Fundraising

The Q4 year-on-year drop from $7m to $1m is due to the run-off of legacy assets and several large fundraisings having yet to come to market, said co-chief executive Glenn Youngkin.

The venture capital specialist has closed a $125m fund targeting primary-, early secondary- and direct investments in technology-focused buyout funds.

Several large infrastructure deals are in market, including the sale of a portfolio of stakes by Alaska Permanent Fund.

The firm, founded by Siguler Guff's former secondaries head Anthony Cusano, will focus mainly on acquiring stakes in distressed, special situations and credit funds.

The firm's strategic equity unit has held the final close on its third fund which is already 20% invested.

Speaking at IPEM, chief exec Virginie Morgon said secondaries will continue to play a role in increasing third-party AUM across its business lines.

Felicitas Global Partners has also raised private credit and private equity vehicles as well as separately managed accounts focused on the small end of the market.

Which funds raised the most last year and which strategies are investor money going to? Find out in our latest interactive report.

While LCP IX will be able to invest in a range of asset classes, Lexington is 'firmly rooted in the private equity world', partner Pal Ristvedt tells Secondaries Investor.

Capital raising for the strategy fell to a four-year low last year with expectations of large closes this year, according to Secondaries Investor data.