Madeleine Farman

The sub-asset class has been described as one of the most undercapitalised private market strategies – while estimates for future growth are high, there are structural elements to consider.

Mubadala’s indirect investments arm, which launched its secondaries unit in 2024, deployed $19bn in 2025.

The industry body's prior guidance was 'silent on a lot of things,' chief executive Jennifer Choi tells affiliate title Secondaries Investor.

Ahead of first-half volume reports, secondaries advisers share their views on what the market can expect in H2 following the latest wave of macro volatility.

LPs in €566m EQT Ventures I included HarbourVest, which led the new CV, as well as AP Fonden 4, Danica Pension, Ilmarinen Mutual Pension Insurance Company, Investor AB, Danish Export and Investment Fund, European Investment Fund and Tesi.

The continuation fund houses eight assets, with five to six making up the bulk of net asset value, Secondaries Investor understands.

The strong growth of continuation vehicles signals that the real estate secondaries market has shed its reputation as a last resort for distress-driven strategies.

KKR believes it can build a ‘world-class’ business targeting the sub-segment, CFO Robert Lewin said on the firm’s Q2 2026 earnings call.

The Chicago-based firm’s $2.7bn Fund 8, raised as part of a $5bn secondaries programme, seeks a 50/50 split for LP-led and GP-led deployment, with a focus on North America and Europe.

The insurer had shopped a portfolio of funds and co-investments with a net asset value of $1.8bn, Secondaries Investor understands.