General Atlantic and Clipway have launched a Wavebreak Secondaries Fund I targeting $1 billion in investments, according to sources familiar with the matter. The joint venture will focus on LP interests, growth equity, and late-stage venture capital investments, primarily in the US but with cross-geographic opportunities. The fund leverages General Atlantic's 45-plus years of experience in growth equity.

This partnership builds on General Atlantic's 2023 minority stake acquisition in Clipway, alongside French asset manager Carmignac. Clipway, which uses artificial intelligence and machine learning to price LP portfolios, launched that same year. The London-based secondaries manager has already raised over $3.5 billion for its debut fund, exceeding its $3 billion target with a $4 billion hard-cap.

The move signals growing institutional appetite for secondaries strategies, particularly in venture and growth equity. These sales accounted for 10 percent of last year's $225 billion secondaries deal volume, up from 8 percent the previous year. Strong pricing for blue-chip managers supported this activity, according to Campbell Lutyens' year-end report.