Fundraising

More capital was closed on for private equity secondaries in the first quarter of the year than for any other strategy outside of buyouts.

The VC secondaries specialist reached the $850m hard-cap for its predecessor, which held its final close in 2021.

Goldman raised $10.3bn for predecessor Vintage VIII against a target of $7bn, according to Secondaries Investor data.

LP capacity constraints and macro challenges made a sizeable dent in capital raising last year, but secondaries funds still managed to exceed 2018 and 2019’s total hauls.

The alternatives giant has committed more than $1bn into equity and credit secondaries over the past half year, according to co-president Jim Zelter.

Glendower Secondary Opportunities Fund V had an initial hard-cap of $4.5bn – a figure that is understood to have been increased.

Reduced exit activity in the buyout market, coupled with the denominator effect, is creating opportunities for buyers, Shane Feeney, managing director and global head of secondaries, tells Secondaries Investor.

The firm has also made headway with fundraising for its latest secondaries programme, according to vice-chairman Erik Hirsch.

Ashbridge Transformational Secondaries Fund II is nearly four times larger than its predecessor, which closed on $675m in 2018.

The fund, which will invest in both LP- and GP-led secondaries opportunities, will primarily focus on buying interests in mid-market buyout funds.