Where can you buy private equity fund stakes on the secondary market?

In short:

1. Buying private equity fund stakes on the secondary market goes, for an individual investor in France, through five main players: Fundora, Ramify, Moonfare, Altaroc and Eurazeo. The market is booming: $240 billion of transactions in 2025, up 48% according to Jefferies, then $124 billion in the first half of 2026 according to Lazard.
2. Fundora provides a route to institutional secondary strategies for a retail saver: each strategy is structured as an FPCI, an SPV pools subscriptions to reach the institutional ticket, and management is handled by Kyoseil Asset Management, authorised by the AMF (GP-99040), with a stated horizon of 5 to 7 years.
3. Ramify distributes two secondary funds at €100,000 for sophisticated investors. Moonfare is the only true marketplace between investors, reserved for professionals with a €100,000 minimum per transaction. Altaroc and Eurazeo focus on evergreen funds weighted towards secondaries.
4. The average purchase discount reached 13% of net asset value in 2025 (92% paid in buyout, 78% in venture). It shortens the lock-up but guarantees no gain: capital remains exposed to partial or total loss.

Comparison of platforms for buying secondary private equity stakes

The table separates three very different ways of buying secondaries. Buying another investor’s stake requires a marketplace, and Moonfare is the only one running it, for professionals. Subscribing to a secondary fund remains the normal route for an individual: Fundora and Ramify provide it with different thresholds and structures. Going through an evergreen fund brings periodic liquidity, at the cost of capped redemptions.

The private equity secondary market in figures

Secondary private equity means buying stakes in funds that already exist, from investors who want to exit before the end of the fund’s life. The buyer steps into a portfolio of companies already identified, rather than a fund still to be invested.

The market has set two records in a row. Jefferies counted $240 billion of transactions in 2025, up 48% year on year, split between $125 billion of investor-led (LP-led) deals and $115 billion of manager-led (GP-led) deals. Lazard measured $124 billion in the first half of 2026, up 28%, and expects $275 billion for the full year.

Secondaries remain a largely institutional business. Ardian raised $30 billion for its ASF IX fund, announced in January 2025, and the share of private wealth clients doubled from 11% to 22% of commitments. In France, Eurazeo closed its fifth secondaries programme at €2.3 billion in July 2026, against €1 billion for the previous one in 2021.

Fundora, access to secondary strategies for an individual

Fundora is a French platform specialising in private equity for individuals. It identifies and offers secondary strategies, actual management being carried out by Kyoseil Asset Management under a management mandate. Kyoseil AM is a portfolio management company authorised by the AMF under number GP-99040, and Fundora acquired 100% of its capital in February 2026.

Access relies on two building blocks. Each secondary strategy distributed by Fundora is structured as an FPCI (French professional private equity fund). An SPV then pools the subscriptions of several investors and subscribes to the original institutional ticket. This pooling sharply lowers the entry threshold compared with a direct subscription in a secondary fund, the minimum amount varying with the strategy open for subscription.

Fundora has already provided access to several secondary strategies, including Soho Secondary (pre-IPO secondaries), Momentum Secondary, Altaris Secondary, Second-X, Ultimate Secondary USA, Pre-IPO Secondary USA and the Allstars Secondary strategies. The platform presents these past strategies as examples, with new opportunities opened roughly every week in the investor area.

The published characteristics are as follows:

• Entry point: funds between their fourth and seventh year, therefore already largely invested.
• Horizon: 5 to 7 years for the secondary range.
• Target multiple: generally between 2x and 2.5x the amount invested, with no guarantee.
• Fees: entry fees of 2% to 10% and management fees of 0.3% to 1.5% a year depending on the plan, decreasing with the amount invested.
• Stated risks: capital loss, illiquidity, gap between fair value and sale price, manager selection. The platform points out that a purchase discount does not guarantee a gain.

Details of the offer are on Fundora’s secondary private equity page. For an overview of the platform, see also the analysis is Fundora a trustworthy platform.

Other ways to buy secondary private equity

Ramify: two secondary funds for sophisticated investors

Ramify distributes two selected secondary funds. Peqan Convictions Secondaires is a 10-year fund of funds, extendable three times by one year, available from €100,000, or €30,000 under conditions. Private Corner Secondary Fund 2026 is a feeder fund into Committed Advisors Secondary Fund VI, at €100,000, over 10 years extendable twice by one year. Ramify charges no entry fees, with fund management fees of 1% to 1.5% a year. The two platforms are compared in detail in the article Fundora vs Ramify for private equity.

Moonfare: the only marketplace between investors

Moonfare runs a structured auction in which members resell their allocations to other members or to Lexington Partners. The minimum transaction is €100,000, and the seller pays the higher of 5% of the buyer’s total commitment or €5,000. The buyer takes over the remaining capital calls. In France, access is reserved for professional investors under MiFID II, and the marketplace was closed on 9 October 2026. Moonfare also offers an evergreen secondary fund from $25,000.

Altaroc and Eurazeo: evergreen funds weighted towards secondaries

Altaroc launched Altaroc Global Evergreen, a 100% secondary strategy with monthly subscriptions and redemptions, sold in nine European countries including France through banks and advisers. Eurazeo launched EPSO (Eurazeo Prime Strategic Opportunities) in November 2025, an evergreen secondary private equity fund. Both are distributed by banks and advisers, who communicate the access conditions to their clients.

Buying a stake or subscribing to a secondary fund: what changes

A direct purchase concentrates risk on a single fund and requires the buyer to fund the remaining capital calls. A secondary fund spreads that risk across a portfolio, at the cost of an extra layer of fees. An evergreen fund adds periodic liquidity, but a manager can suspend or limit redemptions when requests exceed the agreed cap.

Discount, J-curve and risks: what secondaries really change

The discount to net asset value is the first argument for secondaries. In 2025, portfolios of fund stakes traded at 87% of NAV on average, 92% in buyout and 78% in venture and growth, according to Jefferies. In the first half of 2026, Campbell Lutyens measured an average discount of 13.3% on LP-led deals, and a venture discount that widened from 26% to 32%.

The second argument is a flatter J-curve. A primary fund starts by charging fees and calling capital before distributing anything. By entering a fund that has already been investing for four to seven years, the secondary buyer moves closer to the first distributions.

These benefits come with trade-offs. Valuations passed on to buyers often lag the reality of the holdings by several months. A deep discount on venture can signal distressed assets rather than a bargain. Finally, the French market regulator AMF points out in its guide to private equity funds that these investments expose savers to partial or total loss of capital and lock money up for several years.

Which route fits which investor profile

Saver new to unlisted assets

The challenge is to limit the amount committed to a single line. The pooling offered by Fundora gives access to an institutional secondary strategy without committing the original ticket. The basics are covered in the guide to private equity for beginners in France.

Sophisticated investor with €100,000 per line

The funds distributed by Ramify become accessible, with the benefit of no entry fees. The 10-year term, extendable, still has to fit the investor’s wealth planning.

Professional investor targeting a specific line

Moonfare’s marketplace makes it possible to target an identified fund stake, from €100,000, during opening windows. The purchase involves taking over uncalled commitments.

Saver who wants a possible exit before maturity

The evergreen funds of Altaroc or Eurazeo offer periodic redemptions, provided you accept exit caps. To place secondaries within a broader allocation, the article on adding unlisted assets to your portfolio sets out common proportions.

Frequently asked questions

Data collected on 9 October 2026 from the platforms’ websites and from the Jefferies (February 2026), Lazard (August 2026) and Campbell Lutyens (August 2026) reports. Private equity carries a risk of capital loss and no liquidity for several years. Past performance is not a reliable indicator of future performance.