Detroit is the largest city in the US to file for protection under Chapter 9 of the bankruptcy code, and so there are still a lot of unanswered questions – not least around its obligations to keep up with capital calls from GPs
Leading secondary advisor UBS lost its chief Nigel Dawn, who later joined Evercore – setting up what could be an epic battle for mandates in the rest of 2013.
Secondary market deal activity declined dramatically in the first half of 2013, amid strong public markets. Secondary buyers have been waiting for the floodgates to burst open.
The bankrupt city’s $2bn General Retirement System will interview Landmark and Lexington as it searches for a manager to run a $15m allocation to private equity secondaries.
TPG has received the LP support it needed to obtain by Friday for an investment period extension on Fund VI, in part by offering to use 100% of transaction fees to offset the management fee on deals done during the extension.