Strategic Partners Fund IX is likely to be one of the largest ever secondaries funds, with a target of $13.5bn.
The preferred equity specialist is on track to nearly double its AUM with the latest flagship vehicle.
The firm's outlook and performance were outlined in documents obtained from the Minnesota State Board of Investment.
Continuation funds, which accounted for 85% of all GP-led transactions in the first half of this year, are becoming a more accepted liquidity option.
The secondaries giant's deployment fell 65% during the pandemic despite closing the largest secondaries capital pool on record.
More than 90% of GP-led transactions priced at a 5% discount or better compared with only 32% of LP-led transactions, Campbell Lutyens reports.
The White Plains-based advisory found in its survey that secondaries has become a strong seller's market.
The list includes vehicles from Lexington Partners, Blackstone and Landmark Partners as the fundraising environment heats up.
Growth, VC and distressed funds have had significant shrinkages in discounts to NAV, according to Setter Capital's latest pricing report.
LPs remain keen to allocate to PE even though the perceived risk to returns has risen materially, according to a survey by the secondaries firm.
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