Arcano Partners has held the final close of Arcano Secondary Fund V, FCR (ASF V), raising €850 million—about $1 billion—well above its initial €500 million target. The fund, launched in 2024, drew backing from a mix of institutional and private investors across Europe and the Americas, reflecting continued appetite for secondaries strategies as investors seek liquidity and managers look to extend ownership of assets.
ASF V is Arcano’s fifth private equity secondaries vehicle and follows its prior fund, which closed in 2023 at €450 million, exceeding an original €300 million target. The firm said demand for the latest vehicle was supported by a diversified base of existing and new investors and by a strategy focused on areas of the secondaries market where Arcano believes pricing inefficiencies remain more pronounced.
The fund is targeting smaller, less competitive transactions, combining traditional purchases of limited partner interests (LP-led deals) with GP-led transactions. Arcano said the investment approach centers on mid-market buyouts in Europe and North America, emphasizing resilient businesses, conservative leverage, and risk-adjusted returns.
Arcano noted that ASF V has already completed more than 30 secondary-market transactions and has also made several direct co-investments alongside what it described as top-tier managers. The firm expects the fund to continue assembling a diversified portfolio across transaction types, sectors, and geographies.
Arcano’s Asset Management division has invested in private equity secondaries since 2009 and said it has built relationships with both general partners and limited partners in Europe and North America over multiple market cycles. The firm added that its secondary platform was recently ranked among the top 10 secondary managers globally in the HEC Paris–Dow Jones 2025 ranking.
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“This new fund reflects the confidence that both longstanding and new investors place in Arcano, as well as recognition of the outstanding work delivered by our team, which has more than 15 years of experience investing in the private equity secondaries market.”
Ricardo Miró Quesada, Partner and Head of Private Equity, Arcano Partners Asset Management
