Coller Capital Raises $17 Billion for Global Private Equity Secondaries Platform, Signaling Peak Liquidity Demand in Stagnant Exit Markets

The fundraising drew commitments from more than 250 investors worldwide, including pension funds, insurance companies, sovereign wealth funds, asset managers, and financial institutions—reflecting broad conviction in secondaries as a liquidity solution.[1][2][3][4] As of June 30, 2025, early performance metrics showed a 1.4x TVPI, with targets of 1.8x net MoIC and mid-to-high teens net IRR, per New Jersey State Investment Council data.[2]

Market Context: Record Volumes Amid Private Equity Exit Freeze

2025 marked a record year for secondaries, with transaction volume reaching $210 billion—up from $160 billion in 2024 and $114 billion in 2023—driven by market volatility, slow distributions, and extended holding periods.[3] Coller anticipates further growth, projecting $500 billion in annual deal volume by 2030 in its 2026 outlook.[3] This surge aligns with broader trends where secondaries have evolved from tactical tools to core components of diversified private equity portfolios, as articulated by Jeremy Coller, Chief Investment Officer and Managing Partner: “We are entering secondaries’ finest hour.”[1][2][3][4]

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Strategic Implications for LPs and GPs in 2026

For limited partners facing distribution droughts, Coller’s scale—backed by 77 professionals across 11 offices—positions it to execute complex, large-scale deals, including recent Asia plays like continuation vehicles for East Ventures and GSR Ventures.[2] General partners benefit from GP-led solutions amid an ongoing private equity exit freeze, with liquidity needs propelling continuation vehicles and single-asset trades.[5] Coller’s 35+ year track record, now expanded into credit secondaries and perpetual funds, reinforces its leadership in global private equity secondaries platforms.[1][4]

Peers like Ares ($7.1B credit secondaries) and Asia-focused vehicles (e.g., NewQuest Asia Fund V at $1B) signal a crowded but opportunity-rich field, where deployers must navigate rising competition for quality assets.[2][3] Institutional investors should weigh secondaries for portfolio resilience, but monitor pricing discipline as volumes swell—echoing McKinsey insights on alternative liquidity in protracted cycles.

Looking Ahead: Secondaries as Permanent Fixture

Remy Kawkabani, Deputy Managing Partner, emphasized Coller’s commitment to LP returns through diversification.[1] As 2026 unfolds, expect heightened activity in cross-border secondaries transactions and credit extensions, cementing secondaries’ role in navigating private equity’s structural shifts.