Fundraising

Ardian and ICG took the top two spots on the list with their record-breaking raises.

The mature stakes-focused vehicle attracted more than double its predecessor, Hollyport Secondary Opportunities VII, which raised $1bn.

The fundraising comes as its secondaries unit, Strategic Partners, eyes as much as $20bn for its latest private equity flagship.

The investment consultant is seeking $250m for a dedicated secondaries fund, following consultants such as Hamilton Lane and StepStone in managing pooled private markets funds.

Abu Dhabi Investment Authority is also understood to have been in talks to buy a stake in the secondaries giant.

Unlike traditional VC funds, Industry Ventures Direct III will only invest in companies the firm already has exposure to through its secondary and fund of funds strategies.

The firm has a subscription credit line of up to 30% of the total of Adams Street Global Secondary Fund 7, US pension documents show.

The firm, which is seeking $15bn for ASF IX, recorded its biggest year of secondaries deployment last year.

Goldman's predecessor Fund II raised $2.75bn, making it the third-largest real estate secondaries fund raised at the time.

Public pension systems that are overallocated due to the denominator effect and market volatility are expected to produce a flood of fund stake sales.