Fundraising

The fund's target is almost three times that of its predecessor, the 2013-vintage Lexington Middle Market Investors III, which closed on about $1bn.

Macroeconomic concerns have weighed on secondaries market participants' minds over the last 12 months and have had varied effects.

The banking group's Five Arrows Secondary Opportunities unit has also hired three staff this year including a secondaries executive from BEX Capital.

The firm has collected about half the €400m target for SwanCap Opportunities Fund III which can invest in direct secondaries.

The pension has committed $100m to a vehicle that will invest alongside the Carlyle unit's latest real estate-focused secondaries fund.

Secondaries investments made up 23% of investment volume, and a further 22% went into “select private markets managers”, the firm said.

The firm has raised €164m for Stafford Infrastructure Secondary Fund II, more than two-thirds of its target.

The firm has raised €350m and is hoping to raise a total of €400m by the end of the year.

The firm has hit the hard-cap on its first dedicated real estate secondaries fund raised since it was acquired by Blackstone in 2013.

Each regional market poses its own set of challenges and opportunities according to Darren Massara, managing partner at the only Asian firm to make our Si30 ranking.