Clipway, a London-based firm founded by former Ardian executives, has closed its maiden secondaries fund at $6.4 billion, setting a global record for a debut vehicle. The fund, Clipway Secondary Fund I, launched in 2023 with a $4 billion target and ultimately closed 60% above that goal, drawing commitments from 186 limited partners. Europe provided 44% of the capital, North and Latin America 21%, the Middle East 18%, and Asia 17%, with strategic partners including Mubadala Investment Company, Carmignac, and General Atlantic. The firm differentiates itself through TESS, an AI-driven sourcing system that screens over 38,500 private companies before human review, and focuses on LP-led secondary transactions in North American and Western European buyout funds. The raise surpasses the previous record held by Apollo Global Management's $5.4 billion S3 Equity and Hybrid Solutions Fund I, which closed in May 2025.
Apollo Global Management LLC Class AClipway closed its debut secondaries fund at $6.4B, a global record, exceeding its $4B target.