Global asset managers have raised record amounts for their secondaries strategies as evolving investor needs are generating more opportunities for alternative liquidity solutions.
Private market secondaries manager Coller Capital has closed its ninth flagship fund—Coller International Partners IX (CIP IX)— bringing the total capital raised for its private equity secondaries platform to $17 billion.
The fund attracted over 250 limited partners, including pension funds, insurance companies, sovereign wealth funds, asset managers, and financial institutions, the firm said in a statement.
Coller’s private equity secondaries platform includes commingled funds, co-investment vehicles, separately managed accounts, and its equity perpetual funds.
CIP IX, which invests in both LP-led and GP-led secondary transactions, has deployed over 70% of its capital.
The vehicle already posted a 1.4x TVPI as of June 30, 2025, according to a New Jersey State Investment Council meeting. The US pension programme, which committed to CIP IX in 2024, said the fund targeted a 1.8x net MoIC and mid-to high teens net IRR.
“Secondaries are no longer seen as a tactical portfolio rebalancing tool but a core component of diversified portfolios. We are entering secondaries’ finest hour,” said Jerremy Coller, Chief Investment Officer and Managing Partner of Coller Capital.
In Asia, Coller has recently invested in continuation vehicles of Indonesia-based venture capital firm East Ventures and China’s GSR Ventures.
Peter Kim, Partner and Head of Asia at Coller Capital, told DealStreetAsia recently that it is now an exciting time for secondaries investors in Asia, and the region even demonstrated improved liquidity.
With the final close of the ninth flagship fund, Coller Capital’s assets under management now stand at $50 billion.
Earlier in July 2025, Coller Capital increased its private credit secondaries strategy to $6.8 billion with the final close of its Coller Credit Opportunities II.
US-headquartered Ares Management has also raised $7.1 billion for its credit secondaries strategy, inclusive of the final closing of its inaugural Ares Credit Secondaries Fund (ACS), affiliated vehicles and anticipated leverage.
With approximately $4 billion in LP equity commitments, the fund doubled its $2-billion target and represents Ares’s largest inaugural institutional fundraise, the firm said.
Through ACS, Ares aims to construct a highly diversified portfolio of predominantly senior secured, private equity-backed and floating-rate private credit, across both LP-led and continuation vehicle transactions.
The need for liquidity, triggered by slow distributions, is expected to continue to drive more secondaries deals. Asia-focused secondaries funds also need to deploy capital, such as NewQuest Asia Fund V which raised nearly $1 billion; and Aquilius Investment Partners with its $1.1-billion new fund.
