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The global investment firm has raised $3.9bn and held an interim close on its latest dedicated secondaries fund.

The placement agent and advisory firm aims to almost double its team amid more US-based private equity firms wanting to fundraise abroad.

The firm hopes to acquire around a 10% stake in its 2011-vintage fund from LPs wanting to sell interests for cyclical portfolio management reasons.

Almost all LPs who responded to PEI's Brexit survey said they were not considering selling stakes in UK or Europe-focused funds.

The investment bank took two months to surpass the halfway mark for its $5bn secondaries fund that will focus on buyout and distressed strategies in developed markets.

While more aggressive financing structures such as payment-in-kind notes may be off the table, deals are ongoing, experts say.

The majority of secondaries and fund of funds respondents to a recent survey by Investec said that while they use debt, they don't need it to be competitive.

The firm has completed a management review prompted by former chief executive Tim Jones’ sudden departure in January, opting not to replace him.

Sir Peter Westmacott, the British Ambassador to the US from 2012-2016, joins the London-based firm as it seeks to grow its North American business.

Florida's State Board of Administration has committed more than $1bn to secondaries vehicles since 2010. Secondaries Investor caught up with John Bradley, senior investment officer at the $180bn pension, about why it lowered its allocation target and how LPs see secondaries.