US

Lexington is the lead buyer, with Hamilton Lane participating as a co-lead on the deal, which has received strong pricing, sources tell Secondaries Investor.

Emergence is a US-based investment holding company that focuses on software companies.

The transaction is expected to close by the end of the year.

Clubessential is a portco of Battery Ventures and Silver Lake.

Avari operates as part of Casago, a vacation rental and property management brand.

Asset servicing providers have 'resilient business models,' says Inflexion's Andrea Bertolini. 'Once you outsource your admin to a third party, it’s very sticky, because it’s a big headache for a fund to change their administrators.'