Secondaries

An LP that reinvests the proceeds into a first-quartile fund would see their portfolio outperform the value of holding the tail-end asset by year two – even assuming a 20% discount, according to research from Upwelling.

RMBV is also about to complete its second continuation fund transaction, PEI understands.

The deal highlights GA’s ongoing use of CVs and ICG’s focus on single-asset transactions.

The firm wants to move around eight assets into a separate vehicle to extend their hold periods.

US policy moves on tariffs, coupled with trade wars, have been quick to take effect with LPs expecting to reduce allocation to sectors, geographies and fund strategies.

Insight into the wants and needs of some of East Asia's biggest institutional investors. Plus: notes from Investec's recent roundtable; and an Ardian to Ambienta personnel move. Here's today's brief, for our valued subscribers only.

Novacap acquired Revau in 2020 through its first financial services fund, which it closed in 2021 on C$417m.

Backed by family office capital at inception in 2001, Texas-based CAZ has become one of the largest allocators to GP stakes funds and directs over the past two decades.

While the pension has been a net buyer of secondaries in the past, poor distributions from private equity assets in these particular vintage years would cause the LP to look at opportunistic sale processes of certain managers.

Ex-CalPERS CIO Nicole Musicco shares the secret to avoiding her former employer's "lost decade of returns". Plus: Korean LPs are leaning into Europe, but concerned about currency. Here's today's brief, for our valued subscribers only.