Secondaries
Asia secondaries challenged by valuation complications
Valuations remain a key obstacle to securing secondary transactions in Asia, even as a generation of funds becomes a year older and still struggles to generate liquidity, but the market is also growing in complexity due to the nature of the assets on...
Neuberger Berman raises $2.5b for global secondaries fund
Neuberger Berman has closed its fourth global private equity secondaries fund at $2.5 billion, surpassing the target of $2 billion after nine months in the market.
India exits: Diamonds in the rough
Exit opportunities are available for savvy investors in India, and market professionals say prospects are good in the long term. But GPs are likely to continue to find the near future difficult
Secondaries: The personal edge
Deep relationships within the GP community can make all the difference in terms of sourcing opportunities – and acting on them quickly – in Asia’s increasingly competitive secondaries market
NewQuest, Kotak invest in Paragon portfolio companies
NewQuest Capital Partners has joined a $21 million investment in construction firm Capacit’e Infraprojects and engineering components manufacturer Maini Precision Products, both of which are portfolio companies of India-based GP Paragon Partners.
Secondaries: Stick or twist?
After several years of rapid growth, secondaries volumes slowed in the first half of 2016, while fundraising reached an all-time high. Opinion is divided on the prospects for an increasingly nuanced market
Korea exits: Seller central
Foreign buyers and restless chaebols could help deliver more exit opportunities for private equity firms in Korea – provided it is the right asset, at the right price, at the right time
India's Scale Ventures buys Guerrilla Ventures portfolio
Scale Ventures, a recently launched Indian venture capital firm, has acquired the portfolio of seed-stage investor Guerrilla Ventures.
Secondaries: Waiting for the shoe to drop
Asian secondaries players are counting on an explosion in demand for alternative liquidity solutions over the next few years, but cutting deals in this niche market requires a nimble approach
Wavemaker takes over Ardent's SE Asia venture portfolio
US venture capital firm Wavemaker Partners has taken over the venture portfolio of Thailand-based Ardent Capital.
Intel Capital cancels plans for secondary sale
Intel Capital, the captive VC arm of Intel Corp, appears to have abandoned plans to offload some of its investments in technology companies, with Wendell Brooks (pictured), the unit’s president, saying there will be no major changes to the portfolio.
Singapore's TIH buys $46m portfolio from Temasek unit
Singapore-listed private equity firm TIH has purchased a majority stake in a resources and healthcare-focused portfolio from a unit of Temasek Holdings for S$62 million ($45.8 million).
DFJ sells India assets to NewQuest
Direct secondaries specialist NewQuest Capital Partners has acquired the majority of Draper Fisher Jurvetson’s (DFJ) India portfolio.
NZ Super sells LP positions in three funds
New Zealand Superannuation Fund (NZ Super) has sold its LP positions in three US-based private equity funds as part of a move to consolidate its investment profile.
Asian outlier: Standard Chartered and secondaries direct
Over the past three years, Standard Chartered has completed Asia’s largest secondary direct deal and put its PE unit in a position to raise fresh capital. But it is not necessarily a harbinger of things to come
Partners Group raises $2.8b for global secondaries program
Partners Group has closed its sixth dedicated private equity secondary program at the hard cap of EUR2.5 billion ($2.8 billion).
Australia's Future Fund makes secondary sale to CPPIB - report
Australia’s Future Fund exited A$1 billion ($712 million) worth of fund positions from its private equity portfolio last year, with Canada Pension Plan Investment Board (CPPIB) picking up the assets.
VC secondaries: How early?
Assessing venture capital secondaries – on a direct or LP interest basis – presents a different set of challenges to private equity transactions. The key factors are transparency and timing of entry
Asia secondaries: Worth the wait?
A host of pure-play and multi-strategy managers have allocated more resources to Asia in recent years to capture the nascent secondaries opportunity. The region if offering more but has yet to reach full maturity
Renminbi secondaries: An underpenetrated market
Plenty of Chinese high net worth individuals want to sell LP interests in renminbi funds. Local and foreign secondaries managers would like to take advantage, but they are held back by an immature market
Fund restructuring: The waiting game
The message has always been: Look at what’s happening in the US and Europe to get an idea of what is likely to happen in Asia. The follow-up question: Okay, but when? The answer: Soon, but not yet.
J.P. Morgan buys Canaan's India portfolio
J.P. Morgan Asset Management has acquired Canaan Partners’ India venture capital portfolio through a secondary transaction said to be worth around $200 million.
Lexington raises largest ever secondaries fund
Lexington Partners reached a final close on its eighth global secondaries fund at the hard cap of $10.1 billion. It is the largest dedicated secondaries vehicle ever raised.
Secondaries: A ticking clock
All the talk of a swath of GP restructurings in Asia has yet to become reality. As India and China funds raised during the heady times inch closer to the 10-year mark, are we about to see a breakthrough?