Secondaries Fundraising Surging to Record in 2025

The continuation vehicle acquired a diversified portfolio of approximately 130 securities, primarily first-lien loans to sponsor-backed companies, from Willow Tree Fund II LP and its parallel funds.

Yang spent more than a decade at Blackstone, most recently serving as a managing director in the firm’s Tactical Opportunities Group.

Deal flow cooled sharply in July as macroeconomic uncertainty and a sluggish private equity exit environment continued to weigh on transactions, though year-to-date activity remains ahead of 2025.