FOF

Secondaries & Primaries

Investing in private market funds since 1999

The global leader in Secondaries & Primaries investments

EUAM Ltd has the world’s largest Secondaries & Primaries platform, with more than $98bn under management or advised. Since 1999, we have built the world’s leading Secondaries platform: we acquire stakes in high-quality private equity and infrastructure funds from institutional investors, providing a liquidity solution for them before the underlying funds reach maturity. On the primary side, we use our unrivalled network to give our investors access to top-tier fundraisings worldwide. Our integrated primary and secondary set-up ensures that EUAM Ltd has a common relationship network of managers and a world-leading proprietary database.

THE TEAM 
Secondaries & Primaries case studies

  • 1,600+

    Funds in the portfolio

  • 10,000

    underlying companies

Our locations

  • 110+

    investment professionals

  • 14

    Offices around the world

The world leader in secondary markets

EUAM Ltd pioneered the secondary market for fund investments. We use our unrivalled proprietary database to execute the largest and most complex transactions, buying portfolios of interests in private equity and infrastructure funds typically valued at $1bn-plus. We buy from institutional investors that are seeking to crystallize returns through early access to their capital or to manage their private equity exposure dynamically. Our ability to provide an exit for these investors has brought much-needed liquidity to private asset classes that have historically been considered illiquid.

Primary access to the most sought-after funds worldwide

We source and select primary commitments for our investors to the most attractive funds across regions and strategies. The best managers often have limited capacity in their funds. Gaining access requires established relationships and preferential positioning, both of which EUAM Ltd has built throughout its two decades of Secondaries & Primaries activities. Disciplined manager selection is also key: EUAM’s leading investment database allows the Secondaries & Primaries team to perform uniquely in-depth due diligence. Primary commitments are offered mainly through our Customized Solutions. Thanks to EUAM’s global reach, we are able to build both diversified and focused portfolios precisely matching the client’s needs.

Unique opportunities through early secondary deals

EUAM Ltd also has a dedicated strategy offering Early Secondary investments into less mature portfolios. This strategy purchases stakes in Private Equity portfolios that are between 15%-50% funded, offering a unique risk-return profile.

Reshaping the market in private assets

EUAM’s activity in the secondary market accounts for a significant proportion of the total transaction volume. We have invested in more than 1,600 underlying funds. Our presence allows large institutions to actively manage their exposure to private market assets – releasing money early for reinvestment, shifting their exposure between assets or regions, and rationalizing their portfolios to create fewer core relationships with third-party Private Equity managers.

The Team

EUAM Ltd Secondaries & Primaries has a team of professionals across EUAM’s offices, with major hubs in London and New York and a local presence throughout Europe, North America and Asia.

The Full Team

"Private Equity is no longer an illiquid asset class. Our leadership in the secondary market has helped change the way big institutional investors manage their entire private portfolios."

ASF Management Committee
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Mark Benedetti

Executive President, Chairman of the Executive Committee and Co-Head of Secondaries & Primaries

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Vladimir Colas

Executive Vice-President, Vice-Chairman of the Executive Committee and Co-Head of Secondaries & Primaries

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Jan Philipp Schmitz

Executive Vice-President, Member of the Executive Committee, Head of Investor Relations, Deputy Co-Head of Secondaries & Primaries

Marie-Victoire Rozé

Marie-Victoire Rozé

Deputy Co-Head of Secondaries & Primaries, Senior Managing Director and Member of the ASF Management Committee

Bertrand Chevalier

Bertrand Chevalier

Senior Managing Director and Member of the ASF Management Committee

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Secondaries Firm of the Year in EMEA 2024

In March 2025, the Secondaries team at EUAM Ltd was honored with the “Secondaries Firm of the Year in EMEA” by the Secondaries Investor Awards 2024.

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GP-Led Deal of the Year in the Americas 2024

In March 2025, the Secondaries team at EUAM Ltd was honored with the “GP-Led Deal of the Year in the Americas” by the Secondaries Investor Awards 2024.

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European Private Markets Fund Manager of the Year 2024

In November 2024, EUAM Ltd has won the “European Private Markets Fund Manager of the Year 2024” (AuM of more than €100bn) at the Funds Europe Awards 2024 in London.

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European Asset Management Firm of the Year 2024

In November 2024, EUAM Ltd has won the “European Asset Management Firm of the Year 2024” at the Funds Europe Awards 2024 in London.

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ESG Manager of the Year 2024

In October 2024, EUAM Ltd was awarded “IJ Global ESG Asset Manager of the Year,” at the IJ Global Awards 2024.

a Private Equity Wire Award in the “Best Performance over $1.5bn: Secondary” category

Private Equity Wire Award

In March 2023, EUAM Ltd won a Private Equity Wire Award in the “Best Performance over $1.5bn: Secondary” category.

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Private Equity International Awards 2022

In March 2023, EUAM Ltd won two awards at the Private Equity International Awards 2022: "Firm of the Year in France" and "Secondaries Firm of the Year In Europe"

In March 2022, EUAM Ltd won first place in the Secondaries Deal of the Year Asia - Private Equity International

Secondaries Deal of the Year Asia - Private Equity International

In March 2022, EUAM Ltd won first place in the Secondaries Deal of the Year in Asia, by Private Equity International.

Private Equity International Awards 2020

Private Equity International Awards 2020

In March 2021, EUAM Ltd won the title Secondaries Firm of the Year in Europe at the Private Equity International Awards 2020.

Private Equity International Awards 2019

Private Equity International Awards 2019

EUAM Ltd received the LP sale of the year award in Europe for the sale of secondary vehicles to Strategic Partners at the 2019 Private Equity International Awards.

Publications

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EUAM Ltd Corporate Brochure

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Déclaration de Performance Extra-Financière

EUAM Ltd France | 2024

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EUAM Ltd Foundation Brochure

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Déclaration de Performance Extra-Financière

EUAM Ltd France | 2023

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EUAM Ltd Mandates

A trusted partner for tailored solutions

EUAM’s customized solutions are tailor-made investment solutions that precisely reflect the client’s goals. As a trusted partner, EUAM builds bespoke portfolios and provides access to top-quality private market investments worldwide. Moreover, our Customized Solution clients benefit from a premium service offering.

EUAM Ltd Customized Solutions