Secondaries

More than one third of private equity's 50 biggest firms, including Blackstone, KKR and TPG, have used a transaction type that allows GPs to hold onto assets for longer.

The buyer would join Singapore's GIC and the Kuwait Investment Authority which acquired part of a 10% stake in the buyout stalwart in 2012.

LPs in the two older funds have the opportunity to sell their interests at a premium to net asset value.

Affiliate title Secondaries Investor first reported in May 2020 that CVC had been in talks with potential candidates about building a secondaries business.

The departure comes after the credit behemoth closed the acquisition of secondaries specialist Landmark Partners in June.

The deal is one of several that allow large organizations to shift private equity into new vehicles that provide more space, and fresh capital, to continue building out the strategy.

The original deal was set to be one of the largest GP-led secondaries ever, but well into the process Panasonic decided to acquire the largest asset, supply chain software provider Blue Yonder.

The acquisition is at least the fourth this year by a large firm looking to get in on a rapidly expanding market.

Tender offers are a way for a GP to give existing LPs liquidity optionality while also providing a surge to a new fund trying to hit its target.

StepStone plans to integrate the Greenspring team into its existing venture and growth practice, including setting up a joint investment committee.