Arcano Partners has closed its fifth private equity secondaries vehicle after raising $1bn, underscoring sustained investor appetite for liquidity solutions in private markets.

Arcano Secondary Fund V surpassed its initial $600m target, drawing commitments from a diversified base of institutional and private investors across Europe and the Americas. The fund was launched in 2024 and follows its predecessor, which closed in 2023 at $540m.

The strategy targets smaller, less competitive transactions across the secondaries market, combining purchases of limited partner interests with GP-led deals. Arcano focuses primarily on mid-market buyouts in Europe and North America, with an emphasis on resilient companies and conservative leverage.

To date, the fund has completed more than 30 secondaries transactions alongside a number of direct co-investments with established managers. Arcano said it expects to continue building a diversified portfolio spanning multiple transaction types, sectors, and geographies.

“This new fund reflects the confidence that both longstanding and new investors place in Arcano, as well as recognition of the outstanding work delivered by our team,” said Ricardo Miró Quesada, partner and head of private equity at Arcano Partners’ asset management division.

The close reinforces the growing role of secondaries within private equity portfolios, as investors seek both liquidity and attractive risk-adjusted returns amid a slower exit environment.

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