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'Certain LPs see an opportunity to reset certain terms and they are taking advantage.'

LP-led deals accounted for $40bn of the $68bn of global secondaries volume seen in H1 2024 as bid-ask spreads narrowed.

Session Private Equity was launched in July by Hiroaki Wakashita, a former Tokyo-based partner at Orchestra Private Equity and 15-year veteran of The Riverside Company.

Fundraising has recovered in terms of the amount raised, but capital is mostly flowing to top firms, to the detriment of everyone else.

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Funds collected $408.6bn during H1 2024, up from $374.6bn for the same period last year, according to PEI data.

The firm is allocating about 25% of its co-investment strategy to Asia opportunities, head of APAC Sean Yoo tells Private Equity International.

The firm hopes to surpass the size of its previous secondaries flagship, which closed on $22.2bn in 2023.

It could be '12 to 18 months out' before deal and exit volumes reach the levels necessary to support improved fundraising conditions, HarbourVest managing director Scott Voss told Buyouts.

The facility would be intended to support value accretive add-ons rather than to distribute capital to investors, PEI understands.