Hannah Zhang

The firm will take a 'very opportunistic' approach to expanding further into secondaries, CEO Connor Teskey said in its Q4 2025 earnings call.

Buyers became more selective and ultimately bid on LP-led deals for GPs and funds they knew best, according to Greenhill’s Bernhard Engelien.

'We really like the idea of building a secondary platform with a blank sheet of paper,' KKR CFO Rob Lewin said on the firm’s Q4 2025 earnings call.

The original size of the portfolio CalPERS brought to the market is understood to be between $2.3bn and $3bn.

The semi-liquid fund will participate in GP stakes investments through a wide range of transaction types, with the largest share earmarked for secondaries investments.

GP-led buyers are 'embracing concentration and able to speak for larger portions of transactions than ever before', global co-head of secondary advisory Scott Beckelman tells Secondaries Investor.

Nearly one-quarter of LPs have seen evidence of CV-on-CVs, according to Coller Capital’s latest investor survey.

Credit secondaries ranked second only to PE in deal volume across both LP-led and GP-led transactions in 2025.

While the list of the largest known LP commitments remains dominated by US-based investors, it also reflects a growing presence of non-US institutions from Asia and the UK.

SISF V is the largest infrastructure vehicle that Stafford has raised to date and brings its total infra AUM to $2.7bn.