Future Standard announced the final closing of PA Secondary Fund V, raising approximately $3 billion in committed capital and marking the largest private fund closing in the firm’s more than 30-year history.
The fund is focused on acquiring interests in U.S. and global private equity funds through the secondary market, with a particular emphasis on limited partner-led transactions in the North American middle market. According to the firm, the strategy is designed to capitalize on opportunities through selective investments, broad diversification, and disciplined capital deployment.
Future Standard said it leverages long-standing relationships across the private equity ecosystem to source opportunities and build portfolios centered on high-quality middle market assets.
PA Secondary Fund V attracted commitments from approximately 350 new and existing institutional investors across North America, Europe, and Asia, reflecting the firm’s expanding global footprint and growing presence among institutional allocators.
The firm believes the current environment for private equity secondaries is particularly attractive as transaction volumes continue to reach record levels. Future Standard noted that its broader private markets platform positions it to source and execute opportunities that may generate differentiated returns for investors.
Future Standard was among the early participants in the private equity secondaries market and has built one of the industry’s longest-tenured platforms. Since 2002, the firm estimates it has deployed more than $12 billion across multiple market cycles.
The company manages approximately $94 billion in assets under management as of March 31, 2026. Its investment capabilities span private equity, credit, real estate, and infrastructure, serving both institutional and private wealth clients worldwide.
KEY QUOTES:
“We believe middle market secondaries are one of the most efficient ways to access high-quality companies at attractive entry points, with better visibility and stronger risk-adjusted return potential for investors. The breadth and scale of global investor support reflects deep confidence in our disciplined, middle-market-focused strategy and the depth of our sourcing platform.”
Patrick Gerbracht, Managing Director and Co-Head of LP-Led Secondaries, Future Standard
“Record-breaking secondaries volume is creating one of the most compelling market environments in years. Combined with the strength of Future Standard’s broader private markets platform, we believe we are well positioned to source and execute attractive opportunities and convert this environment into differentiated outcomes for our investors.”
Justin Lux, Managing Director and Co-Head of LP-Led Secondaries, Future Standard
