Eldridge Capital Management, a subsidiary of the $70bn New York-based asset manager Eldridge, is targeting $1bn for a new private equity financing vehicle focused on GP-led transactions, according to a report by Bloomberg.
The firm is raising a dedicated GP solutions fund, aiming to capitalise on sustained dislocation in the private equity market, as firms face continued pressure to generate liquidity in a protracted dealmaking slowdown.
The strategy will include backing continuation funds – structures that allow private equity sponsors to retain high-performing assets beyond their original fund terms, while offering liquidity to existing LPs. The vehicle will also seek to address financing gaps across the GP-led secondary market.
Eldridge is among a growing cohort of managers deploying capital into the booming secondaries space. Global transaction volume in private market secondaries reached $102bn in the first half of the year, up 41% year-on-year, according to data from Evercore.
In 2023, Eldridge appointed David Lee to lead its GP solutions strategy as part of a broader expansion into secondary investments.
The firm joins a crowded fundraising landscape, with approximately $120bn in secondaries capital currently being raised globally, according to a recent report from With Intelligence.
