Large private equity secondary funds flourishing

For the first nine months of 2023, 39 private equity secondary funds raised $68.1 billion, according to data compiled by PitchBook Data. The dollar figure eclipsed most annual totals since 2008, with 2020 as an exception.

However, last year's average fund size was $1.7 billion, much higher than the previous years. It was more than triple 2022's $510 million.

Five secondary funds of at least $1 billion raised $46.7 billion last year, according to data collected by Pensions & Investments. This includes Blackstone's $22.2 billion fund that closed a year ago.