Secondaries funds to have reached final close this year spent longer in the market than those that closed last year, according to PEI data.
Vehicles that closed in 2017 took an average of 13.5 months from launch to final close, compared with 11.5 months for those which closed last year. Based on funds for which there is complete data, the mean size of funds that closed this year was $1.8 billion, compared with $1.2 billion in 2016.
Twenty-one secondaries funds have closed so far in 2017, of which PEI has opening and closing dates for 16. Twenty-three funds closed in 2016, of which PEI has opening and closing dates for 17.
The average secondaries fund to have closed in 2015 was in the market for 14 months, according to PEI data, and had a mean size of $1.6 billion.
Below are the 10 largest funds to close so far this year.
|Fund name||Manager||Target||Total||Time in market|
|Strategic Partners Fund VII||Blackstone Strategic Partners||$5.75bn||$7.5bn||15 months|
|AlpInvest Secondaries Program VI (ASP VI)||AlpInvest Partners||$6bn||$6.5bn||16 months|
|Lexington Middle Market Investors IV||Lexington Partners||$2bn||$2.66bn||12 months|
|NB Secondary Opportunities Fund IV||NB Alternatives||$2bn||$2.5bn||13 months|
|Hamilton Lane Secondary Fund IV||Hamilton Lane||$1.25bn||$1.9bn||23 months|
|17Capital Fund 4||17Capital||€800m||€1.2bn||11 months|
|Committed Advisors Secondary Fund III||Committed Advisors SAS||€750m||€1.03bn||13 months|
|ICG Strategic Secondaries Fund II||Intermediate Capital Group||$1bn||$1.1bn||13 months|
|Hollyport Secondary Opportunities VI||Hollyport Capital||$400m||$500m||10 months|
|Cubera VIII||Cubera Private Equity AS||€400m||€405m||7 months|