Interest in secondaries strategies has been running hot this year, but the latest evolution of private equity liquidity solutions takes things one step further: tertiary funds.

In the same way that secondaries funds buy up primary interests, tertiary funds focus on buying discounted stakes from investors in secondaries funds and continuation vehicles.

This week, Cinven alum Caspar Berendsen announced that his firm, Netley Capital, has raised $315 million for a debut tertiaries fund, one of the first of its kind.

The firm is targeting a total raise of $600 million, including a debt facility, and plans to acquire roughly $800 million of assets over four years. The firm is targeting a final close by Easter next year, Bloomberg reported, though expects to close its first transaction in the coming weeks.

There is already some precedent — Bex Capital, acquired in April by Canadian asset manager Sagard, has raised a series of funds focused on secondaries transactions for private equity funds of funds, secondaries funds, and coinvestment funds.

Berendsen, however, says his new fund is the first dedicated pool of capital to buy secondaries stakes in secondaries funds.

“This is new — it is proper innovation in private equity,” he told Bloomberg. “We’re sort of at the inflection point where tertiary funds are becoming a real need and the market is growing into this.”

He said tertiary deals are about 1 percent of the secondaries market, and that most existing participants pursue such trades opportunistically rather than as a core strategy. He also pointed to reluctance among large secondaries managers to sell limited partner stakes to direct competitors, creating an opening for a dedicated buyer to intermediate these positions.

Netley will target mature secondaries portfolios in years four to six with a buy‑and‑hold approach as underlying funds run off and distribute, Berendsen said.

The fund is expected to hold 35–40 positions, each in a diversified secondaries fund, resulting in exposure to thousands of underlying companies — the primary focus is mid‑ and large‑cap buyout portfolios, including single‑ or multi‑asset continuation vehicles.

“Achieving this amount of committed capital in a relatively new segment of the market reflects the current need and future potential of the strategy. While the concept is new, the manner of investing is not. We are developing a market where demand far exceeds supply,” said Berendsen. “We have developed a strong deal pipeline and expect demand to continue to grow.”

• Siemens Healthineers is in early talks to sell its diagnostics segment, which could be valued at more than €6 billion, attracting interest from Blackstone, CVC Capital Partners, and KKR, per Bloomberg.

• GTCR agreed to acquire Zentiva, a European generics pharmaceutical company, from Advent for €4.1 billion.

• Aquarian Holdings, in partnership with Mubadala and Qatar, is nearing a $3 billion equity deal to acquire Brighthouse Financial (Nasdaq: BHF), an annuity and life insurance company, per Bloomberg.

• PAI Partners sold a part of its stake in Infra Group, a Belgian infrastructure services provider, to a group of investors including current shareholder ICG Plc, valuing the company at about €3 billion, per Bloomberg.

• Legence, a Blackstone-backed company, raised $728 million in its US IPO, valuing the company at $2.85 billion.

• Warburg Pincus has made a preliminary non-binding bid for JTC Plc (LSE: JTC), a London-listed provider of fund solutions and corporate services, which has a market value of about £2.36 billion.

• CVC Capital Partners is nearing a deal to acquire a majority stake in Namecheap, a domain registrar and web-hosting provider, at a valuation of around $1.5 billion.

• Tega Industries, an India-based company, agreed to acquire control of Omaha-based mining equipment maker Molycop from American Industrial Partners for $1.5 billion.

• RaceTrac, Inc. agreed to acquire Potbelly Corporation (NASDAQ: PBPB), a neighborhood sandwich shop concept, for approximately $566 million.

• Vantage Data Centers raised $6.4 billion in an equity investment round led by DigitalBridge and Silver Lake.

• Torus Inc. raised $200 million from Magnetar to accelerate the deployment of modular power plants.

• Pritzker Private Capital is preparing to sell Sprayway, a cleaning products brand, per Reuters.

• Cinven agreed to acquire a significant stake in Grant Thornton Germany, an audit and advisory firm.

• Norea Capital acquired a majority stake in Motrec International, a Canadian designer and manufacturer of electric industrial vehicles.

• Carlyle, EQT, HongShan Capital, and Boyu Capital are preparing final offers for a controlling stake in Starbucks' China operations, per Reuters.

• Vista Equity Partners invested in Joblogic, a British provider of field service and facilities management software.

• ParkerGale made a growth investment in e-PlanSoft, an Irvine, California-based provider of electronic plan review software.

• Vector Capital agreed to acquire SingleStore, a data platform for enterprise AI.

• Hudson Glade and New State Capital Partners acquired ComNet Communications, a Bethel, Connecticut-based provider of low-voltage infrastructure solutions.

• Interlock Equity invested in VeloSource, a provider of locum tenens staffing solutions.

• Platinum Equity agreed to acquire XD Connects, a Dutch provider of corporate gifts and custom-branded merchandise, from Rivean Capital.

• Industrial Opportunity Partners acquired Charcuterie Artisans, a producer of specialty Italian charcuterie and dried cured meats under the Creminelli Fine Meats and Del Duca brands.

• Windjammer Capital acquired PDU Cables, a provider of custom power cable solutions for data centers, and Engineered Products Company (EPCO), a supplier of specialty products to electrical distributors.

• Station Partners invested in First Children Services, a provider of behavioral health and special education services in New Jersey and Pennsylvania.

• Lincoln International agreed to acquire MarshBerry, an advisory firm for the insurance brokerage, distribution, and wealth management sectors.

• Purgo Holdings, a portfolio company of Wincove, acquired Puroflux, a Simi Valley, California-based maker of industrial and commercial water filtration and control systems, from Montage Partners.

• Aperture, a portfolio company of Genstar Capital, acquired Bryant Consultants Operating, a Carrollton, Texas-based geotechnical engineering and forensic consultancy.

Tech, Vertical SaaS, & Misc. Enterprise

• Replit, an AI software creation platform, raised $250 million in Series C funding led by Prysm Capital, with participation from Amex Ventures, Google's AI Futures Fund, Y Combinator, Craft, Andreessen Horowitz, and Coatue.

• Apex, a manufacturer of configurable satellite bus platforms, raised $200 million in Series D funding led by Interlagos, with participation from Andreessen Horowitz, Point72 Ventures, and 8VC.

• Perplexity, an AI-powered search startup, raised $200 million in new funding at a $20 billion valuation.

• Scintil Photonics, a Heterogeneous Integrated Photonics company for AI infrastructure, raised $58 million in Series B funding, co-led by Yotta Capital Partners and NGP Capital, with participation from NVIDIA, BNP Paribas Développement, Supernova Invest, Bpifrance Digital Venture, Innovacom, Bosch Ventures, and Applied Ventures ITIC Innovation Fund.

• Koi, an endpoint security startup, raised $48 million in seed and Series A funding co-led by Battery Ventures, Team8, Picture Capital, and NFX, with participation from Cerca Partners.

• Brain Co., an AI platform for institutions, raised $30 million in Series A funding, co-led by Gil Capital and Affinity Partners, with participation from Greylock and Conviction.

• Pest Share, an on-demand pest control platform for residential rentals, raised $28 million in Series A funding led by Integrity Growth Partners, with participation from MetaProp and Capital Eleven.

• Spiral, an AI data infrastructure company, raised $22 million in Seed and Series A funding co-led by General Catalyst and Amplify Partners.

• Clockwork, a San Francisco-based software-driven fabric company for AI and HPC, raised $20.6 million in new funding led by NEA, with participation from e& Capital, AMD, and Broadcom.

• AxonIQ, an event-driven architecture company for AI-native enterprise systems, raised $18 million in Series A funding, co-led by AVP, Volta Ventures, and Trifork.

• Blocks.diy, an AI platform for custom workflows and smart agents, raised $10 million in seed funding led by monday, with participation from Qumra Capital and Entree Capital.

• ONEiO, an automation-first enterprise IT integration platform, raised €8 million in growth round funding led by Bocap, with participation from Fairpoint Capital.

Fintech

• Tot, an Italian fintech platform for SME financial and administrative management, raised €7 million in pre-Series A funding led by CDP Venture Capital, with participation from Azimut Group, The Techshop, X-Equity Venture Club, ClubDeal Digital, and Banca Sella.

Consumer & Media

• Born, a Berlin-based AI gaming startup developing social AI companions, raised $15 million in Series A funding led by Accel, with participation from Tencent and Laton Ventures.

Healthcare

• Odyssey Therapeutics, a clinical-stage biotech developing autoimmune and inflammatory disease medicines, raised $213 million in Series D funding led by Dimension Capital, with participation from Affinity Asset Advisors, Jeito Capital, Lightspeed Ventures, TPG Life Sciences Innovations, Wedbush Healthcare Partners, and Sanofi Ventures.

• Diana Health, a women's health network, raised $55 million in Series C funding led by HealthQuest Capital, with participation from Norwest Venture Partners, .406 Ventures, LRVHealth, and AlleyCorp.

• NRG Therapeutics, a company developing mitochondrial therapeutics for neurodegenerative diseases, raised £50 million in Series B funding, led by SV Health Investors’ Dementia Discovery Fund, with participation from British Business Bank, M Ventures, Novartis Venture Fund, Criteria Bio Ventures, Omega Funds, Brandon Capital, and Parkinson’s UK.

• Alchemab Therapeutics, a biotech developing therapeutic antibodies, raised $32 million in Series A extension funding from Ono Venture Investment, RA Capital, SV Health Investors, DCVC Bio, Lightstone Ventures, and Eli Lilly and Company.

• Noxilizer, a nitrogen dioxide terminal sterilization company for biopharma and medical devices, raised $30 million in growth capital financing led by NewVale Capital.

• Optain Health, an AI-powered retinal imaging company for early eye and systemic disease detection, raised $26 million in Series A funding led by Insight Partners, with participation from Informed Ventures, Lumio Capital, Meridian Ventures, and UniQuest Extension Fund.

• Penguin Ai, a healthcare AI company that streamlines administrative burdens, raised $25 million in Series A funding, led by Greycroft, with participation from UPMC Enterprises, SemperVirens, Snowflake Ventures, Watershed Ventures, Horizon Mutual Holdings, ManchesterStory, Overwater Ventures, California Health Care Foundation, Canvas Prime, and Plug and Play.

• Goodpath, a virtual whole-person chronic care provider, raised $18 million in Series A funding led by MassMutual Ventures, with participation from Healthy Ventures.

• Medra, a robotics company developing AI lab automation for cell and gene therapies, raised $11 million in pre-seed funding from Human Capital, Neo, and LDV Partners.

• Lōvu Health, a digital maternal health platform, raised $8 million in Series A funding led by SJF Ventures, with participation from Rogue Women's Fund, Symphonic Capital, Emmeline Ventures, Majella Ventures, Oakwood Circle Ventures, Swizzle Ventures, Terrasys, Stand Together Ventures, and Alumni Ventures.

Industrials, Greentech, & Other

• Nitricity, a climate tech startup developing organic nitrogen fertilizer from air, water, and renewable energy, raised $50 million in Series B funding co-led by World Fund and Khosla Ventures, with participation from Chipotle’s Cultivate Next venture fund, Change Forces, Susquehanna Sustainable Investments, EIP, and Fine Structure Ventures.

• Veritas Capital raised $14.4 billion for its ninth flagship fund focused on companies at the intersection of technology and government.

• Aurora Capital Partners raised over $2.1 billion for its seventh flagship midmarket private equity fund.

• Lincoln Financial and Bain Capital launched the Lincoln Bain Capital Total Credit Fund, an evergreen private market fund providing individual investors access to private credit investments.

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