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Fundraising
The fund primarily focuses on LP-led deals in the North American mid-market.
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 manager's $1bn CFO created access for insurance investors that had lost the ability to back PE, while offering a compelling capital raising strategy for the firm itself.
Aqualis' offering will focus on what the firm sees as an underserved part of the secondaries market: smaller transactions.
The total compensation median for secondaries distribution talent reached $739k in 2025, compared with $800k for the broader alternatives market, according to a report.
The world may be reeling from geopolitical shock after geopolitical shock, but this uncertainty is only fuelling record-breaking secondaries activity.
The vehicle, raised in partnership by the two firms, exceeded its $300m target to close on its hard-cap, Secondaries Investor has learned.
Four debut strategies – including three focused on single-asset CV investments – ranked among the top 10 fundraises in Q1 2026. As LPs seek diversification, expect to see more of these funds drive figures.
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.