Five large sellers of fund stakes are now named, with the price three of them got. Texas Teachers' stake went in a packet priced at 94% of NAV and BP's at 84%. Meanwhile, StepStone's seventh venture secondaries fund has raised $1.77 billion, a filing showed on Friday. In addition, the week brought Pantheon's $6 billion close, Blackstone's $16 billion raised to date and ILPA's final continuation vehicle rules.

Since Friday

• FUND  StepStone has raised $1.77 billion for its seventh venture secondaries fund since 17 April, from about 310 investors, a filing showed on Friday.
• FUND  A&M Capital Secondaries, Alvarez & Marsal Capital's middle-market unit, has raised $116 million from 42 investors toward $500 million, a filing showed on Friday.
• LP  Ohio SERS committed up to $75 million to Blackstone Strategic Partners Real Estate IX, the firm's ninth real estate secondaries fund, at its October meeting.
• LP  Baillie Gifford US Growth holders rejected Saba Capital's three nominees on Friday, 52.8% to 47.2%, and the board will consult holders on a "long-term solution".
• FILING  Keyhaven raised $8.7 million from four US investors for Keyhaven Italia LP since 6 October, most probably a leg of its Novation Tech vehicle.
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Buyers raised while the filings priced the sellers

The buyers showed their money this week, from the largest fund in market to a first-time unit. Pantheon closed its eighth flagship at $6 billion on Wednesday, 71% above target, as read on Thursday. On Thursday Blackstone's Jon Gray put Strategic Partners X at "over $16 billion raised to date toward a target of at least $22 billion", the transcript shows. That call was read on Friday. Then on Friday StepStone's seventh venture secondaries fund counted $1.77 billion in a filing, from $1.59 billion on 1 September and $1.03 billion in July. The $1.77 billion is about $5.7 million per investor, and about $65 million a week since the first close. Its sixth fund closed at $3.3 billion in June 2024.

The smaller buyers counted too. A&M Capital Secondaries counted $116 million, about $2.8 million per investor, for a unit set up in June 2025. Meanwhile, in credit, Tikehau said on Thursday that it led "a ~$215m GP-led secondary transaction across a portfolio of performing US first-lien loans" in the quarter, its update shows. The same update gave the first close of its evergreen credit secondaries vehicle, as read on Friday.

The sellers' prices came from filings and from one trust. The trust, HarbourVest Global Private Equity, sold five funds at 94% of their value in December. On Thursday it opened a $400 million tender for its own shares at 10% below value, as read on Thursday. Meanwhile, the filings start with a study of 2,983 buyout fund trades since 2015. It put the average at 91.8% of net asset value, as read on Wednesday. The same study found no reliable sign that evergreen buyers pushed prices up. The filings add two prices below, 94.3% and 83.7%, for packets that held Texas Teachers' and BP's stakes.

Meanwhile, the next seller prepared. Partners Group moved its gated evergreen's stakes in four buyout funds into a new vehicle, as read on Monday. It then cut the fund's fees by 25 to 75 basis points before the vote in the week of 9 November, as read on Wednesday.

The rules and the arguments moved too. ILPA published its final continuation vehicle guidance on Tuesday with an election period of 20 business days where its June draft asked for 30, as read on Thursday. The same day Bloomberg reported that Goldman Sachs and Evercore are pitching vehicles that would hold a company for 10 to 15 years, as read on Tuesday. On Thursday Pantheon's Amyn Hassanally called PitchBook's falling count of continuation funds "a false narrative". The same day Lazard's Peter Orszag said stalled exits feed his secondaries desk, as read on Friday. The next count comes on Wednesday 28 October from Evercore, which made Nigel Dawn, who built its secondaries unit, co-president on Sunday.

Chart of the week

The packet with Texas Teachers' stake went above every market print, BP's below them all

Price of fund stakes, % of net asset value, with the date of each reading

Source: Coller Secondaries Private Equity Opportunities Fund and FS MVP Private Markets Fund, annual reports to 31 March 2026 (FS MVP); Brown and Volckmann, Institute for Private Capital, p.1, 5 October 2026; Jefferies, H1 2026 Global Secondary Market Review, p.5; Campbell Lutyens, 1H 2026 Secondary Market Overview, p.23; the nine packets in the board below.

The board

Open offers for evergreen shares

All five bids are Cox Capital's, for Class I shares, as read on 10 October. The Blue Owl offer opened on Friday.

Deals carried in the last two weeks

Seven deals in the last two weeks: five closed and two in market. Roll rate published: EMK, VDK, over 40%.

Prices paid for named funds

Cost against the buyer's own valuation on the day of purchase, 31 March 2026, from the funds' annual reports, filed from 1 to 9 June 2026. The reports do not name the sellers. The next prices come with the reports to 30 September 2026.

Evergreens paid a median 87.7% of NAV for LP portfolios on 31 March 2026, close to Jefferies' 87% for the half

Nine packets of four interests or more, cost over the buyer's fair value on the day of purchase

Source: the nine funds' annual reports to 31 March 2026, filed from 1 to 9 June 2026 (AlpInvest, Ardian, Coller, FS MVP, JPMorgan, Pantheon, StepStone); Jefferies, H1 2026 Global Secondary Market Review, p.2.

Five large LPs sold fund stakes, and the registers show the price

Five large investors sold fund stakes whose price is now known: who sold, to whom, and at what share of NAV.

Texas Teachers is the clearest case. It transferred part of its stake in EQT VII to five Coller vehicles, one of them the vehicle of Coller's evergreen, a Gazette notice of 10 April shows. That evergreen bought the stake on 31 March inside a portfolio of 15 interests. It paid $117.4 million for $124.5 million of value, or 94.3% of NAV, its annual report shows. It is a first price for part of the roughly $1 billion sale this letter covered on 13 October.

The BP Pension Fund sold its stakes in Livingbridge 5 and Livingbridge 6, two British mid-market buyout funds, with effect from 31 March, two notices show. Its buyers were Future Standard, the Connecticut fund-of-funds manager, and its evergreen, FS MVP Private Markets Fund. The evergreen paid 65.5% and 70.2% of their value that day, its report shows. The two Livingbridge lines sat inside a portfolio of 54 interests bought at 83.7% of NAV.

The same records name two earlier sellers. First, the Andrew W. Mellon Foundation sold its EQT VII stake to the same buyers in March 2024, a notice shows. The buyer's report prices that line at about 91% of NAV, inside a packet of six interests bought at 83%. Second, the University of Chicago sold its stake in TDR Capital IV to a vehicle of Adams Street's evergreen in June 2025, a notice shows.

The next sale is known before its price. That sale is the Kuwait Investment Office's. It transferred nine fund stakes to Pantheon around 30 June, among them Equistone III, IV and V, Stirling Square II and III and Lion Capital III and IV. Pantheon's buying vehicles include the one of its US evergreen, so the price will appear in that fund's report to 30 September, filed in early December.

Seen before the press, the week's finds

ICONIQ has set up its clients' secondaries vehicle for 2027. Three partnerships named Secondaries Portfolio 2027 filed on Friday from 50 Beale Street in San Francisco, with Divesh Makan, the firm's founder, signing. The same address and signature sit on ICONIQ Capital's other filings. In addition, the partnerships are the fifth annual vintage, after the 2026 ones filed on 17 October 2025, and nothing has been raised yet. Most probably they are the yearly pool through which ICONIQ's families buy fund stakes and continuation vehicles, though they could also commit to other managers' secondaries funds.

On the radar

• Monday 26 October, New York. Another 328.4 million SpaceX shares become sellable under page 259 of its prospectus, after the 1.3 billion released on Thursday, so the pre-listing vehicles' holders can sell too.
• Wednesday 28 October, 8am, New York. Evercore reports its third quarter, its first call since it made Nigel Dawn co-president, and the next advisor's count after PitchBook's. The same day Cerebras can release up to about 19.4 million more shares from its lock-up.
• Friday 30 October, then the week of 9 November, Luxembourg. The new share classes of Partners Group's Global Value SICAV move to a 2.5% quarterly redemption threshold, half the current one. Shareholders then vote on splitting the €6.6 billion gated fund in two. A yes creates a distributing fund that sells older stakes to pay those who want out.
• Monday 2 November, 3pm, London, then Monday 16 November, St Peter Port. HarbourVest Global Private Equity holds a private markets update for shareholders, two weeks before they vote on its $400 million tender at 10% below net asset value. The two resolutions need 75% of votes cast, and the offer closes on 19 November.
• Tuesday 3 November, 5pm, New York. Cox Capital's offers for Blackstone Private Credit Fund and HPS Corporate Lending Fund shares, 12.5% and 17.5% below their values, expire. How many shares are tendered says what a queued investor will take.
• Tuesday 17 and Wednesday 18 November, New York. SuperReturn Secondaries North America meets at Convene on Madison Avenue, with Coller, HarbourVest 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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