## Pomona Capital Reaches $4 Billion Platform Milestone as Tenth Fund Closes with Record $2.6 Billion Oversubscription

In a significant development for the private equity secondaries sector, Pomona Capital has achieved substantial growth momentum, consolidating $4 billion in commitments across its investment platform over the past two years. The firm's latest milestone centers on the successful completion of Pomona Capital X, its tenth flagship secondaries fund, which closed with $2.6 billion in investor commitments.

The final close represents exceptional market confidence, with the fund attracting demand well beyond its $2 billion target—achieving a 30% oversubscription that required the firm to cap fundraising at capacity. Compared to its predecessor Pomona Capital IX, which collected approximately $1.8 billion, the latest vehicle demonstrates the firm's expanding appeal and market position. This trajectory reflects the combined contribution of multiple investment strategies, including primary placements, co-investment opportunities, and the firm's retail-focused product line, which together have driven a 23% compound annual growth rate over five years.

**The Strategy Behind Pomona Capital's Success**

At its foundation, Pomona Capital X operates within the established framework of secondaries investing—a strategy focused on acquiring interests in existing private equity funds to provide liquidity while accessing quality assets at attractive valuations. The firm's approach prioritizes what management describes as a dual mandate: capturing growth potential while managing downside risk through enhanced liquidity provisions and reduced exposure concentration.

With over 28 years of operating history, Pomona Capital has established itself as an early mover in the secondaries market. The firm has constructed a portfolio encompassing partnerships in approximately 750 private equity funds, with indirect exposure to more than 10,000 underlying companies. This diversified approach spans the full spectrum of private equity strategies and geographies, supported by offices across New York, London, and Hong Kong.

**Retail Expansion Accelerates Growth**

A notable contributor to Pomona Capital's recent performance has been its retail investment product, the Pomona Investment Fund. Over a 24-month period, this offering expanded assets under management by $400 million, representing an 85% annualized growth rate. This expansion reflects broader institutional recognition that retail investors increasingly seek exposure to private equity strategies, contingent on accessible fund structures and professional management.

**Market Positioning in Challenging Times**

According to Pomona Capital's leadership, the current macroeconomic environment has created a distinct set of market dynamics within secondaries. While conditions present both opportunities and challenges, the firm's operational approach—characterized by selectivity, targeted sourcing, and disciplined investment pacing—is positioned to capitalize on market dislocations. Management emphasizes that rather than pursuing generic secondaries exposure, Pomona Capital focuses on identifying high-caliber, diversified assets with identifiable near-term liquidity events.

The investor base for Pomona Capital X reflects this global appeal, drawing commitments from pension funds, sovereign wealth funds, insurers, financial institutions, endowments, foundations, and family offices across nearly 20 countries. Both existing investors and a substantial cohort of new participants contributed to the oversubscription.

**Scale and Partnership**

Pomona Capital currently oversees more than $16 billion in aggregate capital commitments across its sponsored funds and managed accounts on behalf of over 350 investors from 25+ countries. The firm's capabilities have been extended through a strategic partnership with Voya Investment Management, which itself manages approximately $330 billion across public and private asset classes.

This combination of scale, geographic distribution, diversified expertise, and disciplined capital deployment underscores Pomona Capital's competitive positioning within the private equity secondaries market as it pursues its next phase of growth.