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The largest known commitments to secondaries funds in 2024 totaled over $2.4 billion, according to Secondaries Investor’s Full Year 2024 Investor Report.
The two largest commitments both came from the New York State Common Retirement Fund, totalling a combined $860 million. The public pension committed $500 million to TPG’s GP Solutions fund and $360 million to Blue Owl Capital’s Empire Opportunistic Secondary Fund.
NYCRF’s commitment to TPG GP Solutions is particularly notable given the fund closed on $1.86 billion in October, according to Secondaries Investor data. The New York pension’s commitment accounted for more than a quarter of the fund’s raised capital.
The Maryland State Retirement and Pension System made the third largest commitment, pledging $250 million to Dawson Partners’ Dawson Portfolio Finance 6.
Overall, the secondaries market had a strong fundraising year with closed funds amassing $97.5 billion in 2024, according to Secondaries Investor data. It was on pace to beat 2023’s record-breaking total of $118.9 billion but fell short after a fourth-quarter slip.
As 2025 moves forward, 54 percent of LPs indicated they do not intend to buy or sell fund stakes in the secondaries market within the next year, according to the LP Perspectives 2025 Study. That 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.
Some 20 percent of those planning to transact are looking to buy only, while 13 percent are looking to sell only and another 13 percent are looking to do both.
You can download the full report as a PDF here, and download the data here.
