The asset manager’s small-deal-focused secondaries unit is seeking to write cheques of between $100,000 and $10m.
The manager has secured more than $650m across a global program focused primarily on GP-led secondaries but seeded with an LP-led fund portfolio.
The fund primarily focuses on LP-led deals in the North American mid-market.
Luxembourg-based APS Holding sees opportunity to acquire leftovers of larger portfolios from their original buyers.
The firm, which was founded by Mantra Investment Partners' former head of secondaries, Fabrice Moyne, exceeded the vehicle's target by 20%.
The firm's current fund, Strategic Equity Fund V, raised $11bn last year and is the biggest dedicated fund for backing continuation vehicles.
The firm’s inaugural European senior debt fund was launched through an innovative secondaries process backed by Carlyle AlpInvest.
Aqualis' offering will focus on what the firm sees as an underserved part of the secondaries market: smaller transactions.
The vehicle, raised in partnership by the two firms, exceeded its $300m target to close on its hard-cap, Secondaries Investor has learned.
The firm’s secondaries platform crossed the $100bn AUM milestone in the first quarter, president and COO Jonathan Gray said on its Q1 2026 earnings call.