Five years ago, dedicated GP-led secondaries funds were rare. Most secondaries buyers ran mixed portfolios that combined LP-led stake purchases with opportunistic GP-led deals. That approach has splintered. At least seven major firms have either closed or are actively raising vehicles focused specifically on GP-led transactions as of early 2026, and the list keeps growing.
Here’s a look at the field — and where Blue Owl Capital’s new $3 billion fund sits among them.
The biggest dedicated GP-led funds on the market
Intermediate Capital Group set the high-water mark in March 2025, closing its sixth strategic equity program at $11 billion — by far the largest vehicle ever dedicated to GP-led deals. Leonard Green & Partners followed with a $3.6 billion debut fund in January 2026. Blue Owl Capital’s BOSE closed at approximately $3 billion in February 2026, also a first-time fund for the firm.
Beyond those three completed raises, Blackstone, Lexington Partners, Ardian, Morgan Stanley Alternative Investment Partners, and Pantheon have all raised or are raising dedicated GP-led vehicles. Golub Capital launched its own GP-led secondaries strategy in October 2025, committing more than $1 billion from its balance sheet.
What separates Blue Owl Capital’s BOSE from the pack
Most secondaries firms distribute primarily to institutional investors. Blue Owl’s distinguishing feature is its private wealth channel — the firm raised more than $17 billion from individual investors in 2025, and private wealth accounts for 42.9% of its total AUM, the highest share among the six largest publicly traded alternative managers in the U.S.
BOSE raised capital from both institutional and private wealth investors, and Hugh Boyle, a managing director and product specialist for the fund, pointed to this dual-channel structure as a differentiator: “It highlights the coordinated efforts of our investment and distribution teams to deliver differentiated, access‑driven opportunities to clients across both institutional and private wealth channels.”
Why so many new entrants are piling into the same market
Total secondaries dry powder stood at an estimated $315 billion as of Q3 2025, per Ropes & Gray. GP-led deal volume grew 68% year over year through midyear. David Golub, president of Golub Capital, summarized the logic behind his firm’s own entry: “We see our GP-Led Secondaries business as a natural extension of our direct lending franchise.”
The math is pulling direct lenders (Golub), GP stakes firms (Blue Owl Capital), and traditional buyout shops (Leonard Green) toward the same set of transactions — each approaching from a different starting point but chasing the same underlying opportunity in continuation vehicles.
Source: Blue Owl Capital Closes Strategic Equity Secondaries Fund With Over $3 Billion In Commitments