GP stakes

The AIP Secondary Fund II is the second flagship Asia‑Pacific real estate secondaries vehicle from Aquilius Investment Partners, headquartered in Singapore. It is designed to capitalise on the structural gap in secondaries and liquidity solutions across Asia‑Pacific’s real estate and “new economy” sectors. According to the closing announcement, the fund has raised in excess of US$750 million, surpassing its original US$700 million target, and has already deployed approximately 50% of commitments across eight transactions. The strategy targets LP‑led and GP‑led secondaries in real estate, especially in sectors supported by structural tailwinds such as logistics, life sciences, data centres, hospitality and living platforms. The platform draws on the firm’s deep regionally‑based team and track record in Asia, aiming to provide flexible, solutions‑oriented capital and earlier‑stage access to underlying portfolios, thus mitigating typical “blind pool” risk associated with primary fund commitments. The fund is domiciled in Singapore, providing institutional investors (including sovereign wealth funds, pension funds and family offices) with exposure to a diversified portfolio of secondaries transactions across the Asia‑Pacific private markets. The manager emphasises broad diversification across geographies, sectors and deal types, while focusing on liquidity, value preservation and early cash‑flow generation. In summary, AIP Secondary Fund II offers an institutional‑grade entry into Asia real estate secondaries — a market the manager describes as under‑capitalised globally — by investing in later‑stage or recapitalisation opportunities, continuation vehicles and LP interest portfolios in high growth real estate and adjacent asset sectors across Asia‑Pacific.

AlpInvest Secondaries Program VIII, managed by AlpInvest Partners under The Carlyle Group, is a 2024 vintage private equity fund specializing in secondary investments. The fund has successfully raised raised $20 billion for its global Secondaries strategy, anchored by the final close of AlpInvest Secondaries Fund VIII, the flagship fund within the AlpInvest Secondaries Program VIII (“ASP VIII”) which reached its $15 billion hard cap. The total amount raised for AlpInvest’s Secondaries strategy also includes $3.2 billion in co-investment commitments, as well as $2 billion for private wealth vehicles investing alongside ASP VIII. This achievement underscores AlpInvest's robust position in the secondary market and its appeal to institutional investors. The fund's strategy centers on acquiring existing private equity interests, providing liquidity solutions to investors seeking to exit their positions. By focusing on secondary transactions, AlpInvest aims to capitalize on opportunities arising from market dynamics and investor needs for portfolio rebalancing. The fund's approach allows for diversification across various sectors and geographies, mitigating risks associated with primary investments. Investors in Fund VIII include prominent institutions such as the Kentucky Teachers’ Retirement System, KGI Life, and the University System of Maryland Foundation. The fund's investor base spans North America, developed Asia, and Europe, reflecting its global reach and the widespread demand for secondary market exposure. With over 50% of the capital already committed, AlpInvest demonstrates a strong deployment pace, aligning with its strategic objectives.

Blackstone Strategic Capital Holdings III (BSCH III) is Blackstone's third GP stakes fund, aiming to raise at least $5.6 billion. This fund continues Blackstone's strategy of acquiring long-term, minority ownership interests in the management companies of leading private equity firms. BSCH III seeks to partner with high-performing private equity firms, providing them with capital to support growth initiatives, succession planning, and other strategic objectives. By taking minority stakes, Blackstone supports these firms' expansion without interfering in their day-to-day operations. Leveraging Blackstone’s extensive resources, including its global procurement platform and operational expertise, BSCH III aims to add value to its partner firms. The fund will focus on a diversified portfolio across various strategies and geographies, continuing the successful approach of its predecessors.

Blue Owl GP Stakes Fund VI is a GP stakes fund managed by Blue Owl Capital Inc. As of May 2024, the fund is currently fundraising for its sixth fund, with a target of around $13 billion.This fund focuses on investing in private equity firms and offers direct lending to companies. Blue Owl typically takes minority stakes in asset managers and has previously backed firms such as Vista Equity Partners, CVC Capital Partners, ICONIQ Capital, and TowerBrook Capital Partners. The firm's fifth fund is about 85% committed, with recent investments in Stonepeak and I Squared Capital. CAZ Investments, a family office based in Houston, has committed $1 billion to Blue Owl GP Stakes Fund VI. This fund specifically targets minority stakes in private asset management firms. Other institutional and private investors have collectively committed roughly $4.7 billion to Blue Owl's latest GP stakes fund. Investing in GP stakes has become a popular strategy in recent years, with firms like Blue Owl capitalizing on the trend. This strategy allows investors to take minority stakes in asset and wealth managers, providing an attractive option in the current fundraising environment where private equity firms are facing challenges in raising capital."

Coller Credit Opportunities II (CCO II) is the flagship secondaries credit fund from Coller Capital, which closed at a record-breaking $6.8 billion in July 2025. As the world’s largest private credit secondaries fund, CCO II represents a landmark moment in the evolution of this asset class and significantly expands Coller’s credit platform. This final close brings the firm’s total commitments to credit secondaries to $10.1 billion, including commingled vehicles, SMAs, co-investments, and perpetual funds. The fund targets senior direct lending and performing private credit assets via both LP-led and GP-led secondary transactions. Its strategy is built around delivering defensive, income-generating exposure and stable performance across market cycles. Investors are offered broad access to diversified, high-quality credit portfolios, supported by Coller’s robust global deal sourcing, execution capabilities, and underwriting expertise. CCO II is launching into a market experiencing significant growth. Since January 2024, Coller has evaluated $53 billion in secondary credit opportunities. The surge in private credit fund maturity and investors’ need for liquidity solutions have driven demand. Key transactions include the $1.6 billion acquisition of a senior direct lending portfolio from American National, and the largest-ever credit continuation vehicle with Abry Partners. CCO II exemplifies Coller’s leadership and innovation in structuring complex credit secondaries at scale.

The HPC Fund I targets investments in alternative investment managers across North America, Europe, and Asia. The fund is focused on GPs active in private equity, private credit, real estate, and infrastructure sectors. With a total fund size of $3.3 billion, the firm seeks to purchase stakes in alternative investment managers and supports them with capital formation, business expansion, group purchasing, and talent acquisition. Notable collaborations with well-known private market firms within credit, private equity, and secondary strategies, demonstrate the fund's interest in partnering with a diverse range of investment management firms.

The Manulife Strategic Secondaries Fund L.P. is dedicated to investments in sector-leading companies supported by high-quality general partners (GPs). The fund has amassed $610m in total capital commitments from a broad array of third-party investors and the Manulife general account, highlighting the platform's diverse investment appeal. The fund's strategy is spearheaded by global co-heads and co-portfolio managers Jeff Hammer and Paul Sanabria. It aims to focus primarily on continuation vehicles, preferring transactions involving three or fewer assets to generate secondary market alpha by selectively compiling a portfolio of outstanding companies. The fund's investment strategy also includes investing alongside reputable sponsors, ensuring a strong alignment with new investors. The fund's investment strategy places a strong emphasis on GP-led secondaries, aiming to capitalize on the surge in this area over the last four years. This approach allows sponsors to retain prized assets for further value creation and for partners to achieve interim liquidity, providing mutual benefits for limited partners and sponsors. Manulife IM's approach is supported by its sponsor-centric platform, which includes over 200 general partner relationships and provides capital solutions across five key verticals: primary fund investments, equity co-investments, senior and junior credit, and GP-led secondaries. The inaugural fund focused on GP-led secondaries has successfully navigated a challenging macroeconomic landscape, providing a unique investment avenue for clients and expressing gratitude towards global private equity sponsors for their trust and recognition of Manulife's expertise in offering flexible capital solutions."

NB Strategic Capital Fund II is Neuberger Berman's latest flagship vehicle focused on GP-led secondary transactions, particularly continuation funds. The fund amassed over $4 billion in commitments, significantly exceeding its $2.5 billion target and its $955 million predecessor. This larger capital base allows the firm to lead bigger transactions with less reliance on syndicate partners. The fund intends to invest in 50 to more than 100 companies, emphasizing larger, high-quality deals rather than a high volume of smaller ones. By focusing on a concentrated portfolio, Neuberger Berman aims to deliver strong returns and provide liquidity solutions to existing investors—a strategy well-suited to today’s slower IPO and M&A environments. With over 40 continuation transactions and more than $15 billion in deal volume led or co-led, Neuberger Berman brings deep experience to this fund. The firm is well-positioned to identify and execute on compelling opportunities in the evolving secondary market landscape.

Unigestion Secondary VI (USEC VI) is the sixth dedicated secondaries vehicle managed by Unigestion. It closed in November 2025 at its €1.7 billion hard cap, reflecting a strong demand for private equity liquidity solutions. Over 150 limited partners, including pension funds, sovereign wealth funds, family offices, insurers, and high-net-worth individuals from more than 20 countries, participated in the fund.USEC VI has deployed capital into 22 secondary transactions, encompassing LP stake purchases, GP-led restructurings, and selective direct secondaries. The fund's mixed deployment strategy provides diversification and targeted high-quality asset access, enabling earlier distributions and reduced duration risk. Unigestion's extensive experience in secondaries, with nearly 300 deals executed to date, lays a solid foundation for USEC VI.Focused on mid-sized deals outside the market's most competitive areas, USEC VI seeks to unlock value and enhance returns while maintaining discipline on entry pricing. The fund aims to build a balanced portfolio across company vintages, sectors, and strategies, emphasizing resilient assets, predictable distribution profiles, and attractive entry valuations.

Van Lanschot Kempen's Private Equity Secondaries Evergreen Solution is an innovative fund designed to acquire existing private equity stakes in the secondary market. This approach enables investors to access mature companies with proven track records and ongoing growth potential, offering a more immediate deployment of capital compared to traditional primary investments. Structured as an evergreen fund, it reinvests proceeds from underlying investments, promoting continuous capital growth. The fund's cooperative structure is particularly advantageous for Dutch investors due to the participation exemption. Investors can enter the fund quarterly and, following a three-year lock-up period, may exit depending on available liquidity. The fund invests in a diversified portfolio of private equity funds and co-investments across various sectors and regions. This strategy not only enhances diversification but also reduces costs and accelerates capital deployment. The fund is actively managed by a team of experienced specialists, leveraging Van Lanschot Kempen's extensive network to access investment opportunities typically unavailable to private investors.