Arcano Partners concludes its fifth secondary fund with €850 million, reflecting rising investor demand for liquidity solutions in private markets and the sector’s record-breaking activity levels in 2025.
Arcano Partners has closed its fifth private equity secondaries vehicle after raising roughly $1 billion, a result that underscores sustained investor demand for liquidity solutions in private markets.
Arcano Secondary Fund V (ASF V) closed above its initial target, with the firm reporting proceeds of €850 million (around $1 billion) after launching the vehicle in 2024. The fund drew commitments from a diversified base of institutional and private investors across Europe and the Americas and follows a predecessor that closed in 2023 at about $540 million. According to Arcano’s fund documentation, ASF V is structured as a Fondo de Capital Riesgo (FCR) and is also available as a Sociedad de Capital Riesgo (SCR) and a registered Luxembourg vehicle.
The strategy remains focused on smaller, less competitive secondaries transactions, blending purchases of limited partner interests with GP‑led deals and direct co‑investments. Arcano emphasises mid‑market buyouts in Europe and North America, seeking resilient companies and adopting conservative leverage. The firm’s investor materials state target performance metrics for ASF V of a 15% net internal rate of return and a 1.8x net multiple. To date the fund has completed more than 30 secondaries transactions alongside several direct co‑investments with established managers.
“This new fund reflects the confidence that both longstanding and new investors place in Arcano, as well as recognition of the outstanding work delivered by our team,” said Ricardo Miró Quesada, partner and head of private equity at Arcano Partners’ asset management division, in a statement on the firm’s website.
The close arrives as secondaries continue to strengthen their role within private equity allocations. Industry data shows a marked uptick in activity: Bain & Company estimated secondary fundraisings at $43 billion in the first half of 2025, while Jefferies reported transaction volume surged 51% year‑on‑year to a record $103 billion. Large managers are racing to capitalise on demand , Bloomberg has reported that Neuberger Berman is approaching a first close on a new $5 billion secondary fund, reflecting record appetite for liquidity‑focused vehicles.
Arcano points to a longer track record that supports its market position. The firm manages about €13.5 billion across six asset classes and €6.2 billion in private equity strategies, and was ranked among the world’s top 10 secondary fund managers in the 2024 HEC Paris–Dow Jones Secondary Private Equity Fund Performance Ranking , the only Spanish firm on that list, the company notes. Arcano says its specialised, disciplined approach and technical capabilities underpin its ability to compete in international markets.
While ASF V’s oversubscription highlights investor willingness to back secondaries teams, the broader market dynamic also reflects limited exit activity in primary buyouts and an appetite for instruments that can provide near‑term liquidity or tailored continuation solutions. Arcano’s emphasis on smaller, less contested opportunities mirrors a wider industry tilt toward middle‑market, concentrated portfolios designed to generate attractive risk‑adjusted returns amid a slower exit environment.
Arcano said it expects ASF V to continue building a diversified portfolio across transaction types, sectors and geographies, leveraging both secondary purchases and co‑investment opportunities with established managers.
- https://pe-insights.com/arcano-raises-1bn-for-fifth-private-equity-secondaries-fund/ – Please view link – unable to able to access data
- https://www.arcanopartners.com/arcano-insights/news/arcano-partners-capta-850-millones-de-euros-para-asf-v-su-quinto-fondo-de – Arcano Partners has successfully closed its fifth private equity secondaries fund, Arcano Secondary Fund V (ASF V), raising €850 million (approximately $1 billion), surpassing its initial target of €500 million. The fund attracted commitments from a diverse group of institutional and private investors across Europe and the Americas. ASF V focuses on smaller, less competitive transactions in the secondaries market, combining purchases of limited partner interests with GP-led deals, primarily targeting mid-market buyouts in Europe and North America. To date, the fund has completed over 30 secondaries transactions and several direct co-investments with established managers. This achievement underscores Arcano’s leadership in the global private equity secondaries market and reflects sustained investor appetite for liquidity solutions in private markets. The firm’s asset management division, led by Ricardo Miró Quesada, continues to build a diversified portfolio spanning multiple transaction types, sectors, and geographies.
- https://pe-insights.com/arcano-raises-1bn-for-fifth-private-equity-secondaries-fund/ – Arcano Partners has closed its fifth private equity secondaries vehicle after raising $1 billion, underscoring sustained investor appetite for liquidity solutions in private markets. Arcano Secondary Fund V surpassed its initial $600 million target, drawing commitments from a diversified base of institutional and private investors across Europe and the Americas. The fund was launched in 2024 and follows its predecessor, which closed in 2023 at $540 million. The strategy targets smaller, less competitive transactions across the secondaries market, combining purchases of limited partner interests with GP-led deals. Arcano focuses primarily on mid-market buyouts in Europe and North America, with an emphasis on resilient companies and conservative leverage. To date, the fund has completed more than 30 secondaries transactions alongside a number of direct co-investments with established managers. Arcano said it expects to continue building a diversified portfolio spanning multiple transaction types, sectors, and geographies. “This new fund reflects the confidence that both longstanding and new investors place in Arcano, as well as recognition of the outstanding work delivered by our team,” said Ricardo Miró Quesada, partner and head of private equity at Arcano Partners’ asset management division. The close reinforces the growing role of secondaries within private equity portfolios, as investors seek both liquidity and attractive risk-adjusted returns amid a slower exit environment.
- https://www.arcanopartners.com/en/arcano-insights/insights/arcano-ranked-among-worlds-top-10-secondary-fund-managers-hec-paris-dow – Arcano Partners has been recognised among the world’s top 10 secondary fund managers in the 2024 HEC Paris–Dow Jones Secondary Private Equity Fund Performance Ranking, standing as the only Spanish firm included in the list. This ranking—based exclusively on the actual performance of secondary funds raised between 2011 and 2020—is one of the most rigorous international evaluations in the sector and a key reference point for institutional investors. Strength and Specialisation in Private Equity Arcano’s position within the global Top 10 reflects: More than a decade of consistent results in secondary strategies. A specialised and disciplined approach to investment selection and execution. Technical capabilities that enable the firm to compete in major international markets. Arcano currently manages €13.5 billion in assets since the firm’s inception in 2006, through a diversified platform spanning six asset classes: Private Equity, Credit Strategies, Real Estate, Sustainable Infrastructure, Venture Capital, and Aviation Finance. The firm also maintains a strong focus on sustainability and responsible investment, positioning itself as a reference point in the sector on ESG matters. In Private Equity, Arcano manages €6.2 billion across primary, secondary, and direct co-investment strategies, supported by more than 20 years of experience in the European and U.S. mid-market segments. Recognition of a Long-Term Model This international recognition affirms the team’s work and an investment model grounded in deep analysis, global access, and rigorous investment processes. It also strengthens Arcano’s position as an independent, best-in-class platform in Private Equity and alternative asset management.
- https://pe-insights.com/neuberger-berman-closes-in-on-5bn-secondary-fund-amid-record-market-demand/ – Neuberger Berman is approaching the first close of its new $5 billion secondary fund, as investor demand for liquidity solutions drives record activity in the secondaries market, Bloomberg reports. The New York-based manager is expected to raise at least half the target by the end of 2025, building on $4 billion already raised this year for a related strategy. Neuberger executives will also commit a minimum of $50 million to the vehicle. The latest fund will invest in a mix of limited partner and general partner-led transactions, focusing on middle-market companies. It follows a predecessor fund that closed on $4.9 billion in 2022 and will run alongside the firm’s GP-led continuation strategy. Neuberger managed about $22 billion in secondary assets as of March 2025. Secondary funds continue to attract capital despite a challenging fundraising environment for private markets. Bain & Co estimates such vehicles raised $43 billion in the first half of 2025, while Jefferies reported transaction volume surged 51% year-on-year to a record $103 billion. Neuberger’s strategy targets smaller, more concentrated portfolios, designed to generate stronger returns while providing liquidity options for both LPs and GPs.
- https://www.arcanopartners.com/en/fondos – Arcano Partners offers a range of investment funds, including the Arcano Secondary Fund V (ASF V), which focuses on private equity secondaries and direct co-investments in Europe and the United States. Launched in 2024, ASF V has a target size of €500 million and aims for a net internal rate of return (IRR) of 15% and a net multiple of 1.8x. The fund’s strategy involves targeting smaller, less competitive transactions in the secondaries market, combining purchases of limited partner interests with GP-led deals, primarily focusing on mid-market buyouts in Europe and North America. ASF V has already completed over 30 secondaries transactions and several direct co-investments with established managers. The fund is structured as a Fondo de Capital Riesgo (FCR), regulated by the CNMV, and is also available as a Sociedad de Capital Riesgo (SCR), regulated by the CNMV, and as a registered vehicle in Luxembourg.
- https://www.arcanopartners.com/en/asset-management/venture-capital – Arcano Partners’ Venture Capital division invests in early-stage technology companies through primary fund commitments, secondary transactions, and direct co-investments, providing exclusive access to high-potential managers capable of generating attractive returns. With over 14 years of experience, the division has invested more than €750 million in venture capital across the U.S. and Europe. The team employs a specialised and disciplined approach to investment selection and execution, focusing on sectors with resilient business models and conservative leverage. The division’s strategy includes targeting smaller, less competitive transactions, combining purchases of limited partner interests with GP-led deals, primarily focusing on mid-market buyouts in Europe and North America. The Venture Capital division’s success is supported by a team of professionals with deep expertise in the sector, enabling Arcano to compete in major international markets.
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The article reports on Arcano Partners closing its fifth private equity secondaries fund, ASF V, with €850 million raised, surpassing the initial €500 million target. The fund was launched in 2024, and the news was published on 13 January 2026. This timeline suggests the information is current and not recycled. However, the article’s publication date is 13 January 2026, which is more than 7 days ago. Therefore, the freshness score is reduced to 8. ([capital-riesgo.es](https://capital-riesgo.es/en/articles/arcano-partners-raises-850-million-for-asf-v-its-fifth-private-equity-secondaries-fund/?utm_source=openai))
Quotes check
Score:
7
Notes:
The article includes a direct quote from Ricardo Miró Quesada, partner and head of private equity at Arcano Partners’ asset management division. A search for this quote reveals it appears in multiple sources, including the firm’s official website and other news outlets. This suggests the quote may have been provided in a press release or official statement. While the quote is consistent across sources, the lack of independent verification raises concerns about its authenticity. Therefore, the quotes check score is 7.
Source reliability
Score:
6
Notes:
The article is published on Capital-Riesgo.es, a niche publication focusing on private equity and venture capital in Spain. While it provides detailed information, the limited reach and potential biases of the source reduce its reliability. Additionally, the article appears to be summarizing information from Arcano Partners’ official communications, which may not be entirely independent. Therefore, the source reliability score is 6.
Plausability check
Score:
8
Notes:
The article reports on Arcano Partners closing its fifth private equity secondaries fund, ASF V, with €850 million raised, surpassing the initial €500 million target. The fund’s strategy focuses on smaller, less competitive transactions in mid-market buyouts in Europe and North America. This aligns with industry trends towards mid-market investments and the growing role of secondaries within private equity portfolios. However, the reliance on a single source and the lack of independent verification of some claims reduce the overall confidence in the report’s accuracy. Therefore, the plausibility check score is 8.
Overall assessment
Verdict (FAIL, OPEN, PASS): FAIL
Confidence (LOW, MEDIUM, HIGH): MEDIUM
Summary:
The article reports on Arcano Partners closing its fifth private equity secondaries fund, ASF V, with €850 million raised, surpassing the initial €500 million target. While the information appears plausible and the content is current, the heavy reliance on Arcano Partners’ official communications and the lack of independent verification from other reputable news outlets raise significant concerns about the report’s credibility. Therefore, the overall assessment is a FAIL with MEDIUM confidence.