Secondaries
Auda raises $332 million for third global secondaries fund
Auda International has announced a final close on its third global secondaries fund at $332 million, exceeding the initial target of $300 million. Existing Auda investors accounted for more than 60% of the capital raised.
LP interview: Axiom Asia
Axiom Asia has followed a consistent approach in backing small to mid-market country funds in the Asia Pacific region. Chihtsung Lam, the firm’s co-founder and managing partner, explains the strategy
Hamilton Lane adds two senior Asia professionals
Hamilton Lane has added two senior professionals to its Asia team, appointing Mingchen Xia as principal on the fund investment team and Yen Li Chew as vice president within its business development group - both will be based in Hong Kong.
Portfolio Advisors closes global secondaries fund at $910m
Portfolio Advisors has closed its second dedicated global private equity secondaries fund at $910 million. The vehicle launched in 2011 and began investing in the third quarter of 2012, focusing on direct secondary fund interests.
NewQuest agrees $190m China Hydroelectric take-private
NewQuest Capital Partners has agreed to buy China Hydroelectric in a deal that values the US-listed hydropower operator at approximately $190 million.
JAIC spin out WM Partners reaches first close on maiden secondaries fund
WM Partners, a venture capital secondaries fund launched last year by former JAIC CEO Moriyoshi Matsumoto, has reached a first close on its JPY5.25 billion ($50.1 million) first fund.
HarbourVest's Asia secondaries head becomes managing director
Tim Flower, head of HarbourVest Partners’ secondary activities in Asia, has been promoted to managing director. The move comes just over three years since Flower relocated from London to Hong Kong and one year since he was elevated to principal.
Secondaries specialist NewQuest reaches $215m first close on Fund II
NewQuest Capital Partners has reached a first close of $215 million on its second fund, which focuses on direct secondary opportunities in Asia. A final close of around $300 million – the hard cap is $330 million – is expected in the first half of...
The secondary network: Online platforms
Setter Capital’s Secondary Link is the latest online platform intended to fill the information void in the secondaries market. Industry participants have mixed feelings as to its utility
Q&A: Lexington Partners' Brent Nicklas
Brent Nicklas, managing partner at Lexington Partners, on his expectations for private equity secondaries in a global market characterized by increased regulation, consolidation and ever larger LPs
AlpInvest holds $750m final close on Secondaries Fund V
AlpInvest Partners has closed its Secondaries Fund V (ASF V) at the hard cap of $750 million, exceeding its initial target of $500 million.
Stepstone completes Greenpark deal
StepStone Group has merged with secondaries specialist Greenpark Capital. The widely-anticipated transaction has been confirmed, but a spokesperson declined to give more information on how it was structured, citing confidentiality requirements.
Australia’s Ironbridge alters LP secondary exit proposal
Ironbridge Capital’s LPs will not be obliged to commit capital to a new fund as a condition of participation in a vehicle set up by the Australian GP to absorb assets held by its first two funds. AVCJ understands that the proposal has been amended so...
Ironbridge's creative liquidity solution
Stapled secondaries and GP restructurings have become common parlance as Asia's private equity investors grapple with a challenging fundraising environment, even though talk still overshadows action. In each case, new investors come in to replace old,...
Australia’s Ironbridge offers LPs secondary exit route
Ironbridge Capital has launched a hybrid structure for its latest fundraising, with investors in the Australian GP’s first two funds being given the opportunity to exit their positions or roll over into a new vehicle that will continue to manage the...
Cogent adds to Shanghai team
Cogent Partners has appointed Dominik Woessner as a director in its Shanghai office. He has relocated from the secondary market-focused firm’s London office as part of ongoing efforts to develop its footprint in Asia.
Secondaries: Bifurcation point
More LP interests in Asian funds are coming onto the secondary market, but the region remains the industry’s future rather than its present. Which investors will be around to witness it coming to bloom?
Hamilton Lane closes third secondaries fund at $900m hard cap
Hamilton Lane has held a final close of $900 million on its Hamilton Lane Secondary Fund III, surpassing the original target of $650 million.
Ant Global Partners' $150m secondary fund targets Greater China, Japan
Ant Global Partners (AGP) - the international investment arm of Japanese PE firm Ant Capital Partners - is targeting $150 million for a new secondary fund focused on Greater China and Japan.
HarbourVest raises $3.6b for global secondaries fund
HarbourVest Partners has reached a final close of $3.6 billion on its latest global secondaries fund, exceeding the $3 billion target, on the back of strong investor demand. The fund, Dover Street VIII, is also larger than its predecessor, which reached...
AlpInvest's Hong Kong secondaries head steps down
AlpInvest has confirmed that the head of its secondaries team in Hong Kong, Neal Costello, has left the company after less than a year in the role.
Secondaries valuations remain challenging – KIC
Korea Investment Corporation (KIC) will increase its allocation to alternatives to as much as 25%, up from 15%, but CIO Don Lee said there were no immediate plans to add managers in the secondary space, citing valuation challenges in the market.
Adams Street hits $1b hard cap on global secondary fund
Adams Street Partners has closed its Global Secondary Fund 5 at $1 billion, surpassing the $750 million target to raise the highest amount so far in its global secondary series of funds. It is the fourth global secondaries vehicle to reach a final close...
Ex-JAIC boss to launch Japan secondaries fund
Former JAIC CEO Moriyoshi Matsumoto, who was responsible for the group’s secondaries business, has spun out to create an independent secondary investment platform. WM Partners is targeting up to JPY10 billion ($102 million) for its debut fund, with...