Strong investor interest in secondaries fund underscores conviction in middle market opportunity

Significant allocations from across regions including North America, Europe and Asia reflecting firm's growing global presence

PHILADELPHIA, June 8, 2026 /PRNewswire/ -- Future Standard, a global alternative asset manager with more than $90 billion in assets under management, today announced the successful final close of PA Secondary Fund V ("PASF V"), with approximately $3 billion in total committed capital, marking the largest private fund closing in the firm's more than 30–year history.

PASF V is dedicated to acquiring interests in U.S. and global private equity funds through the secondary market, with a primary focus on LP–led transactions in the North American middle market. The strategy emphasizes selectivity, diversification, and disciplined capital deployment, leveraging Future Standard's long–standing relationships across the private equity ecosystem.

"We believe middle market secondaries are one of the most efficient ways to access high-quality companies at attractive entry points, with better visibility and stronger risk-adjusted return potential for investors," said Patrick Gerbracht, Managing Director and Co-Head of LP-Led Secondaries at Future Standard. "The breadth and scale of global investor support reflects deep confidence in our disciplined, middle-market-focused strategy and the depth of our sourcing platform."

PASF V attracted commitments from 350 new and existing institutional investors across North America, Europe and Asia - a testament to the strength and global reach of Future Standard's middle-market secondaries platform.

"Record-breaking secondaries volume is creating one of the most compelling market environments in years," said Justin Lux, Managing Director and Co-Head of LP-Led Secondaries at Future Standard. "Combined with the strength of Future Standard's broader private markets platform, we believe we are well positioned to source and execute attractive opportunities and convert this environment into differentiated outcomes for our investors."

Future Standard was among the earliest asset managers to recognize the strategic value of private equity secondaries, having built one of the longest-tenured platforms in the market. The firm estimates that since 2002 it has deployed more than $12 billion across multiple market cycles. 

ABOUT FUTURE STANDARD
Future Standard is a global alternative asset manager serving institutional and private wealth clients, investing across private equity, credit, real estate and infrastructure. With a 30+ year track record of value creation and $94 billion in assets under management, we back the business owners and financial sponsors that drive growth and innovation across the middle market, transforming untapped potential into durable value.1

1. Total AUM estimated as of March 31, 2026.

Media contact information
Marc Hazelton
media@futurestandard.com

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SOURCE Future Standard