Nautic Partners is raising a $3 billion continuation vehicle led by two of its own investors, Carlyle AlpInvest and HarbourVest, Secondaries Investor reported on Monday. Meanwhile, a new fund has filed to list on the New York Stock Exchange and pay for stakes in AI venture funds with its own shares. In addition, AlpInvest sold three quarters of its Charterhouse Capital Partners X stakes to Clipway, the third move on that fund's interests this month.

The tape

• PEOPLE  LaSalle hired Marcus Day, co-founder of Brookfield's real estate secondaries unit, on 13 October to run its $10 billion indirect business, PERE reported.
• PEOPLE  Pretium hired Chris Reilly, Brookfield's head of real estate secondaries for six years, as its real estate chief, PERE reported on 15 October.
• DATA  Carta and NewView counted 44 employee tender offers in the first half of 2026, triple the number of three years ago, TechCrunch reported on Friday.
• DATA  Blackstone Private Credit Fund put its shares at $23.51 on 30 September, so Cox Capital's $20.65 bid, open until 3 November, is 12.2% below.
• REGULATION  The SEC named "Private funds, private credit, and other complex investment strategies" a focus of its 2027 examination priorities, published on Friday.
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Nautic found its $3bn among its own investors

Nautic Partners has found the money for a $3 billion continuation vehicle among the investors it already has. Carlyle AlpInvest and HarbourVest, both existing limited partners of the firm, will lead the vehicle, Secondaries Investor reported on Monday morning. Nautic is a middle-market buyout firm based in Providence, Rhode Island. It buys healthcare, industrial and services companies, and it has done more than 155 platform deals. Its reported vehicle is as large as its tenth fund, which closed at a $3 billion hard cap in October 2021. It is two thirds of the $4.5 billion eleventh fund, closed in October 2024.

Nautic's reported vehicle is twice its 2019 fund and two thirds of its 2024 fund

capital raised by Nautic Partners' last three funds, and the continuation vehicle as reported, $bn

Secondaries Investor set the deal beside ILPA's new rules because the two buyers also sit on the selling side. ILPA published its final continuation vehicle guidance on 20 October, as read on Thursday. Its page 12 says advisory committee members "may also sit on both sides of a CV transaction". One of its examples is a member when "another part of its firm might be acting as lead investor". Its page 14 then asks the sponsor to say "whether recusal is being considered or encouraged". The guidance leaves that recusal to the sponsor, and whether AlpInvest or HarbourVest sits on the selling fund's committee is not known.

AlpInvest's position in Nautic shows in the registered funds' books. Its wealth evergreen, Carlyle AlpInvest Private Markets Fund, bought into Nautic Partners XI on 21 June 2024 and valued that line at $4.3 million at 30 June. AlpInvest itself filed for its ninth secondaries flagship on 30 September, a year after the eighth closed at $15 billion. HarbourVest, meanwhile, opened a $400 million tender for its listed trust's own shares on Thursday.

However, Secondaries Investor names neither the assets nor the selling fund, and gives no price or roll share. And Nautic has not yet filed a vehicle with the SEC under its name. After that filing, the selling fund's investors get 20 business days to elect, under the guidance ILPA published on 20 October. So the first numbers will come with the filing or the election pack. In that election, a high roll will keep those investors in the companies for another term, and a low one will hand the companies to AlpInvest and HarbourVest.

Madara pays for venture stakes in listed shares

A new fund wants to buy limited partners' stakes in AI venture funds and pay them in shares listed on the New York Stock Exchange. The fund, Madara AI & Frontier Technologies Fund, filed to register on Friday from San Francisco and has applied to list under the symbol MXAI. Its adviser was founded by Robert Ghenchev, a managing partner of Novo Holdings from 2018 to 2025. Ghenchev's fund will keep at least 80% of its assets in interests in venture, growth and private equity funds focused on AI and frontier technologies. It will buy them through three channels: secondary purchases for cash, new commitments, and what the prospectus calls "in-kind contributions".

An in-kind contribution swaps a fund stake for new shares. In it, a holder transfers its interest to Madara and receives newly issued shares in exchange, and the fund says it "has entered into" contribution agreements with holders already. It values the contributed interest with the help of "an independent third-party valuation firm engaged before the relevant contribution agreement was entered into", and takes over any unfunded commitment. The shares go out at a price agreed with each contributor, "which in each case will exceed the Public Offering Price". So a contributor receives fewer shares than its stake would buy at the IPO price, and the difference goes to the investors who buy in the IPO. The fund's net asset value per share "is expected to increase relative to the Public Offering Price" once the contributions close, the prospectus says, and "that increase would accrue to investors purchasing Common Shares in this offering". The contributor's exit price then becomes whatever the shares trade at once the resale restriction on them has run.

For instance, take an investor holding a $10 million stake in an AI venture fund. A cash sale of that stake at Jefferies' first-half price for venture stakes, 79% of NAV, would return $7.9 million. A contribution of the same stake to Madara, valued at $10 million, would give shares issued above the IPO price. If the IPO price were $20 and the agreed price $22, the contributor would get about 455,000 shares instead of 500,000, a haircut of about 9% that the IPO investors keep as a higher net asset value per share. Those numbers are an example, not the fund's. Then the investor would sell those shares on the exchange at the market's price for the whole portfolio, which is the bet the structure asks it to make. That bet already has a listed precedent in Robinhood Ventures Fund I, which raised $658 million in March, as read on Sunday.

Two other registered buyers of fund stakes moved their paperwork the same week, both from houses better known for other things. The first is Clearlake Capital Group, the Santa Monica buyout firm. It is registering an interval fund for "secondary investments in private equity funds and continuation vehicles" of other managers, first filed on 21 May. The second, Dawson Partners, the Toronto secondaries house, is registering a tender offer fund for fund stakes and continuation vehicles. Neither has a launch date yet, and Madara's size, fee rate and underwriters are still blank in its prospectus.

Source: SEC, Form N-2 and amendments of 19 and 23 October 2026, linked on each fund.

Charterhouse X stakes now trade between secondaries houses

Stakes in Charterhouse Capital Partners X have become a trading stock of the secondaries houses themselves, with two sales and one transfer in October alone. The first of the two sales was AlpInvest's. Fifteen of its vehicles sold 75% of their interests in the fund's second partnership to Clipway, a notice in The Gazette of 19 October shows. Its transfer form was filed at Companies House on 14 October. The second sale came two weeks earlier, when Blackstone's Strategic Partners X bought the whole stake of a vehicle called Matisse 403. That purchase was one of eleven UK partnerships it bought into around the quarter-end, as read on 19 October. The same week Partners Group moved its gated evergreen's stake in the fund's first partnership into a vehicle built to sell.

Charterhouse X stakes have moved six times since 2024, three of them this month

Transfers of interests in CCP X No.1 LP and CCP X No.2 LP, by the date of the notice

Source: The Gazette, statements by general partner under section 10 of the Limited Partnerships Act 1907, 26 February 2024 to 19 October 2026; Charterhouse, closing announcement of 14 November 2016.

The sellers are the fund's first secondary buyers, now at the end of their own lives. Charterhouse closed the fund in November 2016 at €2.3 billion for mid-market European companies, so it is ten years old this month. Its first buyers include AlpInvest's sixth and seventh secondaries programmes, which closed in 2017 at $6.5 billion and in December 2020 at $9 billion. AlpInvest filed for its ninth on 30 September. The buyer, Clipway, closed its first fund at $6.4 billion in July and is deploying it. So a 2016 fund passes from the secondaries funds of 2017 to 2020 to the funds of 2025 and 2026. AlpInvest keeps a quarter of its position for the last exits.

The fund's register shows how often that has happened. First, Pomona Capital VIII sold its whole stake to two of Ares's Landmark vehicles in February 2024. Then a Coller vehicle sold its whole stake to Partners Group's US evergreen and a second Partners Group vehicle in January 2025.

The 2026 moves started in Germany. In July a German evergreen run by CAM, now part of AltamarCAM, split its stake between a transition vehicle and a run-off vehicle. The transition piece went on to ACP Permanent Private Markets, AltamarCAM's evergreen. But none of the notices gives a price. Ares's own evergreen gives the only price on record, and it is small. It paid $120,353 on 28 September 2023 for a piece of the fund it valued at $237,803 two days later.

Meanwhile, Partners Group may be the next seller. Its Global Value SICAV is the €6.6 billion evergreen that has paid out 5% a quarter against larger requests. That evergreen moved the stake into Partners Group GVD Access on 7 October, as read on 19 October. The fund's shareholders vote in the week of 9 November on splitting the fund in two. A yes creates a distributing fund that sells older stakes to pay those who want out, with the Charterhouse X stake among the four already set aside. A no leaves the stake where it is, in a fund still paying 5% a quarter.

On the radar

• Wednesday 28 October, 8am, New York. Evercore reports its third quarter, its first call since Nigel Dawn became co-president. It is the next advisor's count of continuation vehicles after PitchBook's, as read on Friday.
• Thursday 29 October, New York. Ares at 9am, Blue Owl at 10am and TPG at 11am report their third quarters. Their calls give what their secondaries funds and evergreens raised in the quarter.
• 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, the Charterhouse X stake among them, to pay those who want out.
• 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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