Fundraising

Our ranking of the biggest secondaries fundraisers reveals a market reaching an inflection point.

The firm also expects a final close on Hamilton Lane Infrastructure Opportunities Fund II this year.

Secondaries Infrastructure Solutions III will target an 11-14% net internal rate of return, according to documents prepared for a US public pension.

Carlo Pirzio-Biroli, managing partner and chief executive of the secondaries firm, says it is easier to attract investors who want to write larger tickets – a difficult proposition with smaller funds.

Secondaries Investor reported in February that Glendower Capital Secondary Opportunities Fund V was expected to close over the summer.

The vehicle, which is around 30% larger than its predecessor, has been in market for just over two years and is already one of the largest dedicated standalone funds for secondaries.

If it reaches its target, Clipway Secondary Fund would be one of the largest debut funds from a spin-out or newly established firm.

The lower-mid-market-focused manager had set a $650m hard-cap on RCP Secondary Opportunity Fund IV.

Venture capital and growth fund stakes fell to account for 9% of secondaries volume last year, from 18% the prior year.

Newbury Equity Partners VI's moderate step-up in ticket size is consistent with Newbury’s longtime focus on small and mid-cap secondaries deals.