Secondaries
Secondary staples: Structural dynamics
GP-led restructurings are going mainstream, including complex transactions that combine primary and secondary commitments. As deal demand grows, so do concerns about risk
LP interview: Korea's POBA
Korea’s Public Officials Benefit Association is expanding its private equity exposure and global footprint. Maintaining this diversification within the firm’s traditional risk profile requires a gradual approach
TPG buys stake in Asia secondaries specialist NewQuest
TPG Capital has agreed to take a minority stake in Asia-focused NewQuest Capital Partners, with a view to helping the secondaries specialist scale up its platform and address a wider variety of opportunities in an expanding yet underpenetrated market.
Fund focus: HQ prepares for Asia secondary surge
Having raised $250 million for an Asia secondary fund, HQ Capital remains the only global multi-strategy firm with a vehicle dedicated to the region. It expects a significant uptick in deal flow over the next few years
HQ raises $250m for Asia secondaries fund
HQ Capital has closed an Asia-focused secondaries fund at the hard cap of $250 million as part of an oversubscribed global fundraising drive that has received $674 million in third-party commitments.
HarbourVest closes flagship fund-of-funds at $1.7b
HarbourVest Partners has closed its latest fund-of-funds targeting European and Asian markets with $1.7 billion in commitments.
AlpInvest leads $450m stapled secondary for Southern Capital
A consortium led by AlpInvest Partners has made a secondary investment in Southern Capital Group’s second fund that includes a stapled commitment to the firm’s fourth Southeast Asia-focused vehicle.
Lazard appoints head of Asia secondaries practice
Dominik Woessner, formerly head of Greenhill Cogent’s secondary advisory business in Asia, has joined Lazard to lead the origination and execution of secondaries transactions in the region.
Secondaries: Back in the game
After several years of uncertainty, secondaries investments have returned to growth again, particularly in Asia. Strong pricing and healthy deal flow on the primary side could help maintain this upward trajectory
SL Capital raises $428m secondaries fund
SL Capital, a private markets arm of Aberdeen Standard Investments, has raised $428 million for its third private equity secondaries fund, surpassing the target of $400 million.
LP interview: LGT Capital Partners
LGT Capital Partners sees Asia as a misunderstood investment destination among Western LPs due to unfounded concerns about the risk of the region. Local connections are key to building a strong strategy
LP interview: Ardian
Ardian has raised large amounts of capital on the basis of a big-ticket secondaries strategy. Jan Philipp Schmitz, a managing director with the firm, discusses where investor demand is heading
GP-led secondaries: Stigmatized no more
Traditionally perceived as a recourse for private equity firms in trouble, GP-led secondary transactions are starting to be used by brand-name managers as a liquidity solution for LPs
Deutsche's Jason Sambanju launches secondaries firm
Jason Sambanju, the former head of Asian private equity secondaries at Deutsche Bank, has launched his own investment firm – Foundation Private Equity – which will pursue secondary opportunities in the region.
NewQuest opens India office
Dedicated Asia secondaries investor NewQuest Capital Partners has opened an office in Mumbai, its third in the region. The firm has invested $200 million in India over the last two years and expects its investment pace to increase in the near term.
Hamilton Lane raises its largest-ever global secondaries fund
Hamilton Lane has closed its latest global secondaries fund at $1.9 billion. It is the largest secondaries vehicle the firm has ever raised, coming in at more than twice the size of the previous fund.
Secondaries: A cautionary tale
Cracks have appeared in the secondary transactions through which Standard Chartered Private Equity had sought to secure its future, underlining the challenges for investors of bank-led deals
Unigestion acquires European rival Akina
Switzerland-based wealth management firm and PE fund-of-funds Unigestion has acquired the Europe-focused private equity business of its rival Akina Partners.
Axiom raises $1b for fourth Asian fund-of-funds
Axiom Asia has closed its fourth pan-regional fund-of-funds at just over $1 billion, sticking to its tried and tested model of a single co-mingled vehicle with no separately managed accounts. The initial target was $750 million.
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.
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
HarbourVest closes global secondaries fund at $4.8b
HarbourVest Partners has reached a final close of $4.8 billion on its latest global secondaries fund, beating the target of $3.6 billion.
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
Hamilton Lane closes global fund-of-funds at $516m
Hamilton Lane has closed its latest global fund-of-funds at $516 million, exceeding a target of $400 million on the back of strong international investor interest.
