Fundraising

The secondaries powerhouse's latest vehicle is 26% larger than its 2014-vintage predecessor and comes amid record highs for secondaries fundraising and GP-led volume.

Portfolio Advisors Secondary Fund IV, which targets US mid-market buyout funds, has received a $150m investment from PSERS.

Capital-raising for secondaries vehicles last year grew almost threefold, with Ardian, Lexington Partners and Goldman Sachs leading the charge.

With a record $95.6bn raised for secondaries vehicles last year, the question is how the fundraising party will carry on.

The firm has also opened an office in Frankfurt – its first in Germany – as it seeks €750m for infrastructure secondaries.

Allianz Global Diversified Infrastructure Equity Fund will pursue primary fund commitments, secondaries transactions and co-investments globally.

The evergreen fund will aim to invest in a mix of secondaries, direct investments and co-investments in credit and equity.

The niche secondaries firm has raised nearly 60% more for Fund V than the amount raised for its 2017-vintage predecessor.

The five largest secondaries funds to hold a final close in 2020 raised more than $60bn combined.

The world's largest asset manager expects to hold the final close on its debut secondaries fund in Q1 2021.