PHILADELPHIA, PA — Future Standard has closed a $3 billion private equity secondaries fund, the largest fundraising effort in the firm’s more than 30-year history, positioning the alternative asset manager to capitalize on growing demand for liquidity in private markets and increased deal activity in the secondary market.
The fund, PA Secondary Fund V (PASF V), will acquire interests in private equity funds through secondary transactions, primarily focusing on LP-led deals in the North American middle market. The closing brings total committed capital to approximately $3 billion, according to the firm.
The fundraising attracted commitments from roughly 350 institutional investors across North America, Europe, and Asia, reflecting continued investor interest in secondary strategies as private equity firms and limited partners seek liquidity amid a slower exit environment.
Secondary transactions have become an increasingly important segment of the private equity market in recent years, allowing investors to buy existing fund interests rather than committing capital to newly launched funds. The approach can provide greater visibility into underlying portfolio assets and shorten the time required to deploy capital.
Patrick Gerbracht, managing director and co-head of LP-led secondaries at Future Standard, argued that the middle market remains an attractive area of the secondary market because investors gain exposure to established companies at more defined valuations.
“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,” Gerbracht said.
The fund’s focus on LP-led transactions places it in one of the fastest-growing areas of the secondaries market, where existing investors sell stakes in private equity funds to generate liquidity or rebalance portfolios.
Justin Lux, managing director and co-head of LP-led secondaries, pointed to rising transaction volume as a key driver of opportunity.
“Record-breaking secondaries volume is creating one of the most compelling market environments in years,” Lux said. “We believe we are well positioned to source and execute attractive opportunities.”
Future Standard estimates it has deployed more than $12 billion into private equity secondaries since 2002 across multiple market cycles, making the strategy one of the firm’s longest-running investment platforms.
The Philadelphia-based alternative asset manager oversees approximately $94 billion in assets under management as of March 31, 2026, investing across private equity, credit, real estate, and infrastructure markets.
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