direct secondaries

The European direct secondaries specialist is seeking more than $2bn across separate vehicles.

Argosy Strategic Partners, the firm's secondaries unit, exceeded its fundraising target in just five months since its first close.

The firm is expected to hold the final close on its latest programme before end-June.

The firm, which spun out of New Enterprise Associates in 2018, raised two funds, including a special vehicle to buy portfolios being liquidated by other VC funds.

Hiive, a trading platform for stakes in privately held companies, is led by former Setter MD Sim Desai and aims to launch in the spring.

Evoco has raised €162m to acquire portfolios of companies in the European lower-mid-market, with a particular focus on German-speaking countries.

Strip sales have not been as pervasive as other forms of direct secondaries like GP-led continuation funds and single-asset deals.

The VC secondaries market is booming but buyers should beware entering a booming market at a time of sweeping change.

Ardian has backed several sizeable deals designed to grow an investment manager's third-party AUM, involving groups such as Mubadala and John Hancock.

The asset management arm of Abu Dhabi's second-largest SWF has sold a portfolio of assets to a group led by BlackRock and received a $400m primary commitment.