Preqin’s Secondary Market Monitor service is currently tracking 28 private equity secondaries funds in market, which are seeking to raise an aggregate $17bn from investors. This is down from 32 vehicles seeking $23bn at the end of Q1 2013. There are a number of large secondaries vehicles seeking capital at present; seven vehicles are seeking $1bn or more from investors. Conversely, there are 15 secondaries funds in market seeking under $500mn, reflecting the demarcation of the market between those operating at the large end of the market, pursuing large portfolio acquisitions, and those seeking inefficiencies and opportunities at the smaller end.
Vintage Fund VI is the largest secondaries vehicle seeking capital at present. The vehicle, managed by Goldman Sachs AIMS Private Equity, has a target of $3bn but has already held several interim closes and is believed to be currently above this target. It continues to raise capital from investors with a final close anticipated for the end of 2013. Vintage Fund VI will seek investment opportunities in all private equity strategies and geographies.
Landmark Equity Partners XV is the second largest private equity secondaries vehicle (by target size) raising capital with a target of $2.5bn. The vehicle has secured commitments from a number of investors so far including Kentucky Teachers' Retirement System, San Antonio Fire and Police Pension Fund and Ohio Police & Fire Pension Fund. Landmark Equity Partners XV will primarily purchase buyout fund stakes with a focus on North America and Europe.