Key Takeaways
- • Netley Capital has increased deployable capital for its tertiaries franchise to approximately $825m, representing a 162% increase from the $315m committed at launch in September 2025, driven by strong institutional and family office demand for secondary market liquidity solutions.
- • The firm has completed five tertiary transactions since launch, acquiring over $700m in net asset value across secondary private equity funds with exposure to mid- and large-cap global buyouts.
- • Secondary market transaction volumes reached $226bn in 2025, up 41% year-on-year, creating an expanded opportunity set for tertiary investing strategies focused on unlocking value in under-explored segments of the secondary market.
- • Netley appointed Andrew Kirk as Vice President, Investment Analytics, strengthening the firm's data and analytical capabilities to support portfolio assessment and transaction execution as deal flow accelerates through 2026.
- • Caspar Berendsen, Managing Partner of Netley Capital, highlighted that investor backing reflects recognition of tertiary investing's potential as a customized portfolio management tool for optimizing allocation and liquidity within private markets.
Summary
Netley Capital, a London-based private investment firm specializing in tertiary investing, has substantially expanded its capital base following strong demand from institutional and family office investors. The firm has secured additional committed capital that brings total deployable assets to approximately $825m, up from $315m when the tertiaries franchise launched in September 2025. This 162% increase in committed capital underscores robust market appetite for specialized liquidity solutions within the secondary private equity market.
Since its launch, Netley has executed five tertiary transactions, acquiring over $700m in net asset value across a diversified range of secondary private equity funds. The firm's investment strategy targets secondary fund interests with exposure to mid- and large-cap global buyouts, positioning itself to provide liquidity to existing investors while capitalizing on opportunities in segments of the secondary market that remain under-explored by larger market participants.
The expansion reflects broader momentum in the secondary markets. Secondary market transaction volumes reached $226bn in 2025, representing a 41% year-on-year increase, according to Evercore Private Capital Advisory. This elevated transaction environment has created favorable conditions for tertiary investors seeking to acquire interests in secondary funds at potentially attractive entry points.
Caspar Berendsen, Managing Partner of Netley Capital, stated that the continued investor backing "underscores both the strength of the tertiaries opportunity and the market's recognition of its potential," noting that the strategy addresses growing demand for "tailored portfolio management tools" that help investors optimize allocation and liquidity within private markets. To support this growth trajectory, Netley has appointed Andrew Kirk as Vice President, Investment Analytics, enhancing the firm's analytical infrastructure for portfolio assessment and transaction execution throughout 2026.
Since its launch, Netley has executed five tertiary transactions, acquiring over $700m in net asset value across a diversified range of secondary private equity funds. The firm's investment strategy targets secondary fund interests with exposure to mid- and large-cap global buyouts, positioning itself to provide liquidity to existing investors while capitalizing on opportunities in segments of the secondary market that remain under-explored by larger market participants.
The expansion reflects broader momentum in the secondary markets. Secondary market transaction volumes reached $226bn in 2025, representing a 41% year-on-year increase, according to Evercore Private Capital Advisory. This elevated transaction environment has created favorable conditions for tertiary investors seeking to acquire interests in secondary funds at potentially attractive entry points.
Caspar Berendsen, Managing Partner of Netley Capital, stated that the continued investor backing "underscores both the strength of the tertiaries opportunity and the market's recognition of its potential," noting that the strategy addresses growing demand for "tailored portfolio management tools" that help investors optimize allocation and liquidity within private markets. To support this growth trajectory, Netley has appointed Andrew Kirk as Vice President, Investment Analytics, enhancing the firm's analytical infrastructure for portfolio assessment and transaction execution throughout 2026.
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