Fundraising

The manager will invest in smaller, off-market opportunities in the LP portfolio- and GP-led markets.

The vehicle will invest in the offerings of distressed, special situations and credit sponsors globally, deploying $20m to $40m on average.

Revelation Partners will invest in direct positions, LP stakes, GP-led deals and to provide follow-on capital in the healthcare sector.

Crown Global Secondaries V has been in market since late 2019 targeting $3.8bn, around one-third more than it raised for its 2016-vintage predecessor.

Golding Secondaries 2019 held a first close in March 2020 and will back a mix of LP- and GP-led deals across private equity, debt and infrastructure.

Rio de Janeiro-based Signal Capital spun out last year and is aiming at Brazil's growing GP-led opportunities.

Although the strategy is not front of mind for most investors, a new type of manager-led deal is set to attract more institutional capital.

The $31bn manager is targeting secondaries investments through its 2019-vintage Fund XI and an in-market follow-on vehicle.

In 2020 the secondaries firm sold a minority stake to RidgeLake Partners, a JV between PA Capital and Ottawa Avenue Private Capital.

The firm last week said it had held the final close on its latest fund to invest on a secondary basis in energy, power, infrastructure and natural resources.