GP stakes

17Capital Strategic Lending Fund 6 is a $5.5 billion private credit fund managed by 17Capital, a London-headquartered specialist in NAV finance and preferred equity solutions for the private equity industry. Founded in 2008 and headquartered at Almack House in London, 17Capital has raised more than $19 billion across eight successive funds and mandates since inception, establishing itself as the leading dedicated provider of non-dilutive capital to private equity management companies and their portfolios. Fund 6 is the first vehicle raised by 17Capital since forming its strategic partnership with Oaktree Capital Management, which acquired a majority stake in the firm in March 2022, providing enhanced distribution capabilities and balance sheet support to serve an increasingly institutionalized global LP base. Fund 6 operates 17Capital's Strategic Lending program, providing flexible, non-dilutive capital to high-quality private equity management companies to fund larger GP commitments, support franchise growth and consolidation, and enable succession planning. The strategy targets management companies — rather than underlying portfolio companies or funds directly — creating a senior-secured, cash-flow-backed loan structure with limited correlation to broader credit markets. The existing portfolio of committed capital is split evenly between the United States and Europe, reflecting 17Capital's long-standing geographic diversification. Fund 6 had already committed $2.5 billion across ten investments at the time of its final close announcement. Fund 6 announced its final close at approximately $5.5 billion of commitments, including co-investment and affiliated vehicles, on July 22, 2025 — more than doubling the $2.9 billion raised by its predecessor, Fund 5, which closed in July 2021. The investor base includes global pension funds, insurance companies, sovereign wealth funds, prominent family offices, and endowments across North America, Europe, the Middle East, and Asia, reflecting institutional recognition of NAV lending as a mature and distinctive private credit asset class. Fund 6 ranks among the five largest private credit funds closed globally in 2025.

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.

Apollo S3 Private Markets Fund (ASPM) is a perpetual open-ended tender-offer fund registered under the US Investment Company Act of 1940, managed by Apollo Global Management, one of the world's largest alternative asset managers with approximately USD 730 billion in assets under management. Launched in October 2024, ASPM provides accredited US investors with diversified access to multi-asset secondary investments across private equity, private credit, and other private asset classes. The fund operates as part of Apollo's broader Sponsor and Secondaries Solutions (S3) platform, which raised approximately USD 10 billion in total capital since its inception in August 2022, making Apollo one of the fastest-growing managers in the secondaries space. ASPM's portfolio is structured to hold approximately 60% in equity secondaries, 20% in credit secondaries, 10% in cash and liquid securities, and 10% in other private investments. The strategy allocates approximately 60% of exposure to GP-led secondary transactions — including fund recapitalizations, continuation vehicles, and preferred equity — and 40% to LP-led secondary purchases. Geographically, the fund maintains a North American bias (approximately 75%), with the remainder deployed across Europe (approximately 15%) and other international markets. The evergreen, semi-liquid structure eliminates the traditional J-curve effect associated with closed-end private markets funds, with quarterly tender liquidity available to investors. The fund is accessible to accredited US investors through the registered 1940 Act vehicle format. Apollo S3 Private Markets Fund reported a return of +18.3% for the full calendar year 2025, its first complete year of operations. The fund's performance is supported by Apollo's integrated sourcing capabilities across its private equity, credit, and real assets businesses. Apollo's flagship closed-end equity secondaries drawdown vehicle, Apollo S3 Equity and Hybrid Solutions Fund I (ASEHS), closed at approximately USD 5.4 billion in commitments — exceeding its target and representing one of the largest debut secondaries funds in the firm's history — with support from pension funds, sovereign wealth funds, financial institutions, and the wealth management channel.

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."

Bonaccord Capital Partners II (BCP II) is a $1.6 billion GP stakes fund managed by Bonaccord Capital Partners, a specialty investment firm focused on acquiring minority economic interests in private markets asset management companies. The fund reached its revised hard cap on January 8, 2025, surpassing its original $1.25 billion target and attracting 66 investors across four continents and 14 countries. BCP II is 117% larger than its predecessor, Bonaccord Capital Partners I, a 2021 vintage that closed at $738.95 million. The fund continues Bonaccord's middle-market GP stakes strategy, partnering with private equity, private credit, real estate, and real assets managers to provide growth capital for operational scaling, succession planning, and business development. Bonaccord takes minority stakes without seeking board control, targeting founder-led and institutionally established managers seeking a strategic, long-term capital partner. The LP base includes wealth channels, insurance companies, and institutional investors, with meaningful growth in Middle East, Asia, and Latin America participation. At final close, BCP II was approximately 60% invested across eight portfolio managers: Park Square Capital, Trivest Partners, Shamrock Capital, VMG Partners, Synova Capital, Revelstoke Capital Partners, Kayne Anderson Private Credit, and Lead Edge Capital. Existing Fund I LPs increased aggregate commitments by 17% on average. With BCP II, Bonaccord manages approximately $5.0 billion in assets under management, cementing its position as a leading dedicated GP stakes platform in the private markets industry.

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.

GCM Grosvenor Elevate Fund is the inaugural private equity GP seeding fund managed by GCM Grosvenor (Nasdaq: GCMG), a global alternative asset management firm with approximately $80 billion in total assets under management. Launched in 2023 and completing its final close on January 23, 2025 with nearly $800 million in committed capital, Elevate has established itself as the largest debut private equity seeding fund of its kind. The California Public Employees' Retirement System (CalPERS) served as the fund's anchor limited partner with a commitment of $500 million, with the remaining capital sourced from corporate investors, endowments, foundations, insurance companies, and single and multi-family offices. Elevate deploys capital by making catalytic seed investments in small and emerging private equity firm founders pursuing lower- and middle-market buyout strategies across industries in the United States. Rather than investing directly in portfolio companies, Elevate takes minority economic interests in the management companies of newly established or early-stage PE firms, capturing management fee and carried interest economics as emerging managers build track records and grow their assets under management. The fund provides portfolio GP firms with critical capital, strategic guidance, and operational infrastructure support to accelerate their institutional development. GCM Grosvenor contributes approximately $20 billion in assets managed with small and emerging managers across its broader platform, giving Elevate privileged access to deep institutional knowledge and a proprietary pipeline of emerging manager opportunities. The fund's first two investments were made in Excolere Equity Partners, a firm focused on education and human capital sector private equity, and Invidia Capital Management, which specializes in healthcare sector buyouts. Two to three additional GP seeding transactions were expected in 2025, with the fund pursuing a diversified portfolio of emerging lower and middle market PE managers spanning multiple industry verticals. The Elevate Fund represents a structural continuation of GCM Grosvenor's long-standing commitment to emerging manager investing, building on a track record that established the firm as one of the largest allocators to small and emerging managers in the institutional alternatives market.

Grafine Capital II LP is the second institutional fund raised by Grafine Partners, a New York City-based GP seeding and co-investment firm that backs the next generation of emerging private equity managers. Grafine launched its inaugural vehicle, Grafine Capital I LP, in early 2024 and closed it at over $600 million — significantly exceeding its original $500 million target — making it one of the largest and most successful first-time GP seeding funds raised in recent years. Grafine Capital II continues the firm's investment mandate of identifying and backing exceptional talent shaping the future of private equity, with a specific focus on disciplined, differentiated managers building enduring investment franchises. Grafine's strategy combines a primary seeding function with a co-investment and direct investment platform. The seeding component involves taking minority stakes in the management companies of emerging managers — providing capital for team build-out, operational infrastructure, and GP commitments to their funds — while the co-investment overlay allows Grafine to participate in underlying portfolio deals alongside the seeded managers. This dual structure creates aligned incentives and a compounded return profile that distinguishes Grafine from pure-stakes or pure-fund-of-funds models. Target managers are primarily based in the United States and focused on the lower and middle market, across a range of industry sectors. Atlantic Ridge Capital — a newly formed New York-based private equity firm applying artificial intelligence and advanced digital technologies to drive operational improvements in the industrial technology sector — was announced as the first investment from Grafine Capital II LP in October 2025. The specific target fund size for Grafine Capital II LP has not been publicly disclosed, consistent with the firm's approach of raising against demonstrated LP conviction rather than a fixed hard cap. Earlier portfolio companies seeded by Grafine Capital I include Ascendant Capital Partners, Stanley Capital Partners, and The Newcastle Network.

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.

HPC Fund I is the inaugural GP stakes fund raised by Hunter Point Capital (HPC), a New York-based independent investment firm founded in 2020 by industry veterans Bennett Goodman and Avi Kalichstein. The fund held its final close on March 29, 2024, raising $3.3 billion in permanent capital commitments against an initial $2.5 billion target—establishing it as the largest-ever debut GP stakes fund dedicated to private market strategies. The investor base includes sovereign wealth funds, insurance companies, pension funds, endowments and foundations, banks, family offices, and registered investment advisors from across the globe. HPC Fund I acquires minority equity stakes in next-generation alternative investment managers across private equity, private credit, real estate, and infrastructure. Beyond capital, the fund provides portfolio managers with strategic and tactical support in capital formation, business development, group purchasing, and talent enhancement—a model designed to be a true growth-enablement partner rather than a passive shareholder. The fund's global mandate spans North America, Europe, and Asia Pacific, targeting rising managers with differentiated strategies, strong performance track records, and the potential to scale into institutional-grade platforms. Through HPC Fund I, Hunter Point Capital formed strategic partnerships with eight portfolio managers at close: Pretium Partners, Coller Capital, Inflexion, L Catterton, The Vistria Group, SLR Capital Partners, Iron Park Capital, and MidOcean Partners—a cross-section of private equity, credit, and real estate specialists. The $3.3 billion debut raise—completed in four years from the firm's founding—reflects both the experience of the founding team and strong investor appetite for the GP stakes asset class as managers seek patient, value-added capital partners for the next phase of institutional growth.

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.