In a significant pointer to private equity market dynamics in 2026, leading secondaries investor Coller Capital announced the final close of its largest ever fund, Coller International Partners IX (CIP IX) at its hard cap of around US$12.5 billion. The UK firm has now raised about $17 billion in its latest fundraising cycle.
CIP IX attracted approximately 250 investors worldwide, including sovereign wealth funds, asset managers, financial institutions, pension funds, insurance companies and asset managers. Coller Capital says the fund is already around 70% deployed.
According to Jeremy Coller, the company’s chief investment officer and managing partner, “we are entering secondaries’ finest hour”, citing market volatility and investor demand for liquidity as key drivers in demand for secondaries opportunities. He says secondaries are now seen as a core component of diversified portfolios.
London-based Coller Capital now manages around $50 billion of assets. Its family of vehicles includes commingled funds, co-investment entities, separately managed accounts, and equity perpetual funds.
The company opened an office in Tokyo office last month and appointed Hisashi Tanaka as head of Japan private wealth within its private wealth secondaries solutions team. Although Coller Capital’s statement on CIP IX’s fundraising didn’t mention high-net-worth individuals, they are likely to have participated directly or indirectly.
CIP IX is hardly the largest secondaries vehicle in operation.
In January 2025, French private equity house Ardian closed its largest ever secondaries vehicle, ASF IX, at $30 billion, making it the world’s biggest ever secondaries fundraising. At the time, Ardian also cited the growing role of secondaries as a core part of an investor’s diversified private markets platform.
Three months ago, Blackstone set a $22.5 billion target for its Blackstone Strategic Partners Fund X secondaries vehicle.
Coller Capital’s market outlook report in December predicted that secondaries transactions were on track to hit a record high level of more than $200 billion in 2025.
There are some less positive factors driving the impetus. According to the report, endowments, foundations, family offices and asset managers, each representing around 20% of the market, are making their own limited partner-led secondaries deals rather than wait for general partners to exit assets. Pension funds are also selling.
Market activity in secondaries looks likely to remain buoyant. How soon the primary market will recover its elan is a different question.
