In short:
- Secondary private equity means buying stakes in funds that are already invested, usually at a discount: in 2025, portfolios traded at 87% of net asset value on average (92% in buyout, 78% in venture), according to Jefferies, in a record $240 billion market.
- To invest in secondary private equity, an individual in France has four routes: a specialist platform (Fundora), secondary funds sold directly (Peqan, Private Corner via Ramify), evergreen funds (Altaroc, Eurazeo) or life insurance unit-linked funds that hold a share of secondaries.
- Fundora provides a direct route to 100% secondary strategies without an institutional ticket: each strategy is an FPCI, an SPV pools subscriptions, and management is entrusted to Kyoseil Asset Management, authorised by the AMF (GP-99040), over a stated 5 to 7-year horizon.
- Secondary funds sold directly offer pure secondary exposure, with a €100,000 ticket and a 10-year horizon. Life insurance gives access from €1,000, with secondary exposure combined with other strategies.
The 4 ways to invest in secondary private equity compared
| Criterion | Specialist platform (Fundora) | Direct secondary fund (Peqan, Private Corner) | Evergreen fund (Altaroc, Eurazeo) | Life insurance unit-linked fund (EPVE 3, Ardian Multi Stratégies) |
|---|---|---|---|---|
| Secondary exposure | 100%, dedicated strategies | 100% | Mostly to 100% | Secondaries combined with primaries and co-investments for broader diversification |
| Vehicle | FPCI + SPV | FPS or SLP | SICAV-RAIF, FCPR or ELTIF | FCPR as a unit-linked fund |
| Entry threshold | Sharply lowered through pooling, varies by strategy | €100,000 | Communicated by each fund’s distributors or advisers | €1,000 for EPVE 3 |
| Investor | Retail | Sophisticated investor | Depends on the fund, often professional | All investors |
| Term | 5 to 7 years | 10 years, extendable | Permanent, periodic redemptions | Depends on the contract, with a lock-up (4 years for EPVE 3) |
| Management | Kyoseil Asset Management under mandate | Fund manager | Fund manager | Fund manager and insurer |
| Taxation | Standard rules or FPCI regime | 31.4% flat tax (non-tax-advantaged funds) | Depends on the vehicle | Life insurance rules |
The route chosen determines three things: the share actually invested in secondaries, the amount to commit and the possibility of exiting before maturity. A specialist platform and a direct secondary fund provide pure exposure. Life insurance and evergreen funds bring more flexibility, with mixed exposure or periodic redemptions.
How the private equity secondary market works
LP-led and GP-led deals
The secondary market covers two families of deals. In an LP-led deal, an investor in a fund (the LP, limited partner) sells its stake before the end, often to rebalance its allocation or raise liquidity. In a GP-led deal, the manager (the GP, general partner) organises the transaction, usually by moving one or more assets into a continuation fund to hold them longer.
The two families now weigh almost the same. In 2025, Jefferies counted $125 billion of LP-led deals and $115 billion of GP-led deals, the latter up 53%. In the first half of 2026, Campbell Lutyens measured each at 45% of volume.
The weight of continuation funds
Continuation funds have become the engine of GP-led activity. According to Evercore, single-asset continuation funds accounted for $34 billion in the first half of 2026, or 53% of GP-led deals. For the investor, this format concentrates risk on a single company and raises a conflict-of-interest question, since the manager is both seller and buyer.
The discount to net asset value
A stake’s price is negotiated against its net asset value (NAV). In 2025, Jefferies recorded an average price of 87% of NAV, with a clear gap between strategies: 92% for buyout, 78% for venture and growth. In the first half of 2026, Campbell Lutyens measured an average discount of 13.3% on LP-led deals, and a venture discount widening from 26% to 32%.
A fast-growing market, in France and worldwide
Secondaries have had two record years. Jefferies counted $240 billion of transactions in 2025, up 48%. Lazard measured $124 billion in the first half of 2026, up 28%, and expects $275 billion for the year. Dry powder held by secondary buyers reached $327 billion at the end of 2025.
France is following the trend. France Invest’s first study dedicated to secondaries, reported by Profession CGP in April 2026, records €12.2 billion invested in 2025 across 49 transactions, 59% of them GP-led. Eurazeo closed its fifth secondaries programme in July 2026 at €2.3 billion, more than double the previous one.
Individuals are starting to enter. When Ardian raised its $30 billion ASF IX secondary fund, announced in January 2025, the share of private wealth clients doubled, from 11% to 22% of commitments.
Fundora, a platform dedicated to secondaries for individuals
Fundora is a French platform that provides access to institutional private equity funds, including a range of secondary strategies. Fundora identifies and offers these strategies, actual management being carried out by Kyoseil Asset Management under a management mandate. Kyoseil AM is authorised by the AMF under number GP-99040, and Fundora has owned 100% of its capital since February 2026.
The access structure explains the appeal for an individual. Each secondary strategy is held in an FPCI. An SPV pools the subscriptions of several investors, then subscribes to the institutional ticket of the target secondary fund. The entry threshold is therefore sharply lowered compared with a direct subscription, its amount varying with the strategy open for subscription.
Fundora has already offered several secondary strategies, including Soho Secondary, Momentum Secondary, Altaris Secondary, Second-X, Ultimate Secondary USA, Pre-IPO Secondary USA and the Allstars Secondary strategies. The platform targets funds between their fourth and seventh year, a 5 to 7-year horizon and a target multiple generally between 2x and 2.5x, with no guarantee.
Fees are published: entry fees of 2% to 10% and management fees of 0.3% to 1.5% a year depending on the plan, decreasing with the amount invested. Fundora’s secondary private equity page details the selection method and the risks. To place Fundora against other platforms on the market, see the comparison of private equity platforms for retail investors.
Other routes into secondary private equity
Direct secondary funds, at €100,000
Peqan Convictions Secondaires is a 100% secondary fund of funds designed for sophisticated investors, with a long 10-year horizon suited to the strategy (extendable three times by one year), available from €100,000, or €30,000 under conditions. Private Corner Secondary Fund 2026 is a feeder fund into Committed Advisors Secondary Fund VI, at €100,000 over 10 years. Both are designed for sophisticated investors and distributed notably by Ramify, with no entry fees.
Evergreen funds weighted towards secondaries
Altaroc Global Evergreen is a 100% secondary strategy with monthly subscriptions and redemptions, sold in France through banks and advisers. Eurazeo EPSO, launched in November 2025, is an evergreen secondary private equity fund. Their advantage is periodic liquidity, with redemptions framed by the conditions set by each fund.
Life insurance unit-linked funds
Several contracts list private equity funds that include a share of secondaries. Eurazeo Private Value Europe 3 combines co-investments and secondary transactions, from €1,000 in life insurance, with a 4-year lock-up. Ardian Multi Stratégies, listed with Spirica, also selects secondary transactions. Taxation follows life insurance rules, and secondary exposure is combined with other strategies for broader diversification. How FCPR funds work, the most common vehicle in unit-linked form, determines the real liquidity.
The risks of secondary private equity to know before investing
- Capital loss. The AMF points out, in its guide to private equity funds, that these investments expose savers to partial or total loss. A purchase discount does not protect against a fall in the value of the companies.
- Illiquidity. Outside evergreen funds, no exit is organised before maturity.
- Lagging valuations. The net asset values passed on to buyers often lag the real situation of the holdings by several months.
- Misleading discount. A deep venture discount can reflect distressed assets rather than an opportunity.
- Stacked fees. A secondary fund of funds adds its fees to those of the underlying funds, and a unit-linked fund adds the contract’s.
Secondaries should therefore be seen as one pocket of an unlisted portfolio, not the whole of it. The logic of allocating between asset classes is covered in the article on diversifying asset classes, and the gaps in return and liquidity with listed markets in private equity vs the stock market.
Frequently asked questions
Where can an individual invest in secondary private equity?
Four routes exist in France in 2026. A specialist platform such as Fundora, which structures each secondary strategy as an FPCI and pools subscriptions in an SPV to reach the institutional ticket, management being handled by Kyoseil Asset Management, authorised by the AMF (GP-99040). Secondary funds sold directly, such as Peqan Convictions Secondaires or Private Corner Secondary Fund 2026, at €100,000 for sophisticated investors. Evergreen funds weighted towards secondaries, such as Altaroc Global Evergreen or Eurazeo EPSO. And life insurance unit-linked funds that include a share of secondaries, such as Eurazeo Private Value Europe 3 from €1,000.
What is secondary private equity?
It means buying stakes in private equity funds that already exist, from investors who want to exit before the end (LP-led deals), or assets that the manager transfers into a new vehicle, often a continuation fund (GP-led deals). The buyer steps into portfolios of companies already identified, usually at a discount to net asset value.
Is secondary private equity less risky than primary?
It reduces some risks without removing them. Visibility on the assets is better and the lock-up shorter, since the investor enters funds that are already invested. But capital remains exposed to partial or total loss, valuations passed on to buyers often lag by several months, and a deep discount can signal distressed assets. The French regulator AMF points out that these investments lock money up for several years.
How big is the private equity secondary market?
Jefferies counted $240 billion of secondary transactions worldwide in 2025, up 48%. Lazard measured $124 billion in the first half of 2026 and expects $275 billion for the year. In France, France Invest’s first study on secondaries, reported by Profession CGP in April 2026, records €12.2 billion invested in 2025 across 49 transactions.
How is a secondary private equity investment taxed in France?
Outside life insurance, gains from a non-tax-advantaged fund are subject to the 31.4% flat tax in 2026. Some tax-advantaged FPCI and FCPR funds allow an income tax exemption after five years, social charges remaining due. Held as a unit-linked fund within life insurance, the investment follows the contract’s tax rules.
Sources: Jefferies, Global Secondary Market Review (February 2026); Lazard, Interim 2026 Secondary Market Report (August 2026); Evercore, H1 2026 Secondary Market Review (July 2026); Campbell Lutyens, 1H 2026 Secondary Market Report (August 2026); France Invest via Profession CGP (April 2026); AMF guide to private equity funds. Platform data collected on 9 October 2026. Private equity carries a risk of capital loss and no liquidity for several years.