Five Arrows, the alternative assets arm of Rothschild & Co, has closed its sixth secondaries fund, Five Arrows Secondary Opportunities VI, at $2.1bn, materially surpassing its original target of $1.6bn.

The fund is double the size of its predecessor and focuses on mid-market GP-led secondaries across Europe and North America. It targets transactions in healthcare, business services, software, and IT.

This successful close brings Five Arrows’ total assets under management to over $30bn. The fund attracted significant support from a globally diverse group of investors, including pension funds, insurance firms, corporations, family offices, and entrepreneurs. The Rothschild & Co Group, along with its staff and investment team, also made a substantial commitment to the vehicle.

Mireille Klitting, Managing Partner of Five Arrows Multi-Strategies (FAMS), said, “We are grateful for the trust and support of both our existing as well as our new investors. The core of our team has worked together for over 20 years, providing the foundation for an enduring focus on middle-market GP-led secondaries in Europe and North America.”

Partner Benjamin Breard added, “The GP-led secondaries market has significantly grown to more than $71bn in 2024, up from $29bn in 2019. We remain convinced that our track record and focus for more than 20 years in this market segment will serve our investors and the GPs with whom we partner very well.”

FASO VI has already deployed more than half its capital, having signed 14 transactions. The investment team now includes nearly 40 professionals based across Paris, New York, and Luxembourg.

Source: Rothschild & Co