For the first nine months of 2023, there were 39 private equity secondary funds that raised $68.1 billion, according to data compiled by PitchBook Data. The dollar figure eclipsed most annual totals since 2008, with 2020 as an exception.
Large private equity secondary funds flourishing
However, last year's average fund size was $1.7 billion, much higher than the previous years. It was more than triple 2022's $510 million.
Five secondary funds of at least $1 billion raised $46.7 billion last year, according to data collected by Pensions & Investments. This includes Blackstone's $22.2 billion fund that closed a year ago.
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