The Wrap: archive
Every The Wrap story in Secondaries, newest first. 65 stories
3 stories
No new secondaries funds close; Pantheon repeats $6bn
Ares's Stegosaurus Form D discloses no offering size; Evercore names Dawn co-president
Pantheon closes $6bn fund; full deployment would take 30 deals
Pantheon deployed about $3.35 billion across 17 secondary transactions in 2025, roughly $197 million a deal, per coverage of the close.
Pantheon closes eighth secondaries fund at $6 billion
The fund closed at double its $3 billion target and deployed $3.35 billion across 17 secondary transactions in 2025.
2 stories
Pantheon closes eighth secondaries fund at $6bn, double its $3bn target
AltAssets reported the close; GenNx360 also closed a $285m Churchill-led continuation fund, while LGT and Coller EQT co-led a reported €1.25bn EMK vehicle.
Pantheon closes eighth secondaries fund at $6bn, double its $3bn target
AltAssets reported the close; Pantheon deployed about $3.35bn across 17 secondary transactions in 2025.
1 story
Ares files Form D listing structured solutions entities for Stegosaurus secondaries vehicle
The filing lists Ares Global Structured Solutions Management LP, Ares Global Structured Solutions LLC, Matthew Jill and Nathan Walton as related persons; the offering size is undisclosed.
3 stories
Evercore names Nigel Dawn co-president; October 19 secondary log lists no fund closes
AltAssets reports the appointment, while the Daily Network's October 19 log records no continuation-vehicle or secondaries fund closes.
Evercore names Nigel Dawn co-president alongside Naveen Nataraj
AltAssets reports Dawn, head of private capital advisory, shares the title with investment banking executive Naveen Nataraj.
Evercore names private capital advisory head Nigel Dawn co-president
AltAssets reports Dawn shares the title with investment banking executive Naveen Nataraj.
1 story
GenNx360 closes $285m continuation fund for Whitsons
Churchill led the vehicle; no price was disclosed.
2 stories
LGT and Coller EQT co-lead EMK Capital's €1.25 billion VDK continuation fund
PE Hub reported the Netherlands-based technical installation group operates in five European countries; the report did not include a price.
Hg raises €1bn first close; GenNx360 closes $285m Churchill-led continuation fund
Hg's debut GP-led secondaries fund is more than halfway to its €1.75bn target; StepStone has raised more than $3.1bn toward $6bn.
1 story
StepStone raises more than $3.1bn toward $6bn target for sixth PE secondaries fund
AltAssets cited newly amended U.S. regulatory filings; the total is not a final close.
1 story
AIP Capital, GFH Bank and Bridgepoint launch $1bn fund; Pemberton adds two hires
Blackstone Credit & Insurance separately closed a $1bn deal involving Analogic and Leidos, our tracking shows.
2 stories
Meridiam closes $4.5 billion continuation vehicle without disclosing a price
Ibex's $87 million Israel-focused close was the week's only secondaries fund close with a disclosed figure, our records show.
ECP raises $834m Next Wave continuation fund; Meridiam closes $4.5bn infrastructure vehicle
ECP’s $3.3bn Fund IV investors can cash out or roll at an undisclosed election price; Meridiam’s $4.5bn fund extends ownership of 15 assets.
2 stories
Energy Capital Partners raises $834m continuation vehicle for Next Wave Energy Partners
Investors in its $3.3 billion Fund IV can cash out or roll; the price used for the election was not disclosed.
Meridiam closes $4.5bn continuation vehicle for 15 North American assets, AltAssets reports
The North America Core Fund gives existing investors a liquidity option while extending Meridiam’s ownership of transportation and social infrastructure assets.
2 stories
Energy Capital Partners raises $834m continuation vehicle; reporting names no price-setter
Investors in ECP's $3.3 billion Fund IV can cash out or roll into the vehicle for Next Wave Energy Partners; the reporting does not say who set the price.
Triple Point closes $55M Perch Group deal with rare disclosed secondary size
The disclosed deal number gives investors a comparable while recent GP-led continuation vehicles closed without asset-level pricing.
4 stories
Ares Secondaries discloses $500m Sabey deal as continuation vehicles close without prices
Sun Capital's Anderson Global and Center Rock's Power Services Group were among three continuation vehicles that closed without a disclosed price or size.
Nasdaq and LODAS announce a Harrison Street real assets secondary for wealth platforms
The same week, Sun Capital and Center Rock closed continuation vehicles with no disclosed prices, and Talcott Resolution and Lincoln National closed a $6.3 billion insurance risk transfer.
Talcott-Lincoln closes $6.3 billion risk transfer; Warburg's Awayday liquidity has no price
AlpInvest, Ares Management, and Ibex each filed or launched funds the same day, keeping secondaries capital formation in motion.
Warburg Pincus funded Awayday holder liquidity from its $4bn-plus Capital Solutions Founders Fund
Ares Management and LightBay Capital remain Awayday's controlling shareholders after the Warburg-funded transaction, for which no price was disclosed.
2 stories
AlpInvest registers ninth onshore secondaries fund as three continuation vehicles close unpriced
Ibex's $87 million Israel-focused fund was the week's only secondaries close with a disclosed figure; Sun Capital and Center Rock were among three continuation vehicles reported without prices.
Ares raises $4.2 billion for debut structured solutions fund, topping $1 billion target
Ares set a $1 billion target for the vehicle, which finances private-equity managers; separately, three continuation vehicles closed without reported prices.
1 story
SaaS buyout median falls to 11.7x as three continuation vehicles close unpriced
Forvis Mazars and PitchBook put the median at 11.7x, down from 20.4x across 702 sponsor deals worth $58.8 billion.
1 story
Ibex closes $87m secondaries fund as three continuation vehicles close unpriced
Among the week's secondaries closes, only Ibex's carried a disclosed dollar figure; Sun Capital's Anderson Global closed with no price, size or named lead buyer.
1 story
Sun Capital closes second continuation vehicle; Ibex closes $87 million secondaries fund
The Anderson Global vehicle gives Fund VIII LPs a liquidity option or a roll, but no price, size, or lead buyer was disclosed.
2 stories
Ibex closes second Israel-focused secondaries fund at $87 million
AltAssets reported the close on 28 September, the week's only clean fundraising figure as larger secondaries deals printed without asset marks.
Anchorage Capital GP stake prints at $4.7 billion with no asset mark
A $101 million bank sale and three GP-led continuation vehicles closed without asset-level prices, leaving the week's secondaries tape anchored to a management company's fee stream.
2 stories
A bank set the only price secondaries printed this week
Three GP-led continuation vehicles closed without a mark, and the absence is the mechanism: buyers are underwriting the sponsor's valuation rather than the company underneath.
Secondaries cleared everything this week except the assets
A $101 million bank balance-sheet sale and a $4.7 billion Orix–Anchorage GP stake printed; three continuation vehicles closed without an asset-level mark.
2 stories
The $101 million print cannot mark an unpriced continuation vehicle
A bank's balance-sheet sale is not an asset mark, and the week's three unpriced continuation vehicles show the GP-led market still has no external anchor.
GP stakes clear the secondaries backlog
A $4.7 billion Orix–Anchorage Capital closing shows capital moving through manager economics while LP-led trades stay stalled.
1 story
Aging funds and sponsor price optimism stall the LP-led market
BDO's research pairs a longer tail of funds past five years with sponsor expectations of higher prices, leaving voluntary LP sellers unwilling to trade below marks.
2 stories
A $101 million print forces the CV debate
Priced LP-led trades give buyers a benchmark to use against Amulet's unpriced US Fertility continuation vehicle.
Two secondary pricing regimes, and only one has an anchor
A $101 million bank position and a Dutch pension fund set one reference for the week's LP-led supply; Amulet's US Fertility continuation vehicle closes with no published price, leaving buyers to run two underwriting models.
2 stories
Banks and pensions are restocking the LP-led secondaries market
A $101 million bank position and a BlackRock agreement with a Dutch pension fund are the week's real supply story, and sellers like these price off the balance sheet rather than the asset.
The continuation vehicle's second life
Built to hand LPs an exit, the continuation vehicle has become a front door for small LPs — and their OCIO may be standing in it first.