Singapore sovereign wealth fund GIC is exploring the sale of private equity fund interests with a combined net asset value of around $1bn, in the latest sign of institutional investors using the buoyant secondaries market to actively manage portfolio allocations, according to a report by Bloomberg.
Adams Street Partners has raised more than $5bn to pursue private equity secondary investments, surpassing its fundraising target as investor appetite for the fast-growing asset class continues to strengthen, according to a report by the Wall Street Journal.
Ares Management is exploring the sale of approximately €3bn of limited partner interests in one of its flagship European direct lending funds, in a transaction that would rank among the largest private credit secondaries deals completed to date, according to a report by Bloomberg.
Partners Group has raised more than $5.5bn for its latest infrastructure secondaries programme – a $1.7bn closed-ended fund, alongside bespoke mandates and co-investment vehicles – making it one of the largest dedicated fundraises in the sector to date.
Growing liquidity pressures in private credit funds are creating an opening for a new generation of secondary investors, which can provide managers with an alternative source of cash as investors seek to exit, according top a report by the Financial Times.
Clipway has closed its debut private equity secondaries fund on $6.4bn, making it the largest-ever first-time secondaries fundraise and establishing the firm as the world’s largest independent dedicated secondaries manager, according to a press statement.
Ardian is packaging a portfolio of secondaries fund stakes into around $1bn of debt through a collateralised fund obligation, as private markets firms continue to seek new sources of liquidity, according to a report by Bloomberg.
Private equity fund investors agreed $9bn of alternative structured transactions last year as they sought liquidity from ageing fund positions amid a continued slowdown in exits and distributions, according to a report by the FT citing data from Jefferies.
The US Securities and Exchange Commission’s enforcement division is examining continuation vehicles, in a move that signals heightened regulatory attention on private markets structures, according to a report by Reuters.
DC Advisory’s European GP-led secondaries advisory team has been disbanded following the departure of its senior leadership over the past year, marking another retreat by an investment bank from a once fast-growing segment of private markets, according to a report by the Wall Street Journal.
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