The largest LP commitments for secondary funds in 2024
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The largest LP commitments for secondary funds in 2024

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The largest known commitments to secondary funds in 2024 amounted to over $ 2.4 billion, according to Secondary investorS All year 2024 Investor Report.

The two biggest commitments both came from New York State Common Retirement FundA total of a combined $ 860 million. The public pension undertook $ 500 million to TPGS GP solutions Fund and $ 360 million to Blue Owl CapitalS Empire opportunistic secondary fund.

NYCRF’s commitment to TPG GP solutions is particularly remarkable given that the fund was closed at $ 1.86 billion in October Secondary investor data. The New York pension commitment accounted for more than a quarter of the fund’s increased capital.

The Maryland State Pension and Pension System made the third largest commitment and promised $ 250 million to Dawson PartnersDawson Portfolio Finance 6.

Overall, the secondary market had a strong collection year with closed funds that gathered $ 97.5 billion in 2024, according to Secondary investor data. It was in line with beating 2023’s record breaking a total of $ 118.9 billion but fell shortly after a fourth quarter.

When 2025 is moving forward, 54 percent of LPS indicated that they do not intend to buy or sell fund efforts in the secondary market within next year, according to LP Perspectives 2025 Study. This is a sharp increase from 43 percent the year before, and the highest proportion since 2020 when 57 percent said they did not intend to buy or sell.

About 20 percent of those who plan to shop are just looking to buy, while 13 percent only want to sell and another 13 percent want to do both.

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