Fundraising

Landmark is targeting $6bn for the first flagship PE vehicle raised under the ownership of Ares Management, which acquired the secondaries firm in June.

Japan’s regional banks have been expected to be a key source of secondaries dealflow after piling into alternatives over the past decade.

Vintage Secondary Fund V collected about 70% more than its predecessor and was launched and closed in October.

Pantheon Secondary Opportunities Fund is one of a growing number of funds dedicated to GP-led deals, including offerings from Blackstone and LGT.

Mid-market secondaries funds  have seen an increase in inflows during 2021 after the big players staked out the battleground last year.

Fund IX has benefited from the strong performance of private equity pushing many LPs close to their allocation limits, COO Jon Gray said on an earnings call.

The firm, founded by Tony Cusano, has raised $1bn to invest in special situations, distressed and credit secondaries opportunities.

The Parisian secondaries shop is the latest to recognise opportunity in the mid-market in the shadow of secondaries mega-funds.

Several firms have added secondaries capabilities, either by building in-house groups or acquiring outside firms, like Ares Management, which bought Landmark Partners earlier this year.

The VC secondaries market is booming but buyers should beware entering a booming market at a time of sweeping change.