What is in the database?
The Secondaries Investor database holds live information on institutional investors, fund managers and private funds, including co-investments and other related vehicles. In addition to this, it also holds live information about service providers such as placement agents, investment consultants and fund formation law firms.
What do we mean by secondaries?
For the purposes of the Database, secondaries is defined as capital raised through limited partnership structures, separate accounts and private mandates for investments into the private secondaries market.
What strategies/transaction types do we cover?
- LP stakes
- Direct secondaries
- Preferred equity
- GP-led
What sectors do we cover?
- Private equity
- Venture capital
- Private equity real estate
- Infrastructure
- Agriculture
- Private debt
How do we calculate fundraising statistics?
Our quarter-end and full-year fundraising statistics count the final closes of all funds and vehicles with fund-like economics (including co-investments, separate accounts and private mandates) with a closed-ended structure, which meet the above criteria.
Fund in market statistics count closed-ended funds and associated vehicles (co-investments, separate accounts and private mandates) which have launched and/or have held interim closes but have not yet held a final close.
We track the equity capital committed to a fund by institutional investors as well as the equity capital contributed by the fund manager. Leverage is not included in the size of a fund; we do not count total investable capital.
Our fundraising statistics are all given in a US dollar denomination. To calculate conversion rates for funds that do not have a US dollar-denomination we use an average exchange rate for the year in which a fund held a final close. For funds in market we use the exchange rate for the day in which the statistics are created. For example, Q1 statistics will likely use an exchange rate that is correct as at 1 April. All exchange rates are taken from www.xe.com.
Capital raised for primary investment funds and open-ended/evergreen funds are not included in our secondaries statistics. If a fund has some secondaries investments but this is not its main strategy, then we will not include the fund in our statistics.