Manager strategy

The firm joins the likes of KKR, CVC and BlackRock in targeting long-term cashflows from market-leading companies.

More US private fund managers are taking minority stakes in their industry peers and there are benefits for buyer and seller alike.

Breaking from tradition, Auxo Growth Holdings I has no management fees and all of its LPs are invested in the management company.

Former corporate M&A specialist Ralf Schremper will lead the bureau.

Growth in deal volume and a wave of groundbreaking GP-led transactions show secondaries is no longer a niche strategy.

With managers increasingly putting pressure on LPs to enter the carry early, Threadmark partner Patricia Wilkinson and PEI senior editors Toby Mitchenall, Bruno Alves and Jonathan Brasse look across asset classes to find out whether the status quo really is changing.

Stephen Can, co-head of Strategic Partners, will become executive chairman as the secondaries unit implements a succession plan.

The auction process is not as chaotic as it may at first seem – nor are strategics always the most persistent buyers, says Houlihan Lokey's Justin Abelow.

Having close dialogue and being transparent are key, says Pablo de la Infiesta, fundraising rainmaker and head of the firm's private funds advisory group for EMEA.

Incorporating private equity into defined contribution pension plans has proven a real test of the industry's imagination and will.