Silas Sloan

The firm, which EQT recently agreed to acquire, has led on multiple multibillion-dollar credit CVs over the past several months.

Around two-thirds of the over 300 family offices surveyed by JPMorgan have no exposure to secondaries.

The firm's inaugural credit secondaries closed-end fund reached $4bn with the programme totalling $7.1bn, marking it the firm's largest inaugural fundraise, CEO Michael Arougheti says.

Private credit is one of the fastest-growing segments in the secondaries market, reaching at least $20bn in deal volume last year.

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

The GP-led-focused fund is more than a quarter invested and will target lower mid-market deals in North America.

As more high-profile secondaries managers get snapped up, there is a 'scarcity value' in the strategy, managing director Hannah Gore-Randall tells Secondaries Investor.

Strategic Partners has held an initial close of $5bn for Strategic Partners Fund X with 'another major close' expected in the coming weeks, Blackstone's president and COO Jon Gray said on the firm's earnings call. Its $22.2bn Fund IX had committed $19.7bn by year-end 2025.

Secondaries account for an average of 13% of private wealth client portfolios, according to a report from Hamilton Lane.

The largest average commitment sizes to GP-led deals ranged between $300m and $500m last year, managing director Darren Schluter tells Secondaries Investor.