Secondaries
2023 preview: Fundraising
Fundraising is difficult for all but the fortunate few private equity managers in Asia. GPs are delaying launches, shaking up strategies, and offering sweeteners; LPs are in no hurry to make commitments
Overallocation-driven secondary sales more talk than action – Coller
More LPs are considering sales of private equity positions via the secondary market as they find themselves overallocated to the asset class following sharp adjustments in public markets valuations, but Coller Capital has yet to see this translate into...
Asia secondaries: Layers and structures
With private market valuations yet to see a meaningful reset in Asia and heightened risk factors in China, investors are exploring ways to drive secondary deal flow by closing the bid-ask spread
Q&A: Morgan Stanley Investment Management’s Patrick Reid
Patrick Reid, a UK-based managing director for alternatives distribution management at Morgan Stanley Investment Management, plots the future of themes around secondaries, longer holds, and hybrid approaches to PE
Quadrant spins Australia car services business into continuation fund
Quadrant Private Equity has closed a AUD 255m (USD 165m) single asset continuation fund for MotorOne, an Australia-based automotive after-market services provider it has owned since 2016.
Deal focus: GPs pile into US-India tech corridor
US and India-based Accion Labs continues to collect private equity backers as it further globalises its IT services offering. Incoming investors don’t want to shake up the winning formula
India's True North buys stake in TA-backed Accion Labs
Indian middle market private equity firm True North has acquired a significant minority position in US and India-based IT provider Accion Labs from TA Associates for USD 93m.
Secondaries specialist TR Capital expands into Singapore
Asia-focused secondaries investor TR Capital has opened an office in Singapore, expanding a regional footprint that already includes bases in Hong Kong, Shanghai, Shenzhen, and Mumbai.
Deal focus: Hahn & Co takes GP-led secondaries to new high
Hahn & Company has closed a USD 1.5bn single-asset continuation fund for Korea's Ssangyong C&E, giving it more time to complete the company's transition from cement maker to broader environmental services player
Fund focus: LGT eyes a buying opportunity
As LGT Capital Partners starts deploying its USD 1.65bn Asia fund-of-funds, it hopes that rationalising valuations and some consolidation of GP relationships will contribute to a strong vintage
L Catterton seals $360m Asia strip sale
A Hamilton Lane-led consortium has agreed to support a USD 360m continuation fund comprising structured minority interests in investments held by consumer sector specialist L Catterton’s third Asian fund.
Affirma targets Korea private debt, secondaries
Affirma Capital is expanding its Korean coverage with the launch of dedicated private debt and secondaries businesses following a relaxation in local regulations.
Singapore’s Fullerton tokenises PE fund-of-funds
Singapore’s Fullerton Fund Management has tokenised its latest private equity fund-of-funds, allowing for a minimum commitment size of USD 10,000.
Hosen closes $280m single asset continuation fund for Kilcoy
Hosen Capital, which makes investments in China’s consumer space, has closed a USD 280m single-asset continuation fund for Kilcoy Global Foods, a beef processing business it has owned since 2013.
Goldman leads $900m stapled secondary for Baring Asia
Baring Private Equity Asia (BPEA) has completed a stapled secondary of nearly USD 900m, which saw an investor consortium commit capital to its eighth fund and take out positions in two earlier vehicles.
Profile: Foundation Private Equity’s Jeremy Foo
Moving from direct investment to secondaries with Foundation Private Equity took Jeremy Foo outside his comfort zone, but past experiences of liquidity crunches have proved instructive
PEP targets $742m for second Australia secure assets fund
Australia’s Pacific Equity Partners (PEP) is preparing to launch its second secured assets with an AUD 1bn (USD 724m) target while planning to spin out one of the top-performing Fund I investments into a single-asset continuation vehicle.
Fund focus: Ion Pacific goes institutional
Pitching a niche VC capital secondaries strategy with a meaningful focus on Asia isn’t easy, but Ion Pacific raised nearly 4x more than last time with large family offices well-represented in the LP base
Coller secures $1.4b for global credit secondaries fund
Coller Capital has raised approximately USD 1.4bn for its debut global private credit secondaries fund, said to be the largest pool of capital dedicated to the strategy.
Deal focus: Foundation eyes Bright future
In leading a USD 82m cross-currency restructuring of a consumer-tech portfolio managed by China’s Bright Capital, Foundation Private Equity opted for a structure that is unusual yet prioritises alignment
Deal focus: India's Prime Venture secures four-year extension
Foundation Private Equity has made its first foray into India, taking out all the LPs in Prime Venture Partners' debut fund through a tender offer process
NewQuest set for TPG windfall if Fund V hits $1.75b
The management team of Asia secondaries specialist NewQuest Capital Partners stands to receive a $10 million payout if the firm raises $1.75 billion for its fifth fund, as part of TPG’s acquisition agreement.
Secondaries supply-demand mismatch most extreme in Asia - AVCJ Forum
There is not enough capital in Asia to address the number of secondary opportunities – mirroring the situation globally – with investors claiming to have more transaction choices than ever before.
Q&A: Coller Capital’s Francois Aguerre
Francois Aguerre, head of origination at Coller Capital, on the march towards a $500 billion global secondaries market, the rise of GP-led transactions, and the implications of more permanent capital