General Partners

Portfolio Advisors is expanding its secondaries offerings with the launch of a dedicated fund focusing on GP-led restructurings. Stephen Sloan, who joined the firm last month having been private capital advisory head at Greenhill, will co-lead the effort.

Newbury Partners is marketing a fifth secondaries offering with a target of $1.75 billion and a hard cap of $2 billion, Buyouts reported last November.

The alternatives manager is raising the Special Opportunities fund alongside its flagship secondaries vehicle, which is targeting $3.75bn.

CEO Jeffry Brown, a former Dyal Capital Partners principal, expects to see bolt-on strategies in use over the next five years, especially as mid-market firms increasingly transact with GP stakes funds.

While many larger-cap PE firms have already sold stakes, mid-market private equity is ripe with opportunity.

PE firms negotiating GP stakes deals are concerned about bump-ups in top individual income and capital gains tax rates, sources told Buyouts.

“While no one in the leadership team is going anywhere soon,” Northleaf managing director Jeff Pentland told Buyouts, “we want to start thinking about succession planning now rather than 10 years from now."

Fund V will follow the PE-oriented strategy of its two predecessors, with Dyal betting that managers will continue to see increased fund allocations from limited partners.

The firm has the option to go higher than the $4bn target set for Blackstone Strategic Capital Holdings II, a source told Buyouts.

New Jersey will make its third investment in an Owl Rock vehicle, which will include its third stake in the firm.