Carlyle AlpInvest will pay 94.25% of value for part of Oakley Capital Investments' stakes in five Oakley funds, the company said on Wednesday. On Friday NB Private Equity got 93% for five co-investments and 111% for OneMonroe, sold into a continuation vehicle. Meanwhile, Blackstone paid about 80% for part of a $1.3 billion co-investment portfolio, PitchBook reported. In addition, the registers name four more sellers of fund stakes, two of them priced near three-quarters of NAV.

Since Friday

• DEAL  Ares agreed to buy a $1.1 billion direct lending portfolio from an institution, its chief executive said on Thursday's call, expecting more such sales.
• DEAL  IMM's Air First vehicle has commitments above its 1.8 trillion won target from about 30 institutions, and signing slips to November, Invest Chosun reported.
• FUND  Kenro Capital, the Singapore venture secondaries firm in talks to buy SK Finance stakes, has raised $37.5 million from 11 investors for its first fund.
• FUND  Pantheon's Amyn Hassanally told Secondaries Investor on Friday that its $6 billion eighth flagship will back the same mid-market deals with larger checks.
• FILING  AlpInvest filed on Thursday for three sidecar vehicles beside its ninth secondaries fund, nothing raised yet.
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Fund stakes near par, co-investments ten points lower

A fund stake sold for close to its value this week, and a co-investment for seven to twenty points less. The fund stakes are Oakley Capital Investments'. Carlyle AlpInvest will buy them at 94.25% of their 31 March value, €295 million for €313 million, the London-listed company said on Wednesday, as read on Thursday. Half of that price arrives in November and half over three years, and AlpInvest takes over about £244 million of commitments not yet called.

The second price is NB Private Equity's, for co-investments. It sold five of them to third parties for $81 million, 7% below their December value, as read on Friday. It also sold OneMonroe, its third-largest holding, into a vehicle run by the company's sponsor AEA at 11% above that value, the one sale of the week above par. The third price was the lowest, about 80% of value. Blackstone Strategic Partners paid it for part of a $1.3 billion portfolio of 22 co-investment stakes, PitchBook reported on Tuesday, as read on Wednesday. The gap between the two kinds of stake has a contractual cause. A fund stake's terms pass to the buyer with the general partner's consent, but a co-investment's fee terms sit in a side letter that does not pass on its own. So the buyer of a co-investment pays less.

The week's lead buyers were insurers' asset managers and, at Nautic, the sponsor's own investors. Allianz Global Investors led KKR's first private credit continuation vehicle at more than $460 million, PitchBook reported on Tuesday, as read on Wednesday. The vehicle holds the loans of Lending Partners III, a $1.5 billion fund of 2017. The next day PGIM and LGT Capital Partners co-led Tree Line's $680 million vehicle for the loans of several of its direct lending funds, as read on Thursday. In buyouts, Nautic Partners found the two leads of its $3 billion continuation vehicle among its own investors, Secondaries Investor reported on Monday. The two are Carlyle AlpInvest and HarbourVest, as read on Monday.

One continuation vehicle of 2023 sold its company this week, Frontenac's for Motion & Control Enterprises. Frontenac had moved the industrial distributor into a single-asset vehicle co-led by Churchill Asset Management and 50 South Capital in August 2023. On Monday it sold the company to Bertram Capital, the buyer said, after 27 acquisitions under Frontenac and with no terms disclosed.

The sellers of the next quarters showed their queues. The largest queue is at Partners Group's $14.6 billion US evergreen. Its investors asked for $2.21 billion back in the offer that closed in August and got $728 million, a third, its filing of Thursday shows, as read on Friday. Its European sister fund votes in the week of 9 November on a split that would create a distributing fund selling older stakes, as read on 19 October. Meanwhile, Ares raised $2.6 billion for secondaries in the quarter and invested $1.1 billion, a third less than a year earlier, its presentation of Thursday shows. And Anthropic's prospectus of Monday keeps holders above 0.5% of its shares in for a year after the listing, as read on Tuesday. Its employees may sell a tenth on the first day.

Chart of the week

Fund stakes sold within six points of par this week, co-investments ten to twenty below, and a stake sold into a continuation vehicle above it

Price as % of the value each sale was measured against, four sales announced 27 to 30 October 2026

Source: Oakley Capital Investments, RNS of 28 October 2026; NB Private Equity Partners, announcement of 30 October 2026; PitchBook, 27 October 2026; Jefferies, H1 2026 Global Secondary Market Review, p.5.

The board

Open offers for evergreen shares

All six bids are Cox Capital's, as read on 10 October and Thursday. The Variant offer opened on Wednesday, and Cox calls it the first by a third party for an interval fund.

Deals carried in the last two weeks

Ten deals in the last two weeks: six closed, two in market and two announced. None of the ten has published a roll rate.

Four more LP sellers are named, and the two priced lines sat low in their portfolios

The two sellers whose price is now known took about three-quarters of NAV, while the portfolios their stakes were bought in went for 84.5% and 89.7%.

Global EquityVest sold its stake in Bridgepoint Europe V to three Pantheon vehicles as of 30 September 2025, a Gazette notice shows. One of the three buys for Pantheon's US evergreen. That fund paid $2.7 million for $3.6 million of value that day, or 73.7% of NAV, its semi-annual report shows. The four interests it bought that day cost 84.5% of their value.

PEF 2016-2017 Pass Limited Partnership sold its stake in Bridgepoint Europe VI to Ardian Access and two other Ardian vehicles, also as of 30 September 2025, a second notice shows. Ardian Access is Ardian's evergreen. It paid $13.6 million for $18.9 million of value, or 72.1% of NAV, its annual report shows. That stake was one of 15 it bought that day for $216.0 million, at 89.7% of their value.

Two more sales went to the same buyers. First, Mutiara and Nakhoda III sold their whole interests in BC European Capital IX and X to Ardian Access and two Ardian vehicles. Mutiara and Nakhoda III are Malaysian companies, and the two funds are BC Partners' buyout funds. The Gazette published their three notices on 13 January 2026: Mutiara on X, Nakhoda III on IX and Mutiara on IX. Second, Kemnay Fund Investors sold its interest in HgCapital 8 to two Partners Group vehicles, a notice of 9 October 2025 shows. The two are Partners Group Access PF 875 and Partners Group Growth Finance.

Two named sellers' lines sat low in the portfolios they were sold in

Price paid as % of NAV on the day of purchase; each dot is one fund interest, its size the cost

Source: The Gazette, notices 4977703 and 4979035; AMG Pantheon Master Fund, semi-annual report to 30 September 2025; Ardian Access, annual report to 30 September 2025. The spread across the dots is how each buyer divided one price over the interests it bought.

Seen before the press, the week's finds

Cambridge Associates has set up the pooling vehicles for a second client secondaries fund. Two partnerships named CA Secondaries Aggregation Vehicle II and its offshore twin filed on Thursday from 115 Federal Street in Boston. Both are of indefinite size, and nothing has been raised yet. Their general partner is CA Strategic Secondaries Fund II GP and their manager is Cambridge Associates, with David Druley, the firm's chief executive, among the officers. The firm launched a first dedicated secondaries fund in November 2022, seeking $250 million, Secondaries Investor reported then. So the new vehicles are most probably the pools through which its clients commit to a second such fund, though they could also hold a single transaction.

Aliter Capital has raised $64.0 million from five investors for an annex fund. The vehicle, Aliter Capital Annex, filed on Friday from the firm's Brook's Mews address in London, and its first money arrived on 16 October. Aliter is a London buyout firm for UK support services companies, whose second fund raised £134 million in 2022. An annex fund usually adds capital for a fund's existing companies. So the vehicle most probably funds follow-on deals for Fund I or Fund II with five new or existing investors, though it could also be a single-company sleeve. Nothing about it has been announced by the firm.

Coller has set up a fourth note issuer in the Cayman Islands. Coller PBN IV Issuer LP filed on Friday from Walkers' address in George Town, of indefinite size and with nothing raised yet. The filing comes five weeks after Coller's third issuer amended its own to offer debt as well as equity. These issuers are most probably the vehicles behind the structured notes through which insurers bought into Coller's funds. Insurers put $2.7 billion into Coller EQT through such products in the third quarter, EQT said on 15 October, as read on 16 October. However, the filing does not say what the notes finance.

On the radar

• Monday 2 November, 3pm, London. HarbourVest Global Private Equity holds a private markets update for shareholders, two weeks before they vote on its $400 million tender at about 10% below net asset value. The trust paid for its last tender with a sale of fund stakes at 94% of value.
• Tuesday 3 November, New York. Apollo reports its third quarter at 8:30am, with the quarter of its S3 secondaries unit, and Hamilton Lane its fiscal second quarter at 11am, with its evergreens' flows. At 5pm Cox Capital's bids for Blackstone Private Credit Fund and HPS Corporate Lending Fund shares expire.
• Thursday 5 November, 8:30am New York, then London. Carlyle reports its third quarter, the quarter in which AlpInvest agreed to buy Oakley's stakes and to lead Nautic's vehicle. The same day NBPE holds its capital markets day, where it will show the companies it says could sell in the next six to twelve months.
• Monday 9 November, 10am New York, then Luxembourg. KKR reports its third quarter, its first call since its credit continuation vehicle closed. The same week Partners Group Global Value SICAV's shareholders 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.
• 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.
• Friday 27 November, New York, then Friday 4 December, Washington. Partners Group's US fund closes its next offer, for 5% of its units at the 31 December value, after paying a third of the last one. A week later comments close on the SEC's interval-fund proposal, which widens the funds that buy secondaries from private investors.
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