Secondaries
Covid-19, oversubscribed funds fuel interest in early secondaries
Early secondaries are tipped to become more plentiful in the coming months, but market observers urge caution to mitigate potential pitfalls
MCH sets up continuation fund to retain Europastry stake – report
Spanish GP rules out an exit of the patisserie business via either a stake sale or an IPO
Pantheon and LGT take lead on Medixci continuation vehicle
New €200m vehicle has closed in connection with a six-asset deal
Providence in single-asset restructuring for HSE24
GP bought a majority stake in the shopping channel operator from Ardian in 2012 via its sixth fund
Idinvest completes secondaries deal for growth portfolio
Manager has transferred 12 companies into a new fund backed by secondary capital
Coller leads $829m GP-led secondary deal for Permira IV
Transaction involves four remaining assets, including Genesys, eDreams and Asia Broadcast Satellite
Secondaries players hold fire despite copious dry powder
Market is likely to pause until Q2 2020 valuations are released, potentially leading to a flurry in Q4
Secondaries buyers expect 30% volume drop over next two months - research
Five out of 37 buyers still appear opportunistic and expect activity to go up
Tender offer now out in Permira IV's GP-led process
Current offer is part of a GP-led secondaries process – which began last year – for the remaining assets of Permira IV
Secondaries deal volume up 7% in 2019 – research
Setter Capital's latest research reveals continued momentum in private equity secondaries, with 2020 set to be another record year
Tikehau closes GP-led secondaries process with Five Arrows
Secondaries process of six balance-sheet assets was tied to the fundraise for Tikehau Growth Equity II
US pension earmarks $25m for private debt secondaries
Augusta-based MainePERS has invested 3.5% of its portfolio to alternative credit
Hamilton Lane backs Legend Capital fund restructuring
Continuation fund is backed by institutional investors and has a five-year holding period
Verdane acquires Eden portfolio
Deal is the first in the UK from Verdane Capital's tenth fund, which closed on SEK 6bn in January 2019
Standard Life Private Equity Trust outlines 2019 secondaries activity
Fund completed three secondary investments last year
PAI completes GP-led secondaries deal for Fund V
Alpinvest, Goldman Sachs and HarbourVest are lead investors in the new fund
3i completes single-asset restructuring for Action
GP will wind up its original investment vehicle and release liquidity to investors
Pantheon to invest in KD Pharma in single-asset restructuring
Capiton IV has sold a stake in its portfolio company, Omega-3 producer KD Pharma
HarbourVest, Hamilton Lane in Bridgepoint Europe IV restructuring
Bridgepoint Europe IV, which closed on тЌ4.8bn in 2008, still holds a number of assets
Connection takes stake in Rosa's Thai Café MBO
TriSpan acquired the majority stake in the business in a buyout in June last year
Three Hills makes €192m secondary deal, supported by Idinvest
Three Hills offers LPs the option to reinvest in continuation vehicles or sell to Idinvest
DeA Capital acquires stake in asset manager Quaestio
DeA Capital Alternative Funds also buys the Quaestio NPL unit, which manages the Atlante funds
Capiton explores single-asset restructuring for KD Pharma
Park Hill is advising on the GP-led secondaries process, which is expected to close in July
LPs worry about alignment issues in GP-led secondaries – survey
Four out of five respondents in the latest Coller barometer highlight it as their biggest concern