Chris Witkowsky

Leon is among a handful of first-timers moving into the tough fundraising environment favouring existing relationships and established funds over newcomers.

The proposal comes as the SEC tightens scrutiny on private equity under chairman Gary Gensler.

Growth equity, while long a vital part of the private equity universe, has become a popular strategy, especially in connection with the rise of technology investing.

The commission proposed rules for the first time that would outright ban certain practices – a move away from its traditional focus on making sure GPs are providing LPs with appropriate disclosure.

GP-led secondaries, especially single-asset deals such as this one involving a global glass repair operator, have driven the market to expected record volume levels this year.