Netley Capital Builds $1.2B Tertiary Investment Strategy

Netley Capital has amassed $1.2 billion of committed, deployable capital for its tertiary strategy after closing an oversubscribed debut fund, positioning the firm in a specialized segment of the expanding private equity secondary market.

The London-based firm said Netley Capital Tertiaries Fund 1 reached its final close in July at an extended hard cap. Netley launched in September 2025 with $315 million in commitments from institutional investors and family offices.

Tertiary transactions are “secondaries of secondaries.” Rather than buying an investor’s stake in a primary private equity fund, a tertiary buyer acquires a limited partner’s interest in a secondary fund, which owns a diversified portfolio of private-market assets.

Netley targets interests in secondary funds with underlying exposure to global mid- and large-cap buyout funds. The strategy can provide liquidity to investors in secondary vehicles while offering buyers access to seasoned portfolios with greater visibility into underlying assets and cash flows.

“Our strategy addresses a clear and growing need, and we see tailored liquidity solutions as a natural evolution of the private markets ecosystem,” Managing Partner Caspar Berendsen said.

The close comes as private-market secondary activity reaches record levels. Global transaction volume totaled $226 billion in 2025, up 41% from 2024, according to Evercore Private Capital Advisory.

Volume reached about $121 billion during the first half of 2026, rising 19% year over year and marking the strongest first half on record. General partner-led deals accounted for $65 billion, while limited partner-led transactions totaled $56 billion. Evercore estimated buyers entered the second half with $194 billion of dry powder.

Berendsen said Netley’s transaction pipeline remains robust through 2026 and into 2027 as investors increasingly use secondary markets to generate liquidity and rebalance private-market portfolios.