Clipway makes progress toward $4bn debut fund target

If it reaches its target, Clipway Secondary Fund would be one of the largest debut funds from a spin-out or newly established firm.

Clipway, the secondaries firm launched by former Ardian and Coller Capital investment executives, is on track to have raised almost a quarter of the target of its debut fund, Secondaries Investor has learned.

The London-headquartered firm is seeking $4 billion for Clipway Secondary Fund and has raised at least $440.3 million so far, according to a filing with the US Securities and Exchange Commission.

Secondaries Investor understands the firm will have capacity of almost $1 billion in capital for the fund by the end of the month.

Clipway, which counts at least six former Ardian professionals on its investment committee, including former fund of funds and private debt head Vincent Gombault, is understood to  be using artificial intelligence-related technology and data analytics tools to evaluate cashflows from private markets portfolios and price them on a secondaries basis, as Secondaries Investor reported.

The firm’s team members include US-based David Enriquez, the former head of private equity at New York City Retirement Systems, who joined Rothschild Five Arrows in 2021; and former Coller data scientist Harry Vander Elst, who left Coller in 2020.

Preliminary fundraising data from Secondaries Investor shows that $37.1 billion was raised in final closes across 23 vehicles for private equity secondaries strategies in the first half of this year, accounting for around 12 percent of the $315.5 billion raised for private equity.

The largest secondaries fund to close in the first half of the year was Blackstone Strategic Partners’ Fund IX, which raised $22.2 billion in January and almost $25 billion for the programme in total, including its $2.7 billion GP-led focused fund.

A representative for Clipway declined to comment.