Secondaries Deal of the Year in Europe

  1. AlpInvest, HarbourVest Partners, Pantheon Ventures, Deutsche Private Equity and PJT Partners for Deutsche’s multi-asset GP-led deal
  2. ICG, Waterland Private Equity and Evercore for a single-asset GP-led deal
  3. Ardian and Campbell Lutyens for a single-asset GP-led deal

Europe’s Secondaries Deal of the Year award was taken by an AlpInvest-led continuation fund for two of Deutsche Private Equity’s portfolio companies. Affiliate title Secondaries Investor reported in September that the continuation fund was formed to house two assets out of Deutsche Private Equity‘s 2016-vintage DPE Deutschland III. HarbourVest Partners and Pantheon Ventures co-led the deal.

Secondaries Firm of the Year in Europe

  1. Ardian
  2. Coller Capital
  3. ICG

This year’s Secondaries Firm of the Year in Europe, Ardian, made a splash by winning one of the largest known commitments to a standalone secondaries fund and commingled private markets fund, Secondaries Investor reported in November. Abu Dhabi Investment Authority committed a total of $6 billion to Ardian to manage for secondaries, comprising $4 billion to ASF IX, Ardian’s latest secondaries fund, and $2 billion for secondaries co-investments.

Secondaries Law Firm of the Year in Europe

  1. Kirkland & Ellis
  2. Ropes & Gray
  3. Clifford Chance

Kirkland & Ellis advised on European secondaries transactions worth $34.4 billion across the 2022 qualifying period. The firm advised on seven LP portfolio sales for $3 billion in transaction value, as well as three GP liquidity investments by secondaries investors worth a total of $1.5 billion in transaction value, 23 GP-leds worth $19.1 billion, three preferred equity investments worth $1.4 billion and at least 17 NAV facilities worth $7.3 billion. Clients of the firm across the year included Equistone Partners Europe, GHO Capital Partners and Norvestor Equity.

Secondaries Adviser of the Year in Europe

  1. Evercore
  2. Lazard
  3. Campbell Lutyens

For the third year in a row, Evercore has taken the spot as Secondaries Adviser of the Year in Europe. Its European secondaries advisory team estimated it would have closed or signed around $10.5 billion of transactions in 2022 across the eight transactions for the year to November 2022 and a further six deals expected to be signed or closed by year end. Transactions included a $2.1 billion LP portfolio sale from a North America-based pension fund, a $1.53 billion multi-asset continuation fund and a $1.3 billion single-asset continuation fund.

Secondaries Deal of the Year in the Americas

  1. Goldman Sachs Vintage Funds, Partners Group, KKR and Lazard for KKR’s GP-led process
  2. Churchill Asset Management for its collateralised fund obligation
  3. Lexington Partners, Glendower Capital and Jefferies for CalPERS’ LP-led

In this eye-catching deal, Goldman Sachs and Partners Group co-led a single-asset continuation fund process for consumer website operator Internet Brands, a KKR portfolio company. Affiliate title Buyouts reported that the deal was worth as much as $2.5 billion and that Internet Brands was valued at more than $12 billion in a separate minority stake sale. Lazard advised on the transaction.

Secondaries Firm of the Year in the Americas

  1. Blackstone Strategic Partners
  2. Whitehorse Liquidity Partners
  3. Goldman Sachs Vintage Funds

Blackstone Strategic Partners made a splash in 2022 when it came to secondaries fundraising. Strategic Partners Fund IX, which has since closed on $22.2 billion, marking the largest secondaries programme ever raised, had raised more than $18 billion as of October 2022.

Alongside that raise, the firm was also out raising its debut GP-led strategy, Strategic Partners GP Solutions, which also closed on $2.7 billion in January, ahead of a $1.5 billion target. It is still in market raising Strategic Partners Real Estate VIII, which has collected $1 billion so far, according to Secondaries Investor data.

Secondaries Law Firm of the Year in the Americas

  1. Kirkland & Ellis
  2. Ropes & Gray
  3. Simpson Thacher & Bartlett

No other law firm has ever won in this category. Kirkland & Ellis advised on $97.4 billion-worth of transactions in North America, including 64 GP or sponsor investments by secondaries investors for a total of $41.6 billion, 58 GP-led restructurings for a total of $40 billion, and 11 LP portfolio sales for a total of $6 billion. The firm’s North American client roster included the likes of Bain Capital, Warburg Pincus and Whitehorse Liquidity Partners last year.

Secondaries Adviser of the Year in the Americas

  1. Evercore
  2. PJT Park Hill
  3. Jefferies

Evercore has won in this category in every year since the award’s existence, bar one. It’s easy to see why: the bank’s private capital advisory group closed on more than $30 billion of transaction volume in the Americas last year. Highlights for the firm include acting on one GP-led $3 billion-plus continuation fund and another seven GP-led $1 billion-plus continuation fund transactions, as well as acting on the multi-asset continuation fund deal for Accell-KKR, which was supported by five co-lead investors in a deal worth around $1.8 billion.

Secondaries Deal of the Year in Asia

  1. Hamilton Lane, GIC, L Catterton and UBS for L Catterton’s fund restructuring
  2. Hahn & Company, Coller Capital, Goldman Sachs Vintage Fund and Evercore for Hahn & Co’s single-asset deal with Ssangyong
  3. MBK Partners, Partners Group, Glendower Capital, Hamilton Lane and PJT Partners for MBK Partners’ GP-led transaction with BHC Group

This eye-catching deal worth $360 million saw a strip of exposure to 15 investments held in L Catterton’s third Asia-focused vehicle move into a separate fund, backed by Hamilton Lane, GIC and other buyers. The UBS-advised deal was reported to have included companies operating in beauty and personal care, consumer services, health and wellness, pet care and speciality food and beverages.

Secondaries Firm of the Year in Asia

  1. TR Capital
  2. Goldman Sachs Asset Management
  3. HarbourVest Partners

Hong Kong-based TR Capital had an active 2022, completing a partial sale of BigBasket, an online food and grocery store in India, to the Tata Group in May. It opened its fifth office in the region in Singapore and also launched a strategy to provide alternative credit options to both GPs and LPs via net asset value loans and preferred equity. The firm is making headway with its latest fund, having raised nearly two thirds of its $600 million target as of January this year, according to PEI data.

Secondaries Law Firm of the Year in Asia

  1. Kirkland & Ellis
  2. Ropes & Gray
  3. Proskauer

Once again, Kirkland & Ellis is the only law firm to have ever won in this category since its inception in the PEI Awards 2016. The firm advised on $4.7 billion of Asian secondaries activity over the year to end-October, including five LP portfolio sales for a total of $3.3 billion and four GP-led restructurings for more than $1 billion in transaction value. Notable clients for the firm in Asia last year included Hosen Capital, L Catterton Asia and Temasek.

Secondaries Adviser of the Year in Asia

  1. Evercore
  2. Lazard
  3. Campbell Lutyens

This is the second consecutive win for Evercore in this category, which reportedly advised on around $5 billion of Asian secondaries dealflow in 2022. Highlights for the firm in the region over the year included advising Hahn & Co on a $1.5 billion single-asset continuation vehicle, and advising Mubadala Capital on a roughly $2 billion partial sale of a portfolio of fund and direct interests into a continuation fund, as well as new commitments to Mubadala’s latest PE flagship fund.