Ares has raised $1.15 billion from 20 investors for Ares Private Equity Secondaries Fund I, a filing of Monday shows. The fund follows Landmark Equity Partners XVII. Meanwhile, Sun Capital closed a continuation vehicle for Anderson Global, its second this year, PE Hub reported today. In addition, Infinedi Partners filed for a vehicle named Phoenix CV, with Houlihan Lokey placing it. Two of the three are continuation vehicles, and the third is the money that buys them.

The tape

• FUND  Westwood, the Dallas energy secondaries manager, filed on Monday for a co-investment fund numbered VIII, with Salient placing it and nothing raised yet.
• PEOPLE  Adams Street hired Justine Huang Burns from Industry Ventures as a venture secondaries partner in Menlo Park, on a platform of more than $10 billion.
• LP  Great Gray, trustee of $371.8 billion of collective investment trusts, named iCapital on 14 September its partner for private-markets trusts in 401(k) plans.
• FILING  Augurey Ventures, a New Jersey pre-IPO sponsor, raised $4.4 million from one investor on Monday for its fifth Anthropic series, and updated three others.
• REGULATION  The SEC's chief accountant and its funds director named "secondary market indications" on Monday among the inputs managers should check private credit marks against.
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Ares has $1.15 billion for the fund after Landmark XVII

Ares has raised $1.15 billion for its first private equity secondaries fund under its own name, sixteen months after it opened the raise. The fund, Ares Private Equity Secondaries Fund I, told the SEC on Monday that 14 investors had committed. A parallel offshore fund counts six more. Across the parallel funds the $1.15 billion is one total, and it includes the general partner's own commitment. Both filings come from 65 Memorial Road in West Hartford, Landmark's office, and Ares' own capital markets arm is placing them. Its first notice, on 19 May 2025, had nothing raised. Beside it, a co-investment fund had taken $75.2 million from one investor, read here on Saturday.

Landmark raised more before Ares owned it. Its sixteenth fund closed at $7 billion in October 2018, above a $4.75 billion hard cap. Then, after the sale to Ares, Landmark set out to raise $6 billion for its seventeenth, AltAssets wrote in November 2021. However, that fund closed in October 2022 with 40% of its target. Its returns held up, though, and on 3 August Ares told analysts that Fund XVII's gross IRR was about 26% and its net about 17%.

Ares' secondaries raises since it bought Landmark

Capital raised per strategy, $bn, with the month announced

Ares' other secondaries strategies raised faster. Its credit secondaries fund took about $4 billion of commitments against a $2 billion target. Its related vehicles took the strategy to $7.1 billion, Alternative Credit Investor reported in January. In October 2025 the infrastructure strategy reached $5.3 billion, with $3.3 billion in the fund itself against a $2 billion target. So a pension selling buyout fund interests this autumn meets a bidder whose new fund is a fifth of its 2021 ambition. By contrast, a sponsor selling a loan book or an infrastructure stake meets the same house with more money than it asked for. Meanwhile Ares has kept buying, and its registered evergreen held $170 million of Reverence's Osaic continuation vehicle at 30 June, read here on Monday. Its four strategies together managed $44.2 billion at 30 June.

Sun Capital moved a 2023 purchase into a continuation vehicle

Sun Capital has sold Anderson Global to a continuation vehicle it manages, PE Hub reported this morning. The seller is its Fund VIII, which bought the company in March 2023. It is Sun's second such vehicle this year, after Fletchers Solicitors in February.

Anderson was a Las Vegas firm when Sun bought it. Founded in 1999, Anderson Business Advisors set up entities and trusts and prepared taxes for about 17,000 real estate investors and business owners. In March 2023 Sun's affiliate took a majority, and management kept a significant minority. Alexander Wyndham of Sun then saw "strong potential for Anderson to grow through strategic acquisitions" in a fragmented sector. Anderson did that. Its acquisitions now number 13 on Sun's portfolio page, under the name Anderson Global. That platform is run from Grand Cayman, with more than 600 employees in 15 offices across six countries.

Sun's two continuation vehicles came three to five years after the purchase

Fletchers, 10 acquisitions, then Anderson Global, 13

Source: Sun Capital, releases of 14 March 2023 and 11 February 2026, portfolio page read on 29 September 2026; PE Hub, 29 September 2026.

Sun used the same tool in February for Fletchers, a UK personal injury law firm held by Fund VII. Houlihan Lokey advised on it, and Sun's own secondaries fund added $10 million. Fletchers had made 10 acquisitions since 2021, and its earnings grew from £8.0 million to £37.9 million in that time. Both companies are buy-and-build platforms. So the vehicle was most probably raised to pay for the acquisitions still to come, after the 13 already made. The vehicle's new money steps in once Fund VIII has little left to commit. By contrast, PitchBook's note read here on Sunday counted continuation vehicles as the tool for companies past their exit window. By that measure, Anderson is three and a half years old in Sun's hands.

Seen before the press

Infinedi Partners has set up a continuation vehicle, and Houlihan Lokey is placing it. The vehicle, Infinedi Phoenix CV, filed on Monday from 9 West 57th Street in New York. It is of indefinite size, and nothing has been raised yet. Its managing partner, Joseph Hegenbart, signed it on Friday.

Infinedi itself launched in March 2018 to buy founder-owned companies one at a time, through single-asset vehicles of $100 million to $250 million each. It holds three companies. The first, CEA CAPA, is an education-abroad group bought in August 2020. The second, BWG Global, is a research and consulting group built from BWG Strategy in 2021. The third, LaSalle Network, is a staffing firm bought in February 2022. So Phoenix is most probably a continuation vehicle for one of the three, whose single-asset vehicles date from 2020 to 2022. It could also pool two of them, and nothing has been announced officially yet.

On the radar

• Tonight, New York. Oura prices its Nasdaq listing, with orders about four times the 50 million shares on offer, Bloomberg reported. Existing holders, Forerunner and Lifeline among them, sell 36.5 million of those shares. So the price is an exit print for pre-IPO holders.
• Wednesday 30 September, 10am, Washington. The SEC's open meeting votes on proposing the interval fund and multiple share class amendments, a performance-fee rewrite and new accredited investor designations. Every evergreen in this letter runs on that repurchase rule.
• Wednesday 30 September, 1pm, Guernsey. The deadline for Partners Group Private Equity's shareholders to elect realisation shares, with the EGM on 7 October. Every autumn sale is priced on the same day's quarter-end mark.
• November. Anthropic targets a listing after its third-quarter results, the Wall Street Journal reported on 18 September. The Augurey vehicles in the tape are assembling stakes for that exit.
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