Hollyport Capital has raised $4.5bn for its latest flagship vehicle, Hollyport Secondary Opportunities IX, marking its largest fund to date and exceeding the initial $3bn target as investor appetite for secondaries continues to surge, Bloomberg reports.

The London-based firm secured $4.3bn for the main fund and an additional $250m through separately managed accounts. The new vehicle is more than double the size of its predecessor and attracted over $1bn in new investor commitments alongside strong support from returning LPs.

Hollyport, which specialises in acquiring mature private equity fund stakes, has benefited from a structural shift in the private markets landscape. With slower exits and valuation pressure limiting liquidity, investors are increasingly turning to secondaries as a portfolio management tool.

“There are pockets of the M&A market that have reopened but for the vast swath of of assets, it’s still a very challenging environment in which to exit those assets, particularly at the sort of valuations GPs are seeking to achieve,” said John Carter, Hollyport’s Founding Partner and CEO.

Over the past year, Hollyport reviewed roughly $100bn in potential transactions and has already deployed $1.1bn across 12 deals from Fund IX. The firm expects to invest more than 40% of the fund’s capital by the end of 2025.

The global secondaries market is projected to surpass $200bn this year, more than triple its 2020 level, as limited partners seek liquidity and fund managers increasingly rely on continuation vehicles to extend asset ownership.

Hollyport’s successful fundraise underscores the secondaries market’s growing prominence as one of private equity’s most resilient segments in a slower exit cycle.

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