About Eurazeo

• Founded: 1969

• Headquarters: Paris, France

• AUM: €35bn as of 2024

• Strategy: Multi-strategy private equity and private assets

• Track record: Manages funds across private equity, venture, private debt, real assets, and secondaries; prior secondaries vehicles include Eurazeo Secondaries II ($2.2bn, 2021)

• Leadership: Christophe Bavière, CEO; Virginie Morgon, Chairwoman of the Executive Board

Eurazeo closed its largest secondaries vehicle above target, marking the firm's most substantial capital raise in the secondaries strategy. The fund's final size exceeded the original goal, though specific figures were not disclosed. This vehicle represents Eurazeo's continued expansion in LP portfolio acquisitions and GP-led transactions, building on its earlier secondaries funds. The close follows a period of sustained LP demand for secondary market exposure, despite broader fundraising headwinds across private markets.

The above-target close signals continued investor appetite for established managers with track records in secondaries execution. Eurazeo's prior secondaries vehicle closed at $2.2bn in 2021, suggesting meaningful growth trajectory — if this fund approached or exceeded $3bn, it would place Eurazeo among the larger European secondaries specialists. LP preference for managers offering both traditional LP portfolio sales and GP-led continuation vehicle participation may have driven oversubscription, particularly as GPs accelerate CV activity to extend hold periods on aging portfolios.

The firm's multi-strategy platform creates deal flow advantages worth monitoring. Eurazeo's primary funds generate proprietary GP-led opportunities, while its LP base provides direct access to portfolio sale mandates. Over the next 12–18 months, watch whether Eurazeo deploys capital into continuation vehicles sponsored by its own funds — a structure that can create alignment questions but also pricing efficiency. Recent secondary market data shows LP portfolio sales trading at 80–85% of NAV, while GP-led CVs in competitive processes have commanded premiums to NAV, creating a widening spread that diversified secondaries buyers can exploit.

Source: Secondaries Investor