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The 10 largest known commitments to secondaries funds last year amounted to $1.55 billion, according to Secondaries Investor’s FY 2023 Investor Report.
Virginia Retirement System was the largest known investor in secondaries funds last year, with its $250 million commitment to Whitehorse Liquidity Partners’ sixth flagship fund and $200 million commitment to Ares Management‘s inaugural credit secondaries vehicle.
In 2022, the top 10 largest known commitments to 2022-vintage secondaries funds totalled $4.77 billion. However, the bulk of this comprised a $4 billion commitment from Abu Dhabi Investment Authority to Ardian’s ASF IX vehicle.
A growing number of investors are looking to back secondaries funds amid a dearth of distributions and wider overallocation issues in the private markets. Close to 60 percent of LPs plan to commit capital to PE secondaries funds this year – the largest share of investors that have said they will do so across a six-year period, according to affiliate title Private Equity International’s LP Perspectives 2024 study.
The secondaries market also hit a new fundraising record in 2023, with a total of $117.92 billion raised across all asset classes, according to Secondaries Investor’s FY 2023 Fundraising Report.
Check out our interactive report above for the full breakdown of investor activity in 2023.
You can download the full report as a PDF here and download the data here.
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