Secondaries

The transaction has been backed by capital from long-term yield-oriented institutions and not traditional secondaries firms, PEI understands.

The Brussels-headquartered buyout shop, formerly known as Ergon Capital, reopened Fund III in 2016 to introduce new external capital via a stapled secondary.

AlpInvest chair Ruulke Bagijn and global head of primaries Wendy Zhu tell PEI that the Carlyle secondaries unit is seeing higher quality LP-led opportunities come to market.

Speaking at the HKVCA's Greater China PE Summit on Monday, Lexington director Niklas Risberg said buyers require discounts and strong GP alignment to get comfortable with the region's higher level of risk.

Japan’s private markets brace for greater levels of interest.

Shin Kong Life's portfolio sale comes just weeks after Cathay Life sold $1.2bn of fund stakes to HarbourVest, as impending regulatory changes prompt insurers to rethink their private markets exposure.

China funds are trading at a 50% discount to NAV even after a decline in private markets valuations, managing director Kent Chen tells PEI.

Dealmaking is due for a comeback this year with the return of financial sponsors and more demand for liquidity, according to a panel at IPEM Cannes.

Buyers need to understand the fundamentals of Chinese secondaries before evaluating discounts, according to Coller Capital’s Zhan Yang.

The acquisition lays the foundation for a one-stop shop for clients of both organisations, Andy Lund and Matt Swain tell PEI.