Secondaries
Fund in Focus: Headway Capital renews emphasis on deal-by-deals through latest fund
Managing partners Laura Shen and Sebastian Junoy outline the strategy behind their fifth vehicle, in conversation with Real Deals
Comment: Secondary by name, not by nature
Thibaud Roulin, head of North America private equity, Pictet Alternative Advisors, explores three broad trends worth noting in private equity’s secondary market
Fund in Focus: Manulife Strategic Secondaries Fund closes on more than €550m
The fund focuses on GP-led secondaries and has already commenced its deployment phase, global head of co-secondaries Jeff Hammer tells Real Deals
Changing lanes: continuation vehicles steering a new course in investment strategies
Industry experts are bullish on continuation vehicles as a viable exit route. But issues around pricing, fees and carry loom large. Real Deals speaks to secondary players to understand how these can be navigated to minimise conflicts of interest
AnaCap closes maiden continuation fund on c.€300m
The close represents the fourth and fifth full exits from AnaCap’s Fund III
Pantheon closes secondaries fund PGSF VII on $3.25bn
The fund exceeded its initial target of $2bn
Gresham House launches secondary-focused PE fund
Gresham House Private Equity Release LP raised shy of £60m
abrdn sells $7bn AuM PE arm to Patria
Real Deals speaks to Merrick McKay about the rationale behind the deal and the launch of Patria’s private markets platform
Roundtable: Secondaries investors hungry for more
Market participants sit down with Real Deals to discuss the current state of the secondaries market and what the future holds for the asset class
Real Deals Secondaries Review 2023
Despite a slowdown in recent times, the secondaries market is proving its worth in the current volatile environment. This special report examines the enduring appeal of this key asset class
Golding closes secondaries fund at €172m
The 2022 vintage is targeting €500m, almost double its predecessor
Glendower Capital amasses $5.8bn for secondaries fund
SOF V is the first fund closed since Glendower completed a merger with CVC in January 2022
Exclusive: Secondaries investors bullish on fundraising for H2 – Investec
Secondary managers are overwhelmingly confident on deal and fundraising activity for H2 2023
Secondaries deal volume for 2023 to top $120-140bn – Jasmin Capital
New market conditions are expected to lead to an increase in transaction volume compared to 2022
Palatine nets 6x return on Anthesis sale to Carlyle
Palatine has rolled over some proceeds as the firm thinks the company now needs to be in the hands of a bigger PE firm that can expand it on an even bigger scale.
Monument Group merges with Mozaic Capital Advisors
The merger comes eight years after the two firms entered a strategic partnership.
Fund in Focus: Adams Street gets 50% commitments increase for new secondaries vehicle
Jeffrey Akers, partner and head of secondary investments, tells Real Deals that tailwinds in the secondaries market have driven LP interest towards its global secondaries programme.
Private Equity Awards 2023: Winners announced
Real Deals’ 22nd annual Private Equity Awards ceremony recognised Europe's very best private equity transactions and the most successful firms and advisers.
Coller Capital launches Private Wealth Secondaries Solutions business
Coller’s team running the new business will consist of investment partner Jon Freeman and Mark Hindriks, now COO of PWSS, led by partner Jake Elmhirst.
Private Equity Awards 2023: Advisory and Specialist shortlists announced
Real Deals is delighted to unveil the firms shortlisted for the Advisory and Specialist award categories at the upcoming Private Equity Awards.
Secondaries market remains resilient amid volatility: Raymond James
The secondary market adviser believes GPs will be more open to adjusting net asset values (NAVs) in 2023, reducing the gap between sellers’ and buyers’ expectations.
KKR buys stake in TDC
Gary Davison, founder and managing partner at TDC, formerly Tosca Debt Capital, discusses the rationale for the transaction and the firm's outlook with Real Deals.
‘Motivation and story’ paramount to GP-leds’ success, say IPEM panellists
“Secondary buyers are going to become very picky about what they choose” when it comes to backing GP-led processes in the coming months, according to Abrdn’s Alistair Watson.
Private Equity Awards 2023: two weeks left to enter Advisory, ESG, D&I and Specialist categories
Nominations for the Advisory, ESG, D&I and Specialist categories categories are closing on Friday 3 February 2022 - enter today to celebrate your firm's success.
Arcano Asset Management closes secondaries fund on £450m
Launched in 2021, the fund will focus on a split of 80% of investments as secondaries and the remainder as co-investments.
BlackFin Capital Partners to sell CED Group to Rivean Capital
BlackFin first acquired CED Group in 2018, and during that time has grown the business by setting up its digital service offering, strengthening customer relationships and through inorganic growth.
Investors to face greater outcomes dispersion in 2023, says Hamilton Lane
While he remains positive about some macro constraints easing, Hamilton Lane’s head of global investment strategy Drew Schardt warns that the “rising tide lifting all ships” era is likely over for PE.
Ardian in €2.1bn secondaries deal with Mubadala
The secondaries and staple deal is not the first between the two organisations, with a similar €2.5bn transaction inked back in 2017.
Private Equity Awards 2023: House and Deal shortlists announced
Real Deals is delighted to unveil the firms shortlisted for the House of the Year and Deal of the Year categories at the upcoming Private Equity Awards.
Lower valuations, increased buyouts, and a strong secondary market—BlackRock’s outlook for 2023
The asset manager’s alternatives arm predicts market upheavals and geopolitical instability will usher in a “new era for investors” characterised by patient capital and selectivity, as buyers capitalise on changing market dynamics.
Roundtable: Second chances
A surge in both LP- and GP-led deal flow means that the secondaries market is increasingly buyer-friendly. Real Deals sits down with an expert panel of secondaries specialists to discuss key trends at play in the current environment.
Investec provides finance for Norvestor continuation fund
Investec acted as lead arranger in a debt package including upfront funding of the purchase price as well as a revolving credit facility for follow-on investments.
LPs and GPs clash over GP-led secondaries priorities - survey
The rise in GP-led transactions over the past 12 months has come as an alternative to M&A and public equity exits, amid a turbulent market. The survey found that nearly half of both GPs and LPs see GP-led secondaries as “one of the main” exit options.
VC secondaries pricing to be hit by valuations adjustment - survey
"Strong negative adjustment" in VC valuations since the beginning of 2022 will "certainly" be reflected in secondaries pricing, according to advisory firm Jasmin Capital.
Continuation funds to continue rise in H2 2022 - report
Continuation funds are set to continue to rise in prominence in H2 2022, according to DC Advisory's European Private Equity Mid-Market Monitor report.
DPE closes €708m continuation fund for Eraneos and Valantic
Deutsche Private Equity (DPE) has closed its DPE Continuation Fund I on around €708m to remain invested in the two assets.
IPEM 2022: Over reliance on secondary deals could negatively impact LP-GP relations
Speakers at the IPEM conference warned that prioritising secondaries and continuation funds at exit may negatively affect LP relationships.
Whitehorse Liquidity Partners raises $400m to target GP-led deals
Fund focused on general partner liquidity solutions was initially targeting $350m.
DC Advisory launches GP secondaries offering
DC Advisory has launched its GP secondaries offering and appointed Michael Wieczorek as managing director.
Private Equity Awards 2022: Winners announced
Real Deals’ 21st annual Private Equity Awards ceremony recognised Europe's very best private equity transactions and the most successful firms and advisers.
Swinging secondaries
Over on the secondaries market, the party is in full swing as deal volumes dance to dizzying heights.
Pantheon appoints global head of private equity secondaries
Pantheon has appointed Amyn Hassanally as partner and global head of private equity secondaries.
Private Equity Awards 2022: Shortlists announced
We are pleased to announce the shortlists for the Deal of the Year and House of the Year categories.
Golding raises €280m for debut secondaries fund
Golding has reached the final closing of its first dedicated secondaries fund with commitments of €280m. The firm plans to launch a follow-on fund in the first half of 2022.
TPG strengthens secondaries business with new hire
The global alternative asset management firm has hired Matt Jones to oversee the firm’s US and European secondaries business from its London office.
Private Equity Awards 2021: Winners announced
Real Deals’ 20th annual Private Equity Awards ceremony recognised Europe's very best private equity transactions and the most successful firms and advisers. Here are the winners announced during our physical event on Friday 10 September...
Private Equity Awards 2021: shortlists announced
We are pleased to announce the shortlists for the Deal of the Year and House of the Year categories.
Private Equity Awards 2020: Winners announced
Real Deals’ first virtual Private Equity Awards ceremony recognised Europe's very best private equity transactions and the most successful firms and advisers. Here are the winners.