Hamilton Lane is targeting $3bn for the fund, more than double the target of its 2015-vintage predecessor.
The investment manager closed its latest fund last September on $220m.
Secondaries was the only strategy to appreciate in value in Q1, the private equity firm reported on Thursday.
The firm has tapped an Adams Street Partners investment professional for its latest senior hire.
The world's largest asset manager also eyes an opportunity to buy highly coveted, rarely traded fund stakes, according to secondaries co-head Steve Lessar.
The growth of the secondaries market has halted, though certain segments remain open to LPs and GPs, according to Andrew Gulotta of Sixpoint Partners and DLA Piper's Adam Tope.
The preferred equity specialist has added at least 15 professionals since the beginning of last year.
US mid-market-focused Secondary Fund IV made its first sale at the end of December.
Capital raising for secondaries vehicles exceeded the $19.74bn raised in the first three months of 2016, the previous high.
The co-head of the $53bn investment manager's secondaries team discusses its $2.1bn fundraise and how it plans to navigate the coronavirus crisis.