UK-based private equity secondaries firm Clipway has raised a record US$6.4 billion for its debut Clipway Secondary Fund I from 186 institutional investors across six continents to invest in LP-led secondary transactions primarily in North America and Western Europe. 

The fund exceeded its initial US$4 billion target and establishes the firm as the world's largest independent, technology-enabled secondaries manager. The fundraising attracted commitments from 186 institutional investors spanning six continents, including sovereign wealth funds, pension funds, insurance companies, endowments, foundations, family offices and other institutional investors, reflecting strong global demand for secondaries strategies. 

The fund will focus primarily on acquiring limited partner (LP)-led secondary interests in high-quality private equity buyout, growth and infrastructure funds across North America and Western Europe. Through these transactions, Clipway aims to provide liquidity to existing investors while gaining exposure to mature, diversified private equity portfolios. The strategy seeks to capitalize on the growing demand for secondary market solutions as investors increasingly rebalance portfolios and manage liquidity in a prolonged high-interest-rate environment. 

A distinguishing feature of the fund is its use of Tech-Enabled Secondaries System (TESS), Clipway's proprietary artificial intelligence and machine learning platform. TESS maintains a database covering more than 3,400 underlying private equity funds and 38,500 portfolio companies, enabling the investment team to rapidly analyze opportunities, assess risks and identify attractive secondary transactions. The technology complements the expertise of the firm's investment professionals, many of whom previously held senior roles at leading private markets firms.