Future Standard Closes $3B Fund for Private Equity Secondaries

Future Standard has held the final close of PA Secondary Fund V with about $3 billion in committed capital, marking the largest private fund closing in the firm’s more than 30-year history.

PASF V is focused on acquiring interests in U.S. and global private equity funds through the secondary market, with a primary emphasis on LP-led transactions in the North American middle market. The firm said the strategy aims to give investors access to high-quality companies at attractive entry points with improved visibility and risk-adjusted return potential.

“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,” said Patrick Gerbracht, managing director and co-head of LP-led secondaries at Future Standard.

PASF V drew commitments from 350 new and existing institutional investors across North America, Europe and Asia.

“Record-breaking secondaries volume is creating one of the most compelling market environments in years,” said Justin Lux, managing director and co-head of LP-led secondaries at Future Standard. “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.”

Future Standard, a global alternative asset manager overseeing more than $90 billion in assets, said it has deployed more than $12 billion since 2002 across multiple market cycles.