Coller often boasts about being “first in secondaries” in their marketing – the firm has indeed pioneered investing in secondaries and is currently one of the biggest secondaries platforms globally. This is an area where private markets innovation meets growing investor demand for yield, liquidity, and diversification. Due to their shorter hold, and large degree of diversification, secondaries are a particularly attractive asset class for “retailization”. Therefore it is no surprise that many secondary fund managers are now looking at evergreen, semi-liquid structures to tap into the wealth channels.
CollerEquityis a semi-liquid private equity secondaries fund structured as an evergreen SICAV and targeted at private wealth investors. It is sponsored by Coller Capital, one of the most experienced institutional players in the global secondaries market. The fund’s stated objective is to provide diversified exposure to private equity through secondaries, with a primary emphasis on LP-led transactions, supplemented by selected GP-led opportunities and co-investments. Unlike many evergreen funds that split their allocation across primaries, secondaries, and directs with no clear prioritization, CollerEquity is built around secondaries as its core strategy. The portfolio is sourced from Coller’s institutional platform and executed directly with GPs and LPs, avoiding the use of feeder structures or third-party funds.
The focus on secondaries allows for earlier cash flow visibility and quicker diversification than a primary-heavy strategy. It also means the fund is less reliant on capital pacing and long deployment periods, which are common challenges in semi-liquid fund structures.
The fund sources its pipeline directly from Coller Capital’s global network of GP relationships and longstanding LP counterparties. Unlike fund-of-funds models that rely on external manager selection, CollerEquity builds its portfolio through negotiated secondary transactions, often involving bespoke or complex deal structures. This is particularly relevant for GP-led deals, where Coller can underwrite continuation vehicles alongside the sponsor rather than accessing them through intermediaries. Execution is handled internally, with no dependency on sub-advisors or outsourced underwriting.
The fund allows monthly subscriptions and quarterly redemptions with a standard 5% gate. Early redemptions are penalized through a short-term exit fee, which discourages opportunistic inflows and supports capital stability. There is no attempt to introduce synthetic liquidity through listed assets or side-pocketing. While the structure does not guarantee redemption under stressed conditions, it is consistent with the liquidity profile of the underlying secondary investments. There is no lock-up, but the design clearly signals that this is not a product for short-term allocation.
The strategy is focused exclusively on (secondaries in) private equity buyouts , avoiding venture capital, infrastructure, or private credit. Sector and geographic exposure are diversified but stay within the boundaries of core private equity. This contrasts with other evergreen funds that blend PE, private debt, and even hedge fund allocations in an effort to engineer liquidity or smooth volatility.
CollerEquity is a focused secondaries strategy delivered in an open-ended structure, designed for allocators who want to get the benefits of LP-led private equity secondaries with minimal abstraction. Comparing the handful evergreen secondary funds that are available to investors is difficult, if not impossible – however if investing in private equity secondaries is of interest, CollerCredit, driven by one of the most established secondaries platforms in the market, appears to be a solid pick.