CVC Capital Partners has closed its sixth global secondaries fund at $10 billion, the largest secondaries fund to be raised by a European manager so far this year, as the strategy continues to attract capital.

Secondary Opportunities Fund VI is almost double the size of its predecessor, which raised $5.8 billion in 2023 and, in turn, was twice the size of Fund IV, which closed on $2.7 billion in 2019.

The largest secondaries vehicles to be raised globally this year include Clipway's $6.4 billion debut fund and Partners Group's $5.5 billion infrastructure secondaries programme —both Europe-based managers.

Globally, secondaries fundraising hit $140 billion last year, according to PitchBook data. So far this year, the strategy has secured $54.3 billion across 49 funds—13 of which are European funds raising $21.4 billion.

Generalist PE firms such as CVC are increasingly pushing into secondaries as the slowdown in traditional exits leaves investors short on liquidity.

In February, CVC struck a $1.1 billion secondary deal with M&G Investments to acquire a portfolio of private equity interests, primarily in North American mid-market buyout funds. It also has a tie-up with AIG , where the insurer contributed $1.5 billion from its existing PE holdings to seed a new CVC secondaries evergreen platform.

In November last year, CVC launched a dedicated global credit secondaries platform.

This article originally appeared on PitchBook News