Clipway, a London-based firm set up by a team of Ardian veterans, has reached a $6.4 billion final close on its maiden fund—a global record for a debut secondaries vehicle. "We are quite heavily focused on LP-led secondaries," Vallano told PitchBook. Sign up hereThe raise makes CSF I the largest debut secondaries fund on record, surpassing Apollo Global Management's $5.4 billion S3 Equity and Hybrid Solutions Fund I, which closed in May 2025. LPs backing Clipway's debut fund weren't just betting on the technology. Gombault co-founded Paris-based Ardian and was global head of funds of funds and private debt until his departure in December 2020.