Netley Capital ("Netley"), a private investment firm, today announced the launch of the Netley Capital Tertiaries franchise with $315 million in committed, deployable capital. This is the private equity industry's first pool of capital dedicated to buying secondaries stakes in secondaries funds.
Tertiary investing is the purchase of an investor's interest in a secondary private equity fund, either in a 'traditional' secondary fund that holds many underlying investments in primary private equity funds, or in a single or multi-asset continuation vehicle. Demand for tertiary solutions is growing rapidly, driven by an explosion in activity in the secondary market.
Netley Capital focuses on acquiring interests in secondary funds where the underlying investments are mid- and large-cap global private equity buyout funds. Netley's investor base consists of blue-chip institutional investors and significant family offices. The first transaction is expected to close in the coming weeks.
"We are thrilled by the level of support for our tertiaries strategy, enabling us to reach our launch milestone in six months," said Netley Capital Managing Partner Caspar Berendsen. "Achieving this amount of committed capital in a relatively new segment of the market reflects the current need and future potential of the strategy. While the concept is new, the manner of investing is not. We are developing a market where demand far exceeds supply."
Berendsen, who has overall responsibility for investing capital for the franchise, leads a team with decades of experience and deep expertise across private equity primaries and secondaries, secondaries advisory and investment banking. Prior to setting up Netley, Berendsen spent two decades at Cinven, where he built the firm's financial services franchise and launched Cinven's mid-market strategy.
With the secondaries market on track to surpass $200 billion in transactions this year, Netley sees tertiaries as a natural evolution of the private capital ecosystem. Netley estimates the potential future market of tertiary transactions could be up to 10% of secondaries volume, just as secondaries volumes are around 10% of primary activity today.
"Tertiaries build on, complement, and help fuel the growth of the secondaries market," continued Berendsen. "Just as the secondaries market developed to serve demand for early liquidity from primary private market investors, so tertiaries provide early liquidity to investors in secondary funds. We have developed a strong deal pipeline and expect demand to continue to grow."
About Netley Capital
Netley Capital is a private investment firm focused on acquiring interests in secondary private equity funds, known as tertiary investing. Netley is the only manager of scale that is fully focused on tertiary transactions, with the expertise to provide liquidity solutions to counterparties on accelerated timetables.
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