Key Takeaways
- • Netley Capital has secured additional commitments bringing total deployable capital to approximately $825 million, up from $315 million at launch in September 2025—representing 162% growth in seven months.
- • The London-based tertiary investment specialist has completed five transactions acquiring over $700 million in net asset value across secondary private equity funds targeting mid- and large-cap global buyout exposure.
- • Secondary market transaction volumes reached $226 billion in 2025, a 41% year-on-year increase, validating structural demand for customized liquidity solutions in the tertiary investing segment.
- • Netley's strategy focuses on acquiring existing investors' interests in secondary private equity funds, positioning the firm to capture demand from institutional investors and family offices seeking tailored portfolio management tools.
- • The firm appointed Andrew Kirk as Vice President of Investment Analytics to enhance data and analytical capabilities supporting portfolio assessment and transaction execution.
Summary
Netley Capital, a London-based private investment firm specializing in tertiary investing, has significantly expanded its capital base by securing additional investor commitments, bringing total deployable capital to approximately $825 million. This represents substantial growth from the firm's launch capital of $315 million in September 2025, reflecting accelerating institutional demand for tertiary strategies in the secondary private equity market.
Tertiary investing—the acquisition of existing investors' interests in secondary private equity funds—has emerged as a natural evolution within private markets. Netley's strategy specifically targets secondary fund interests with underlying exposure to mid- and large-cap global private equity buyout funds. Since launch, the firm has executed five tertiary transactions, acquiring more than $700 million in net asset value across multiple secondary private equity funds from a diverse range of counterparties. This deal flow demonstrates both the firm's execution capability and the breadth of the opportunity set available in this nascent segment.
The expansion is underpinned by robust market fundamentals. Secondary market transaction volumes reached $226 billion in 2025, representing a 41% increase compared to 2024, according to Evercore Private Capital Advisory. This growth reflects structural demand from institutional investors and family offices seeking customized liquidity solutions and enhanced portfolio management capabilities within private markets. Caspar Berendsen, Managing Partner of Netley, noted that the additional capital commitments "reinforce the strength of the tertiaries opportunity and the market's recognition of its potential," emphasizing that the strategy addresses "a clear and growing need" as investors increasingly prioritize tailored liquidity solutions.
To support continued expansion, Netley appointed Andrew Kirk as Vice President of Investment Analytics, enhancing the firm's analytical infrastructure for portfolio assessment and transaction execution. The firm's positioning within a rapidly expanding secondary market and its demonstrated transaction velocity suggest continued momentum in capturing tertiary opportunities throughout 2026, supported by the backing of blue-chip institutional investors and leading family offices.
Tertiary investing—the acquisition of existing investors' interests in secondary private equity funds—has emerged as a natural evolution within private markets. Netley's strategy specifically targets secondary fund interests with underlying exposure to mid- and large-cap global private equity buyout funds. Since launch, the firm has executed five tertiary transactions, acquiring more than $700 million in net asset value across multiple secondary private equity funds from a diverse range of counterparties. This deal flow demonstrates both the firm's execution capability and the breadth of the opportunity set available in this nascent segment.
The expansion is underpinned by robust market fundamentals. Secondary market transaction volumes reached $226 billion in 2025, representing a 41% increase compared to 2024, according to Evercore Private Capital Advisory. This growth reflects structural demand from institutional investors and family offices seeking customized liquidity solutions and enhanced portfolio management capabilities within private markets. Caspar Berendsen, Managing Partner of Netley, noted that the additional capital commitments "reinforce the strength of the tertiaries opportunity and the market's recognition of its potential," emphasizing that the strategy addresses "a clear and growing need" as investors increasingly prioritize tailored liquidity solutions.
To support continued expansion, Netley appointed Andrew Kirk as Vice President of Investment Analytics, enhancing the firm's analytical infrastructure for portfolio assessment and transaction execution. The firm's positioning within a rapidly expanding secondary market and its demonstrated transaction velocity suggest continued momentum in capturing tertiary opportunities throughout 2026, supported by the backing of blue-chip institutional investors and leading family offices.
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