The Abu Dhabi Investment Authority has bought into a portfolio of at least $1 billion that a Saudi university endowment is selling, Secondaries Investor reported overnight. Mubadala, Abu Dhabi's other fund, put about $1 billion into a vehicle Centurium built for its Luckin Coffee shares. Norway's fund, meanwhile, said it will buy property fund stakes to fill a $60 billion allocation. So the sovereigns are this month's bid, and Korea's is the offer.

The tape

• ADIA has bought into a portfolio of at least $1 billion that the King Abdullah University of Science and Technology endowment is selling, Secondaries Investor reported on Tuesday.
• Centurium agreed on 5 September to move 241 million Luckin Coffee preferred shares from two of its funds into a vehicle backed by Mubadala. Mubadala put its investment at about $1 billion on 10 September.
• Norges Bank Investment Management will use secondaries to grow a $60 billion property book it calls "wildly underallocated", its real estate head Alex Knapp said, Secondaries Investor reported on Tuesday.
• Rekha Unnithan, formerly head of impact investing at Nuveen, has launched Vivara Capital to back single-asset continuation vehicles for impact companies in aging funds, New Private Markets reported on Tuesday.
• Revelar Capital, formerly Wellspring, filed on Monday for three vehicles of a continuation fund for RAYUS Radiology, with Piper Sandler placing them and nothing raised yet.
• Ibex Investors of Denver has raised $79 million from 152 investors for Ibex Secondary II, its second venture secondaries fund, since a first close on 24 August.
• CVC first closed Structured Solutions 3 on 28 August with $75 million from one investor, according to a filing of 8 September. The filing names Goldman Sachs International as broker and does not say which CVC business runs the vehicle.
• LACERS' investment committee lists "Secondaries Advisor" among its future agenda items, in the agenda of 8 September.
•  

Abu Dhabi's two funds bought on both sides

Abu Dhabi's two sovereign funds have bought in both halves of the secondary market this month. ADIA took part of a portfolio of at least $1 billion that the KAUST endowment is selling, Secondaries Investor reported early on Tuesday. The sale is still running, so the funds in it, the other buyers and the price are not known. The purchase reverses the pattern of the first half, when Evercore counted sovereign funds as 21% of the sellers and endowments as about a tenth.

Source: Evercore, H1 2026 Secondary Market Review, p.14.

Mubadala's purchase is the other half, a GP-led that never used the name. On 5 September a subsidiary of CCM Success, a new partnership, agreed to buy 241 million Luckin preferred shares from two Centurium funds. The 13D/A of 9 September names Mubadala's MIC Industrial Investments 4 as "a significant limited partner" in the new vehicle. The filing expects a bank loan secured on the shares to finance the purchase, and Centurium's own 22.1% stake does not change, because it manages the buyer as well as the sellers. Mubadala announced the investment on 10 September at "approximately US$1 billion aggregate value". So a 2018 fund sold a listed holding to a vehicle its own manager runs, with a sovereign as the new money. The filing gives the reason in a sponsor's words, because the deal will "allow Centurium Holdings to reaffirm its commitment to, and extend its investment horizon in" Luckin.

Source: Schedule 13D/A on Luckin Coffee, 9 September 2026; Mubadala, 10 September 2026.

An investor selling a $1 billion portfolio this autumn therefore bids into a market with sovereigns on both sides. Korea Investment Corp hired PJT last week to sell more than $1 billion of fund interests, and ADIA raised its private equity range to 15% to 20% in 2025. That buying money sits outside the advisors' dry powder, because Evercore's estimate "excludes a growing pool of capital from non-traditional buyers, including institutional LPs, evergreen funds, insurers, sovereigns". So a seller running a full process collects those bids next to the secondaries funds', which is how 88% of the half's LP-led volume ran through an advisor.

Revelar files a continuation fund for RAYUS Radiology

Revelar Capital has started raising a continuation fund for RAYUS Radiology, the Minneapolis imaging chain it bought in March 2019. Three partnerships filed with the SEC on Monday from the firm's Third Avenue address, with Piper Sandler as placement agent, of indefinite size and with nothing raised yet. Their names describe the structure. Revelar RAYUS Continuation Fund takes the new money, and the Rollover Continuation Fund takes the investors who roll. The Continuation Fund Seller partnership is the channel through which the selling fund passes its stake. Revelar is the name Wellspring Capital Management took in October 2025, and its site puts assets under management at $4.6 billion across healthcare, business services and specialty manufacturing.

RAYUS is most probably the fourth company to leave the same fund this way. Wellspring bought Center for Diagnostic Imaging fourteen months after closing Wellspring Capital Partners VI at $1.415 billion in January 2018. It gave the company the RAYUS name in 2021 and grew it from 123 to 148 centers in the twelve months to October 2021. In March 2024 the firm moved SupplyOne, Cadence and Pentec Health out of Fund VI into a $975 million continuation fund led by Lexington and Neuberger Berman. Campbell Lutyens advised, and a month later NorthSands led a single-asset vehicle for SupplyOne alone. The filings do not name the selling fund, though, so the honest alternative is that RAYUS sits in an older Wellspring vehicle. The 2024 fund kept $125 million unfunded for add-ons. Its release said the vehicle "will provide more time and additional capital to assist each portfolio company in achieving its growth potential".

Source: Wellspring, 27 March 2024; NorthSands, 25 April 2024; SEC, 21 September 2026.

On the radar

• Tuesday 22 September, London. Informa's Global Secondaries Summit meets today, with the LP panel at 15:00 and credit secondaries at 16:15. The LP panel has a Saudi endowment's sale and a Korean sovereign's mandate to discuss.
• Wednesday 23 September, West Sacramento. The CalSTRS Investment Committee meets at 9:00 and takes Meketa's private equity report, read here on Sunday, and RCLCO's real estate report to 31 March. An investment decision follows in closed session.
• Monday 28 September to Thursday 1 October, Singapore. SuperReturn Asia has its secondaries session on the Tuesday at 12:25, the first regional stage since KAUST and KIC both went to market.
• Tuesday 29 and Wednesday 30 September. ILPA's Continuation Vehicles for the Limited Partner course meets in New York on Tuesday, and Wednesday is the quarter-end mark every autumn sale is priced on. Wednesday at 1pm is also the deadline for Partners Group Private Equity's shareholders to elect realisation shares. The EGM follows on 7 October.
•