The deal will expand Mercer's private markets platform, adding expertise in secondaries and evergreen vehicles to its offerings.
Under the non-binding agreement, O3 may increase its ownership in the social impact investor if certain fund launch and fundraising milestones are met.
The deal marks Reality Growth's second investment since launching earlier this year as a dedicated GP stakes platform.
The firms have reportedly held discussions over a potential tie-up, which would boost Ares' secondaries AUM closer to the $50 billion mark.
The GP stakes deal builds on a 2024 strategic partnership, which established Lazard Elaia Capital as a technology-focused private equity investment platform.
The commitment comes just eight months after Wafra first invested in the French manager.
The multi-strategy hedge fund manager provides institutional investors with exposure to cryptocurrencies and other digital assets.
The Dutch investment manager is expanding into GP stakes investing while also developing a dedicated open-ended strategy for managing secondary investments.
The Taconic spin-off, which received a $200 million strategic investment from Stable, will launch a credit-focused evergreen fund.
The newly combined entity is expected to double the size of Coller's secondaries business in less than four years.
