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After a secondaries fundraising bonanza across the last two years topped by a record $98.8 billion in 2020, the first half of 2022 is looking more subdued.
This should not come as a huge surprise to those familiar with the dynamics in the squeezed fundraising market. LPs are rationing out their commitments as they take stock of the denominator effects outsizing private markets allocations in their portfolios.
Secondaries fundraising fell 30 percent year-on-year to $31.2 billion as of end-June, with a total of 32 funds closing, according to data compiled by Secondaries Investor.
Capital raised by private equity funds in the first half of 2022, by comparison, declined 26 percent year-on-year to $337 billion across 622 funds, according to affiliate title Private Equity International’s half-year fundraising report.
Ardian’s ASF VIII Infrastructure topped the leaderboard for the largest funds closed in the first half. Surpassing its $4 billion target, the vehicle closed on $5.25 billion in April, securing the title of the largest infrastructure secondaries platform in the world.
ICG was next in line with its Strategic Equity team holding a final close on more than $5 billion on ICG Strategic Equity IV, which is understood to be the largest dedicated pool of capital for GP-led secondaries.
StepStone Group’s StepStone VC Secondaries Fund V held a $2.6 billion final close in the first half. The vehicle was raised by the Greenspring Associates team, which StepStone agreed to acquire last July and whose last independent secondaries fund was $800 million.
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Find the Secondaries Investor database here.