Of the private equity fund managers to have raised secondaries vehicles over the past 10 years, Ardian, Lexington Partners, Goldman Sachs AIMS Private Equity, Coller Capital and Strategic Partners Fund Solutions are the largest five by total funds raised.
Ardian, formerly known as AXA Private Equity, has raised nearly $22bn for secondary market investments via nine dedicated secondaries funds over the course of the past 10 years, making it the largest fund manager in this sample. Its latest vehicle, Ardian Secondary Fund VI, held a final close on $9bn in Q2 2014, making it the largest secondaries fund ever to be raised. The fund looks to acquire stakes in buyout, growth and venture capital funds on a global scale, with a particular interest in Europe and North America.
Lexington Partners, the second largest fund manager by total secondaries capital raised, has secured $18.7bn in investor capital over the past 10 years. The New York-based secondary fund of funds manager has raised multiple dedicated secondaries funds, with its latest vehicle, Lexington Capital Partners VIII, currently in fundraising mode. The firm acquires stakes in a range of globally-focused fund types.
The third largest fund manager in this group, Goldman Sachs AIMS Private Equity, has raised $15.9bn for secondaries funds over the past 10 years. Its most recent vehicle, Vintage Fund VI, secured $5.5bn in investor capital, and held a final close in November 2013. The firm is open to purchasing interests in all private equity fund strategies and geographies.
Secondary fund of funds manager, Coller Capital, has raised $10.3bn in the last 10 years to invest in secondary market opportunities, and closed its sixth fund, Coller International Partners VI, in July 2012 having secured $5.5bn. The firm is generally open to considering all funds types and geographies, with its previous purchases including stakes in buyout, mezzanine and venture capital funds.
Strategic Partners Fund Solutions is the fifth largest fund manager by secondaries capital raised in the past 10 years, having secured $10.1bn from investors. Strategic Partners Fund VI is currently in market with a target of $3.5bn, with the firm’s previous dedicated vehicle securing $2.9bn. Strategic Partners Fund Solutions looks to acquire interests in a range of fund types including buyout, mezzanine and venture vehicles, and primarily pursues opportunities in Europe and North America, although it also considers investing in other regions, including Asia and Africa.