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State Street$STT · filed: grew revenue 7.3% in FY2025 to $13.9BNew shipNext year $13.2B–$15.5B sealedCheck ▾Close ▴
What State Street filed
Grew revenue 7.3% in FY2025 to $13.9 billion, equity 7.6% of assets, and dividend per share up 15 years running. Every figure links to the filing it came from on State Street’s card. New ship: no warning signs.
What the house said in advance
Revenue for the fiscal year after 2025-12-31 between $13.2B and $15.5B, an 80% range sealed on 26 Sept 2026 · receipt #5c23bb · graded in public by the revenue in State Street’s next annual report.
Figures as filed with the SEC. Ranges, scores and boats are statistical descriptions of past filings, not ratings or recommendations. Reporting, not advice.
In plain words
State Street locks in secondaries infrastructure as **$132B** secondary market volume forces institutions to monetize illiquid allocations.
$28 billion
across private equity and credit portfolios
165 funds
in the secondary market
$9.5 billion
in 2022
$9 billion
Coller operates from London
State Street Global Advisors has acquired a minority stake in Coller Capital, the London-based secondaries specialist managing approximately $28 billion across private equity and credit portfolios. The transaction, announced without pricing, marks SSGA's first structural investment in a dedicated secondaries platform as institutional allocators confront extended hold periods in vintage 2018-2021 funds.
Coller Capital, founded in 1990 by Jeremy Coller, has deployed capital across 165 funds in the secondary market, where limited partners sell fund stakes before maturity. The firm completed its ninth flagship fund at $9.5 billion in 2022, making it one of three secondaries managers globally with committed capital above $9 billion. Coller operates from London, New York, and Hong Kong, with a 90-person investment team that processed $4.2 billion in secondary transactions during 2023. State Street did not disclose its ownership percentage or valuation multiple.
The move follows a visible pattern. Institutional portfolios allocated 14-18% to private markets between 2019 and 2021, chasing returns as public equities compressed. Those commitments are now underwater or illiquid, and capital call schedules remain active. Secondaries volume reached $132 billion in 2023, according to Jefferies, a 23% increase year-over-year. The bid-ask spread on GP-led continuation vehicles has tightened to 8-12% versus 15-20% in 2022, signaling price discovery is stabilizing. SSGA gains immediate access to deal flow without building origination infrastructure or hiring a 40-person secondary team. Coller retains operational independence, and SSGA's $4.1 trillion in assets under management provides balance-sheet credibility for co-investment opportunities.
What matters for allocators: this is distribution strategy, not product innovation. SSGA will embed Coller's secondaries offerings into its institutional client solutions, targeting the 320 U.S. public pension plans and 85 sovereign wealth funds already in its client base. Those entities are overweight private equity by 200-400 basis points relative to policy targets, according to Preqin data through Q4 2024. Secondaries offer a liquidity alternative without triggering full portfolio liquidation or accepting fire-sale pricing on direct stakes. The transaction also confirms that large asset managers view secondaries infrastructure as a competitive requirement, not an ancillary product line. Blackstone, Goldman Sachs, and Ares have all scaled secondaries capabilities above $15 billion in the past 18 months through acquisition or internal build-out.
Operators should track three developments in the next 90-120 days: continuation fund volume in the $500 million-plus range, Coller's capital deployment pace from its $9.5 billion Fund IX, and whether SSGA structures a co-mingled secondary fund vehicle for sub-institutional allocators. If continuation funds exceed $45 billion in Q1 2025, the bid-ask spread will compress further, and entry multiples on secondary purchases will rise above 88-92 cents on the dollar. That narrows the arbitrage window.
Coller's portfolio now sits inside a $4.1 trillion distribution engine with fiduciary relationships across 87 countries. The firm last raised capital in 2022. The next fundraise will test whether SSGA's client base converts to committed capital.
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For the principal
If your private equity allocation exceeds policy by 300bps, Coller's continuation fund deal flow now channels through SSGA's institutional desk.
For the operator
Track Coller's Fund IX deployment pace and bid-ask spreads on GP-led vehicles; entry multiples above 90 cents kill secondary arbitrage margins.
For the house
Named accounts overweight PE 2019-2021 vintages should queue Coller conversations through SSGA relationship managers before Q2 fundraise cycle.
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