Industry Ventures has raised $1.74 billion for its eleventh venture secondaries fund since July, a filing showed on Friday, more than the $1.45 billion of its tenth. It ends a week in which Hg raised €1 billion for Orion and Coller EQT took $2.7 billion from insurers. Meanwhile, sponsors closed two continuation vehicles this week, EMK's €1.25 billion fund for VDK and GenNx360's fund of about $285 million for Whitsons, and two more were reported in market.

Since Friday

• DEAL  EMK's VDK fund, closed at €1.25 billion as read on Friday, counted $397 million from 22 investors in a US filing the same day.
• FUND  Industry Ventures has raised $1.34 billion for its eleventh venture secondaries fund since July, plus $401 million in a feeder, a filing showed on Friday.
• FUND  Aquilius, a Singapore buyer managing about $2 billion, is exploring a private equity secondaries fund after two real estate funds, PitchBook reported on 14 October.
• LP  Nebraska's investment council chose cash over a roll in M-One's Scooter's Coffee vehicle, offered "at a premium to the reference-date valuation", SecondaryLink reported.
• PEOPLE  Hamilton Lane named chairman Hartley Rogers co-chief executive beside Juan Delgado-Moreira on Thursday, and Erik Hirsch, co-chief since 2024, executive co-chairman.
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Sponsors closed two vehicles while buyers raised more

Sponsors closed two continuation vehicles this week and two more were reported in market, and lenders or buyout firms led two of them. Of those four, the largest was EMK's. On Thursday EMK closed its fund for VDK, the Dutch installation group, at its €1.25 billion hard cap, as read on Friday. Its co-leads were LGT Capital Partners and Coller EQT, and investors holding more than 40% of EMK's first fund rolled in. On Tuesday Secondaries Investor reported CVC Secondary Partners leading a vehicle of about $500 million for a US medical device maker owned by Montagu. Golub Capital, a lender, is investing beside CVC, as read on Wednesday. Constellation Capital, meanwhile, had said on 9 October that Committed Advisors took all of a €100 million fund for its German adult-education platform.

The other two vehicles were reported on Wednesday. First, GenNx360 closed about $285 million for Whitsons Culinary Group, led by Churchill, which is also the company's lender. The same day Leonard Green's Sage fund emerged as lead on General Atlantic's newest vehicle, most probably for Argus Media, as read on Thursday. So a lender led one of the four vehicles, a buyout firm led another, and a lender co-invested in a third.

The buyers counted new money on four days of the week. First, Adams Street launched an evergreen fund for venture secondaries on Tuesday with $363.5 million from anchor investors, as read on Wednesday. Second, Hg raised €1 billion at the first close of Orion, a fund that buys into other sponsors' software vehicles. The Wall Street Journal reported that close on Wednesday via Private Equity Wire. Third, EQT said on Thursday that Coller EQT raised $2.7 billion from insurers in the third quarter, as read on Friday. Industry Ventures' filing on Friday added the fourth amount, charted below.

The sellers were fewer and larger. The largest seller named this week was the Teacher Retirement System of Texas, which sold about $1 billion of fund stakes to Coller EQT in June, PitchBook reported on Monday. Jefferies ran that sale, as read on Tuesday. Then the chiefs of Goldman Sachs and Morgan Stanley told analysts on Tuesday and Wednesday that sponsors hold companies at marks the market will not pay, as read on Friday. Morgan Stanley's Ted Pick counted "a ton of engineering continuation funds" among what sponsors did instead of selling. The next reading of those marks comes on Thursday, when Blackstone reports its third quarter at 9am New York time. It is the first call since Blackstone shelved Project Eclipse on 24 September.

Chart of the week

Four pools of money for secondaries counted this week

Amounts reported from 13 to 16 October 2026, $bn, the euro at face value

The board

Open offers for evergreen shares

All five bids are Cox Capital's, for Class I shares, as read on 10 October.

Deals carried in the last two weeks

Dates ahead

Seen before the press, the week's finds

Industry Ventures is raising its eleventh secondary fund through the private banks. The fund filed its first count on Friday: $1.34 billion from 428 investors since a first close on 31 July. Its feeder added $401 million from 161 more. Its agents are Goldman Sachs, JP Morgan Securities and Morgan Stanley Smith Barney, so most of those 589 investors most probably came through wealth platforms rather than pensions. Goldman Sachs also owns Industry Ventures, since 5 January, and the firm's tenth secondary fund closed at more than $1.45 billion in September 2023.

Industry Ventures' four secondary funds, from $500 million to $1.74 billion

Secondary XI is still raising, the other three at their final close

Source: SEC, Form D/A of 16 October 2026; Industry Ventures, 26 September 2023; Industry Ventures, 24 March 2021; Private Equity Wire, June 2016.

On the radar

• Wednesday 21 October, 1pm, then Friday 23 October, 1pm, London. Proxies are due on Wednesday for Baillie Gifford US Growth Trust's annual meeting on Friday, where Saba Capital asks for three board seats. Glass Lewis, ISS and PIRC all recommend a vote against.
• Thursday 22 October, 9am, New York. Blackstone holds its third-quarter call, the first since it shelved Project Eclipse on 24 September. Bloomberg has since reported its $1 billion continuation fund for loans, as read on 9 October.
• Thursday 22 October, London. HarbourVest Global Private Equity publishes its half-year results to 31 July, the first since Saba Capital reached 11.1% of its shares.
• Friday 23 October. Cox Capital's offer for Blue Owl Credit Income shares opens at $7.31, 20% below the 31 August value, as read on 15 October. The fund's holders asked back 16.8% of their shares in the third quarter against a 5% limit.
• Tuesday 17 and Wednesday 18 November, New York. SuperReturn Secondaries North America meets at Convene on Madison Avenue, with Coller, HarbourVest, Adams Street, Kline Hill and New York State Common on stage. The Secondary Brief has negotiated 15% off for its readers: book with the discount link, or use the VIP code FKR3675SECBRIEF.
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