 24 November 2025

Zombie funds explode to all-time high

Research provided to Buyouts by TREO indicates the global volume of AUM of tail-end funds, or TEFs, hit $829bn in 2024, up 24% from 2023.

3 min read · 21 November 2025

The growth spurt of CVs is far from over

With more players and larger funds, the secondaries market is seeing a lot of continuation vehicles north of $1bn. The long-term growth of sizeable deals requires significant backing.

3 min read · 20 November 2025

Side Letter: Snow ploughs needed

LP patience over a lack of distributions appears to be wearing thin; why CVs could hurt primary fund returns; Eurazeo plants a flag in Scandinavia.

5 min read · 20 November 2025

Fundraising

Strategic Partners, Neuberger step up as lead investors on Trilantic’s ‘precedent-setting’ full-fund CV

Trilantic’s deal is viewed by many in the secondaries market as a potential precedent setting transaction that could serve as a model for other mid-market firms facing fundraising challenges.

3 min read · 19 November 2025

MassPRIM to miss PE deployment target amid distribution slowdown

'Limited partner distributions are definitely constraining new commitments to subsequent funds,' says private equity director Michael McGirr.

2 min read · 19 November 2025

ICG, Amundi to launch private credit and secondaries evergreen funds in wealth push

As part of the tie-up, Amundi will pick up a 9.9% stake in London-based ICG by June 2027.

2 min read · 18 November 2025

Artificial intelligence: Transforming alternative assets, from fundraising to exits

AI is touching every aspect of the alternative assets industry - from internal applications to portco value creation and investment opportunities. But there are risks ahead, with overhype and regulatory uncertainty partly clouding the path forward.

10 min read · 17 November 2025

Our conversation with Caitlin Gubbels, CPP Investments' PE boss

Our final cover story of the year is a conversation with arguably the industry’s most influential institutional investor.

3 min read · 13 November 2025

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