Secondaries Deal of the Year in Europe
1. Astorg, AlpInvest Partners, Goldman Sachs Asset Management and Lazard for GP-led process on IQ-EQ
2. BC Partners, Evercore and Neuberger Berman for the single-asset process on Springer Nature
3. Glendower Capital, Intermediate Capital Group and Lazard for the single-asset process on DomusVi
Astorg ran an oversubscribed process on a company described by one prospective buyer as an “ideal” post-pandemic investment with “overall resilience and good visibility on growth”. Investors in Fund V were given the chance to roll into a new vehicle with private fund services company IQ-EQ or sell at a premium. At €1.3 billion including follow-on capital, this was one of the largest single-asset deals to ever take place in Europe.
Secondaries Firm of the Year in Europe
1. HarbourVest Partners
2. AlpInvest Partners
3. Glendower Capital
After collecting $8.1 billion for Dover Street X in the fourth quarter of 2020, HarbourVest went on to lead several interesting deals in Europe in 2021. These included a €350 million process involving Spain’s Portobello Capital and a complex continuation fund and staple for venture capital firm Kibo Ventures Partners. In addition to backing the GP-led deal, HarbourVest anchored Kibo’s debut Opportunity Fund, which co-invests in growth rounds of the Spanish firm’s existing companies.
Secondaries Adviser of the Year in Europe
2. Campbell Lutyens
For the second year in a row, Evercore takes the advisory crown in Europe. Evercore was on track to close or sign on $11.1 billion of European transactions by the end of 2021, compared with $7 billion the year before. Among these were BC Partners’ $1.2 billion single-asset process centred on publisher Springer Nature, a $370 million GP-led process involving Nordic-focused manager Verdane, and a $2.1 billion portfolio sale – the largest in Europe last year.
Secondaries Law Firm of the Year in Europe
1. Kirkland & Ellis
2. Proskauer Rose
3. Clifford Chance
A frequent winner of this award, Kirkland & Ellis worked on $17.9 billion of secondaries transactions in Europe over the course of 2021, including 15 GP-led deals worth $9.7 billion. These included a €500 million continuation fund deal on an Ares Management fund, a €225 million process on a Rothschild Five Arrows buyout fund and a sizeable transaction involving Waterland Private Equity. Kirkland also advised on nine portfolio sales worth $2.3 billion and 12 NAV-based financings worth $3.3 billion.
Secondaries Deal of the Year in the Americas
1. AlpInvest, Clearlake Capital, Evercore, Goldman Sachs Asset Management, ICG and Pantheon for single-asset process on DigiCert
2. Goldman Sachs Asset Management, ICG, PJT Partners and TPG for single-asset deal on Creative Artists Agency
3. AlpInvest, Ardian, Coller Capital, CPP Investments, Evercore, General Atlantic, HarbourVest Partners and Partners Group for multi-fund GP-led deal
The single-asset secondaries market has exploded in the past two years and Clearlake has been central to that trend. The firm did four sizeable deals during 2021, each focused on top-performing assets, in what it called the ‘Icon’ series of funds. For the fourth deal, Clearlake collected $2.5 billion to transfer digital certificate developer DigiCert out of two legacy funds into a continuation fund. ICG wrote a $1 billion cheque, which only a few years ago would have been an unthinkable sum.
Secondaries Firm of the Year in the Americas
1. Goldman Sachs Asset Management
2. Strategic Partners
Goldman Sachs made light work of investing its $10.3 billion Vintage VIII secondaries fund, committing $6.6 billion across 67 transactions in the year up to the end of the third quarter. Among its deals were a $1.5 billion single-asset process on Creative Artists Agency, a C$1.1 billion ($850.7 million; €755.3 million) GP-led on a Novacap fund and a rare energy process centred on mineral and royalty interests managed by Lime Rock Partners.
Secondaries Adviser of the Year in the Americas
2. M2O Private Fund Advisors
What do Michael Jordan and Evercore have in common? They both have six rings. Six-time adviser of the year Evercore totalled more than $40 billion of volume in North America last year, it estimates. The firm advised on two GP-led transactions greater than $2 billion, and an additional five worth over $1 billion. On the LP side, the firm advised on four deals worth more than $1 billion, including a $2 billion LP tender with a stapled secondary solution.
Secondaries Law Firm of the Year in the Americas
1. Kirkland & Ellis
2. Ropes & Gray
3. Proskauer Rose
Continuing its winning streak in this category, Kirkland & Ellis completed $91.2 billion of secondary transactions in North America in 2021, including 21 portfolio sales, 58 sponsor liquidity solutions, 63 GP-led fund restructurings – for a total of $35 billion in transaction value – 13 preferred equity secondary investments, nine tender offers and at least 18 NAV facilities. Kirkland represented Clearlake Capital on its ‘Icon’ series, and on a fifth secondaries transaction to lift Symplr out of Clearlake’s Fund V.
Secondaries Deal of the Year in Asia
1. Ardian, Goldman Sachs, Montana Capital Partners and Ping An for strip sale
2. Campbell Lutyens, Navis Capital Partners and NewQuest Capital Partners for continuation vehicle
3. Axiom Asia, Evercore, LGT Capital Partners and Vertex Ventures for continuation fund
With the inclusion of Goldman Sachs’ Vintage Funds, Montana Capital Partners and Ardian rose to take the top spot in this category after coming in second place last year for a similar transaction with Chinese insurance giant Ping An. The group lifted around $750 million-worth of Western GP fund stakes off Ping An’s balance sheet and placed it into a new fund. The transaction provided unfunded capital that will make investments in secondaries and co-investment deals out of a newly created GP Opportunities Fund.
Secondaries Firm of the Year in Asia
1. TR Capital
2. Partners Group
3. NewQuest Capital Partners
The Hong Kong-headquartered firm traded spots on this year’s list with 2020’s winner, NewQuest Capital Partners. TR Capital, one of Asia’s biggest direct secondaries investors, hit its $350 million hard-cap for Asia-focused TR Capital IV, taking firmwide assets under management over $1 billion. The firm deployed roughly $200 million, including a $96 million direct investment in Bochewang, as part of its VIE restructuring process. The firm also opened its fourth global office with a bureau in Shenzhen.
Secondaries Adviser of the Year in Asia
2. Campbell Lutyens
Evercore proved dominant in the Asian secondaries market last year, advising on over $4 billion of secondary dealflow across GP and LP transactions in the region, including Mubadala Capital’s $1 billion-plus stapled secondary transaction and a $1 billion pan-Asian spin-out portfolio comprising eight growth companies. On the LP side, Evercore advised on a large LP portfolio sale of eight global venture funds of funds and infrastructure and co-investment funds for one of Australia’s largest superannuation funds.
Secondaries Law Firm of the Year in Asia
1. Kirkland & Ellis
2. Ropes & Gray
Repeating its success in this category, Kirkland & Ellis worked on $8 billion-worth of secondary transactions in Asia in 2021, including six LP portfolio sales worth $2.5 billion in aggregate transaction value and 13 GP-led fund restructurings worth $5.5 billion. It also advised Ardian Investment on an LP portfolio trade and a stapled secondary transaction valued at $188 million, as well as Partners Group on the MBK Partners lift-out of a Korean fried chicken company worth $450 million.