Meridiam's new continuation vehicle is larger than $4 billion and has Ares, GIC and Pantheon behind it, Secondaries Investor reported on Friday afternoon. The same GIC sold about $1 billion of fund interests to HarbourVest this week. Meanwhile, Ares closed a $4.2 billion fund of preferred equity for managers and counted $1.15 billion for a secondaries fund. In addition, Partners Group proposed to split its €6.6 billion evergreen in two, four months after capping withdrawals.

Since Friday

• DEAL  Meridiam is moving infrastructure assets into a $4 billion-plus vehicle backed by Ares, GIC and Pantheon, Secondaries Investor reported.
• FILING  Partners Group Private Equity set up PGPE Continuation LP in Guernsey on 3 September, most probably for the share class that stays after Wednesday's vote.
• FILING  Bridgepoint Credit set up in April a levered euro sleeve of the continuation vehicle for its 2017 loan fund, which Pantheon led in September.
•  

GIC sold on Thursday and bought on Friday

Meridiam is a Paris infrastructure investor founded in 2005, and it is moving assets into its second continuation vehicle of the year. This vehicle is larger than $4 billion and Ares, GIC and Pantheon are backing it, Secondaries Investor reported on Friday afternoon, with Campbell Lutyens advising.

The same adviser worked on the first vehicle, which closed in March as Meridiam Infrastructure Europe Core Fund. That fund took 22 assets with long concession contracts for €2.2 billion. About 30% of its commitments came from investors who rolled, Campbell Lutyens said then. GIC led that one too, Secondaries Investor reported in February. So the new vehicle is most probably the North American one that Infralogic described in December, for the 2010 fund Meridiam Infrastructure North America II. That fund holds stakes in LaGuardia's new terminal, the North Tarrant Express in Texas and Maryland's Purple Line. However, Friday's report names neither the fund nor the assets.

GIC is on both sides of the market this week. On Thursday DealStreetAsia reported that the Singapore fund is selling about $1 billion of private fund interests to HarbourVest, read here on Thursday. The next day the same fund was named as a buyer of infrastructure assets at four times that size. For reference, Evercore counts $12 billion of infrastructure secondaries in the first half, up 33% in a year. Of that volume, continuation vehicles were 78% and sales of fund interests only 16%.

Chart of the week

Source: Evercore, H1 2026 Secondary Market Review, p.18.

Buyers raised at multiples of their targets

The buyers had the easier week. Ares closed its first fund of preferred equity for private equity managers at $4.2 billion on Thursday, four times its target, read here on Friday. Two days earlier the same firm had counted $1.15 billion from 20 investors for its first private equity secondaries fund, read on Tuesday. Meanwhile BNP Paribas' Prime unit told the SEC it has €646 million for a second infrastructure secondaries fund, read on Wednesday. The same day AlpInvest filed for its ninth flagship. New Mountain, in turn, spent the first of the $1.4 billion it has raised for Atlas on a Corsair vehicle. So four buyers reported more than $7 billion of new funds in five days, and one of them closed at four times its target.

Buyers' new money this week

Funds closed or counted, 28 September to 2 October 2026, $bn

Cox, Blackstone and Partners Group each answered a queue

The evergreens with queues got three different answers. First, Cox Capital offered on Monday to buy Apollo Debt Solutions and Ares Strategic Income shares, read here on Monday. Its bids were 14.6% and 13.4% below the August values. Second, BCRED's board told its holders on Wednesday to reject Cox's earlier bid. That fund had paid "an estimated 75%" of the last two quarters' requests at full value, the board wrote.

Third, Partners Group proposed on Friday to split its €6.6 billion Global Value fund, read on Friday. Its distributing portfolio would sell the older assets to pay the investors who want out. So that portfolio becomes a seller of private equity assets with a queue to pay. However, the split still needs a shareholder vote, and no date is set.

Five things that mattered

• Cox Capital bid for four credit evergreens' shares at 12.5% to 17.5% below NAV, and NB Private Equity sold into two continuation vehicles at discounts (Monday).
• Ares counted $1.15 billion for its first private equity secondaries fund, and Sun Capital moved Anderson Global into its second continuation vehicle of the year (Tuesday).
• AlpInvest filed for Fund IX, Prime counted €646 million, New Mountain's Atlas backed a Corsair vehicle, and Clearlake sold a $1 billion securitization (Wednesday).
• HarbourVest agreed to buy about $1 billion of GIC's fund interests, and the SEC proposed monthly interval fund buybacks and a two-year deferral of a new fund's first offer (Thursday).
• Ares closed $4.2 billion of preferred equity for managers, Partners Group proposed to split Global Value, and BCRED's board rejected Cox (Friday).
•  

Seen before the press, the week's finds

The week's find is a wealth manager that has put $148 million of its clients' money into a secondaries fund through a feeder. The feeder is Evoke Secondaries Fund VI, with the letters BR VI in its name, and MAI Capital Management is its promoter. It has raised $148.2 million from 263 investors since June 2025, a filing of Monday shows. Its sister feeders carry the underlying manager in brackets, Oberland for a royalty fund, so BR VI is most probably Banner Ridge Secondary Fund VI. That fund closed at its $4.2 billion hard cap in January, though the filing names only the feeder.

On the radar

• Monday 5 October, Guernsey. Partners Group Private Equity publishes the result of its realisation-share election. Elections above 40% of the shares would trigger a managed wind-down of the whole portfolio instead, the circular says.
• Wednesday 7 October, 11am, Guernsey. The same trust's EGM votes on the two share classes. A large realisation class makes a listed seller of fund interests in the fourth quarter.
• Thursday 22 October, 9am, New York. Blackstone's third-quarter call, the first since it shelved Eclipse, read here on 24 September.
• Tuesday 3 November. Cox Capital's offers for BCRED and HLEND shares expire, and its offers for Apollo Debt Solutions and Ares Strategic Income run to 14 November.
• November. Anthropic targets a listing after its third-quarter results, the Wall Street Journal reported on 18 September.
•